Press release
Fluid Transfer System Demand, Growth Analysis, Outlook Report 2024 To 2033
The fluid transfer system market size is expected to see strong growth in the next few years. It will grow to $29 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to energy efficiency focus, resilience and adaptability, safety and reliability standards, urbanization and construction, industrial automation. Major trends in the forecast period include customization and tailored solutions, energy efficiency, adaptability and flexibility, digital transformation, safety and compliance standards.
Market Overview -
A fluid transfer system consists of the entire group of parts required to move a fluid, frequently, oil or fuel, from one place to another. The fluid transfer system can provide effective and secure loading and offloading in many onshore and offshore applications. These systems employ flexible pipes to transport crude oil or other materials into intricate applications, together with techniques for processing, deploying, and retrieving flexible pipes, as well as integrating power, utility equipment, and control. Abrasion resistance, corrosion resistance, and weight reduction are further benefits they can provide.
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Automotive Industry Growth Fuels Fluid Transfer System Market Expansion
Growth and expansion of the automotive industry are expected to propel the growth of the fluid transfer system market going forward. The automotive sector refers to the sector that encompasses businesses involved in the creation, distribution, sale, and upkeep of automobiles. Fluid transfer system helps the automotive industry by gear lubrication, torque converter operation, and valve body operation, and limiting consumption and emission levels. For instance, according to the European Automobile Manufacturers' Association (ACEA), a Belgium-based lobbying and standards group of the automobile industry, in September 2022, in the European Union new passenger car registrations rose by 9.6% from September 2021. Therefore, the growth and expansion of the automotive industry are driving the fluid transfer system market.
Competitive Landscape -
Major companies operating in the fluid transfer system market report are Cooper-Standard Automotive Inc., Aakarshakti Car Decor Ltd., TI Fluid Systems Plc, Gates Industrial Corporation plc, Lander Automotive Ltd., Tristone Flowtech Group SAS, AGS Automotive Solutions, Kongsberg Automotive Holdings AS, Continental Aktiengesellschaft, Castello Italia S.p.A., Hutchinson S.A., Graco Inc., Sanoh Industrial Co. Ltd., Yamada America Inc., Kros Otomotiv Sanayi ve Ticaret A.S., Balcrank Corporation, MGI Coutier, Parker-Hannifin Corporation, Coutier Junior Company, Pirtek Fluid Systems Pty. Ltd., Eaton Corporation, Compagnie de Saint-Gobain S.A., Smiths Group plc, W. L. Gore & Associates Inc., Festo AG & Co. KG, Swagelok Company, Christian Bürkert GmbH & Co. KG, Antylia Scientific, The Flowserve Corporation, ITT Inc.
Strategic Partnerships Drive Innovation In Fluid Transfer System Market
Strategic partnerships are a key trend gaining popularity in the fluid transfer system market. Major companies operating in the fluid transfer system are partnering with other companies to strengthen their position in the market. For instance, in August 2022, Contitech, a Germany-based machine industry company operating in the fluid transfer system market, partnered with Industrie Saleri Italo S.p.A. (Saleri), an Italy-based automotive company. This partnership enables the creation of high-performance coolant fluid management devices for the battery electric vehicle market (EV). Further, in December 2021, TI Fluid Systems, a US-based manufacturer of automotive fluid transfer systems, partnered with Mercedes-Benz, a Germany-based luxury vehicle manufacturer. This partnership enables TI Fluid Systems to manufacture and supply fluid transfer components to Benz.
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Key Segments -
The fluid transfer system market covered in this report is segmented -
1) By Type: Air Suspension Lines, Fuel Lines, Brake Lines, AC Lines, Diesel Particulate Filter (DPF) Lines, Selective Catalytic Reduction (SCR) Lines, Transmission Oil Cooling Lines, Turbo Coolant Lines
2) By Material: Nylon, Stainless Steel, Aluminum, Steel, Rubber, Other Materials
3) By Application: Automotive, Aerospace, Manufacturing, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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