Newark, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The fluid transfer system market was estimated at around USD 17.5 billion in 2021, growing at a CAGR of nearly 4.1% during 2022-2030. The market is projected to reach approximately USD 25 billion by 2030.
In a variety of onshore and offshore applications, fluid transfer system can provide efficient and secure loading and unloading. Flexible pipes will be used in these systems to transport crude oil or other media into intricate applications. These systems will also include methods for processing, deploying, and retrieving flexible pipes as well as integrating power, utility equipment, and control. Air suspension lines, AC lines, selective catalytic reduction lines, brake lines, and turbo coolant lines are a few examples of typical fluid kinds. Additionally, they have the capacity to provide weight reduction, corrosion resistance, and abrasion resistance.
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Growth Factors
The oil industry, in particular, uses fluid transfer systems to move oil from offshore drilling rigs into oil tankers and ships and to refineries for processing. It offer corrosion resistance, abrasion resistance, and weight reduction, which are some key factors influencing the adoption of these products. Future market participants competing in the fluid transfer system space will have numerous prospects for expansion due to the automotive industry's growing emphasis on producing more lightweight automobiles. Vehicles with lighter construction materials operate more efficiently and consume less gasoline. To improve the overall performance and safety of the vehicle, lightweight materials are routinely used. Modern automobiles require cutting-edge materials in order to increase fuel efficiency while preserving performance and safety. Because it takes less energy to accelerate a lighter object than it does to accelerate a heavier one, lightweight materials hold great potential for improving vehicle economy. Fuel economy can increase by 6% to 8% with a 10% decrease in vehicle weight. Due to the ongoing trend of moving towards the production and sale of electric vehicles, as well as the need for more lightweight chassis and components to offer better pickup and speed, there is an increasing demand for lighter materials such as aluminum, plastics, and high strength steel in the manufacturing of fuel transfer systems. This demand will continue to drive market growth.
The market for AC lines has been growing at an ever-increasing rate due to an improvement in cabin comfort. Nearly all passenger cars across the world now have air conditioning as a standard feature. The market for air conditioning will be primarily driven by the need for the backseat and second and third rows in SUVs, as well as the increased demand for mid- and full-size SUVs and luxury vehicles with improved interior comfort. Additionally, there is a growing drive from regional organizations to require cabin air conditioning in large commercial vehicles. For instance, the Indian government has proposed mandating the installation of air conditioning in HCVs, while the European Commission has made it mandatory for all commercial trucks to have cabin AC. To offer improved comfort, manufacturers are in fierce rivalry with one another. Due to rising rivalry, OEMs are under more pressure to provide cutting-edge car air conditioning systems. During the anticipated period, these elements are anticipated to fuel the AC market, which will then fuel the market for AC lines.
Segmental Overview
The market for fluid transfer system market is segmented into the product type, and battery cooling application. According to the product type, the air suspension lines segment is expected to increase at the quickest rate. A method of vehicle suspension known as air suspension substitutes pressurized air for conventional metal springs and is powered by an air pump or compressor. Air suspension lines are produced using thermoplastic materials. The materials are thermoformed to minimize losses brought on by the potential for air leaks in suspension lines.
The BEV (battery electric vehicles) segment is anticipated to hold major share in the fluid transfer system market by battery cooling application during the forecast period. The global demand for BEVs is increasing quickly as a result of the tightening emission standards for ICE vehicles. BEVs also don't need SCR and DPF lines because they don't emit any emissions. Because turbochargers cannot be employed in the absence of an ICE, typical automobiles' turbo coolant lines are not required. BEVs therefore have brake, AC, and suspension lines. Additionally, BEV sales have increased tremendously and are anticipated to increase greatly in the next years as a result of the appealing government initiatives.
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Regional Overview
The biggest market share of the total market was held by the Asia-Pacific in the fluid transfer system market. For tracking compliance with emission rules, gasoline direct injection (GDI) engines are known to have the greatest market in China. The market for fluid transfer systems is expanding as a result of China and India's expanding production and sales of lightweight automobiles.
Report Scope
| Base Year | 2021 |
| Forecast period | 2022-2030 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) | USD Billion |
| Fluid transfer system Market CAGR | 4.1% |
| Segments Covered | By Product Type By Battery Cooling Application |
List of the prominent players in the Global Fluid transfer system market:
• Cooper Standard
• Kongsberg Automotive
• Akwel
• Gates Corporation
• Hutchinson
• Continental AG
• Tristone
• Castello Italia
• Lander Automotive
• TI fluid systems
The global Fluid transfer system market is segmented as follows:
By Product Type
• Air Suspension Lines
• Fuel Lines
• Brake Lines
• AC Lines
• Diesel Particulate Filter (DPF) Lines
• Selective Catalytic Reduction (SCR) Lines
• Others
By Battery Cooling Application
• BEV
• PHEV
• Mild hybrid
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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