Engineered Fluids Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.12 Billion |
| Market Size (2029) | USD 2.40 Billion |
| CAGR (2024 - 2029) | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Engineered Fluids Market Analysis
The Engineered Fluids Market size is estimated at USD 1.12 billion in 2024, and is expected to reach USD 2.40 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
The market was negatively impacted by the COVID-19 pandemic as there was a slowdown in production and mobility, as industries such as chemical industries, automotive sector, etc. were forced to delay their production due to containment measures and economic disruptions. Currently, the market recovered from the pandemic and is growing at a significant rate.COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- Growing demand for high-performance heat transfer fluids, along with superior and eco-friendly properties, are driving the market growth.
- On the flip side, higher manufacturing and maintenance costs are hindering the growth of the market.
- Moreover, the growing demand for high-performance cooling fluids is predicted to generate a market opportunity in the future.
- Asia-Pacific region dominates the market across the globe, with the largest consumption from countries such as India and China.
Engineered Fluids Market Trends
Growing Demand for Lubricants from Automotive Sector
- Engineered fluids are widely used as lubricants owing to their thermal stability and are expected to grow rapidly during the forecast period.
- They are suitable for a temperature range of about -120°C to 300°C and are more stable than petroleum-based lubricants because they do not , discolor, crack, react, or dissolve.
- Fluoride-based lubricants are resistant and non-flammable to harsh fuels and chemicals and, due to their low volatility, are often preferred for high-vacuum applications.
- The growing demand for these lubricants in various applications in automotive sector is estimated to drive the market for engineered fluids over the coming years.
- China is the major manufacturer of automobiles in the world. The country’s automotive sector is shaping up for product development, with the country focusing on manufacturing products to ensure fuel economy while minimizing emissions. It is owing to the growing environmental concerns.
- According to OICA (The Organisation Internationale des Constructeurs d'Automobiles), automobile production and sales reached 27.021 million and 26.864 million in 2022, up 3.4% and 2.1% from the previous year.
- Thus, due to the factors mentioned above, the market is expected to grow significantly during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the Engineered Fluids market during the forecast period due to increase in demand from countries like China and India.
- Engineered fluids are used as heat transfer fluids(HTFs) in a variety of applications, such as in high-performance machines, chemical industries and power generation. It is also used in electrical applications, such as , electronic devices,semiconductors and servers. The rising competition in developing artificial intelligence, supercomputers, and growing usage of electronics is expected to drive the market.
- Asia-Pacific region is referred to as home to some of the world’s most valuable vehicle manufacturers. Developing countries such as China, Japan, India, and South Korea are working hard to strengthen the manufacturing base and develop efficient supply chains for greater profitability.
- According to the Society of Indian Automobile Manufacturers (SIAM), a total of 37,92,356 passenger vehicles were sold in India in 2022, witnessing a growth rate of around 23% compared to the passenger vehicles sold in the year 2021.
- In the electronics segment, Chinese manufacturers are setting up overseas production bases in order to expand in the international markets. For instance, In March 2023, TCL broadened its presence in international markets by establishing factories abroad, producing televisions, modules, and photovoltaic cells in Vietnam, Malaysia, Mexico, and India. In addition, it formed partnerships with local companies in Brazil to collaboratively develop production facilities, supply chains, and an R&D infrastructure.
- Further, the Asia-Pacific thermal sector is registering growth, with China primarily driving the growth of the sector. China includes the most coal-fired power plants of any country or territory in the world. On the Chinese Mainland, as of July 2022, there were 1,118 operational coal power plants. It is approximately four times the number of such power plants in India, which came in second place. China accounts for more than half of worldwide coal electricity generation.
- The factors above, are contributing to the increasing demand for engineered fluids during the forecasted period.
Engineered Fluids Industry Overview
The engineered fluids market is partially fragmented in nature. The major players (not in any particular order) include 3M, Solvay, IKV Tribology Ltd, Halocarbon, LLC, and HaloPolymer, among others.
Engineered Fluids Market Leaders
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3M
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HaloPolymer
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Solvay
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IKV Tribology Ltd
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Halocarbon, LLC
*Disclaimer: Major Players sorted in no particular order
Engineered Fluids Market News
- April 2023: Solvay launched the new Tecnoflon SHP, a new product line of fully fluorinated synthetic rubbers (FFKM) industrial.
- December 2022: 3M announced the exit of per- and polyfluoroalkyl substance (PFAS) manufacturing and work to discontinue the use of PFAS across its product portfolio by the end of 2025.
Engineered Fluids Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Demand for High Performance Heat Transfer Fluids
- 4.1.2 Superior and Eco-friendly Properties of Engineered Fluids
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 Higher Manufacturing and Maintenance Costs
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Application
- 5.1.1 Lubricants
- 5.1.2 Heat Transfer Fluids
- 5.1.3 Others (Solvents, etc.)
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5.2 End-user Industry
- 5.2.1 Electrical & Electronics
- 5.2.2 Automotive
- 5.2.3 Chemical Industries
- 5.2.4 Power Generation
- 5.2.5 Oil and Gas
- 5.2.6 Others (Semiconductor, Aerospace, etc.)
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 AGC Chemicals Americas
- 6.4.3 Engineered Fluids
- 6.4.4 F2 Chemicals Ltd
- 6.4.5 Halocarbon
- 6.4.6 Halocarbon, LLC
- 6.4.7 IKV Tribology Ltd
- 6.4.8 Lubrilog
- 6.4.9 Nye Lubricants, Inc.
- 6.4.10 Perstorp
- 6.4.11 Solvay
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Demand Form the High Performance Cooling Fluids
- 7.2 Other Opportunities
Engineered Fluids Industry Segmentation
Engineered fluids are fluorinated fluids, which include polytetrafluoroethylene, perfluoropropyl ether, perfluoropolyether, etc. They are often used as a lubricant because of their outstanding operational performance, non-reactive, non-toxic, and from cryogenics to higher ambient temperatures.
The engineered fluids market is segmented by application, end-user industry, and geography. By application, the market is segmented into lubricants, heat transfer fluids, and others (solvents, etc.). By application, the market is segmented into electrical and electronics, automotive and chemical industries, power generation, oil and gas, and others (semiconductor, aerospace, etc.). The report also covers the market size and forecasts for the market in 15 countries across the globe. For each segment, the market sizing and forecasts are done on the basis of value (USD).
| Application | Lubricants | |
| Heat Transfer Fluids | ||
| Others (Solvents, etc.) | ||
| End-user Industry | Electrical & Electronics | |
| Automotive | ||
| Chemical Industries | ||
| Power Generation | ||
| Oil and Gas | ||
| Others (Semiconductor, Aerospace, etc.) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Engineered Fluids Market Research FAQs
How big is the Engineered Fluids Market?
The Engineered Fluids Market size is expected to reach USD 1.12 billion in 2024 and grow at a CAGR of greater than 6% to reach USD 2.40 billion by 2029.
What is the current Engineered Fluids Market size?
In 2024, the Engineered Fluids Market size is expected to reach USD 1.12 billion.
Who are the key players in Engineered Fluids Market?
3M, HaloPolymer, Solvay, IKV Tribology Ltd and Halocarbon, LLC are the major companies operating in the Engineered Fluids Market.
Which is the fastest growing region in Engineered Fluids Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Engineered Fluids Market?
In 2024, the Asia Pacific accounts for the largest market share in Engineered Fluids Market.
What years does this Engineered Fluids Market cover, and what was the market size in 2023?
In 2023, the Engineered Fluids Market size was estimated at USD 1.05 billion. The report covers the Engineered Fluids Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Engineered Fluids Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Engineered Fluids Industry Report
Statistics for the 2024 Engineered Fluids market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Engineered Fluids analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
