Westford USA, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Asia-Pacific region accounted for the biggest market share in 2021 and it will keep dominating the fluid coupling market during the forecast period. China's oil consumption is rising swiftly across the Asia-Pacific region as a result of growing demands from the transportation and petrochemical industries. The global fluid coupling market is anticipated to expand at a high CAGR over the projected period due to the increased use of centrifuges & reciprocating motors, mixers & agitators, shredders & crushing mills, and grinders, among others, across several industrial areas. Also, because of the general industrial sector's explosive growth, notably in the mining, food service, construction, pharmaceutical, and power sectors, it is projected that there would be a greater need for a fluid coupling.
SkyQuest’s latest insights show that because it was one of the world's major free trade regions, the United States saw rapid industrialization during the past years. After increasing by 2.1% YoY the month before, the United States industrial production increased by 1.5% YoY in December 2022. Additionally, as of 2023, there were 104,581 mining companies in the US, a 1.6% rise from 2022.
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A hydrodynamic or "hydrokinetic" device called a fluid coupling or hydraulic coupling is used to transfer rotating mechanical power. It has been utilized as a substitute for a conventional clutch in auto transmissions. It is also widely used in maritime and industrial machine drives, where regulated start-up without impact load of the power transmission system and variable speed operation are crucial.
Prominent Players in Fluid Couplings Market
- ABB Ltd (Switzerland)
- Siemens AG (Germany)
- Voith GmbH (Germany)
- Altra Industrial Motion (US)
- Rexnord Corporation (US)
- Fluidomat Limited (India)
- Elecon Engineering Company Limited (India)
- Transfluid S.p.A. (Italy)
- VULKAN Group (Germany)
- KTR Systems GmbH (US)
- Flender (Germany)
- Westcar S.r.l. (Italy)
- Shanghai JIAOHUA Fluid coupling Co., ltd. (China)
- Granutech-Saturn Systems (US)
- Vecoplan (US)
- Brentwood (US)
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Oil & Gas Industry Segment to Dominate the Market Growth Owing to Its Increasing Fuel Demand
The oil and gas segment of the global fluid couplings market is estimated to dominate the market by gaining maximum market revenue during the forecast period. Due to factors including the growing utilization of fluid couplings for transmitting power and compressor shafts to turbo input axles during hydrodynamic transmissions, the market will grow in this industry. The substantial utilization of fluid couplings in the oil and gas industry is one of the key factors driving the fluid couplings market owing to the growing demand for fuel across the globe.
The fluid couplings market in the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period. The growth of the market can be ascribed to the surge in automobile sales in China and India is driving up demand for oil, which also drives up demand for gasoline. These elements promote oil and gas consumption in China, India, and other countries in the Asia Pacific. In the oil and gas business, fluid couplings are used on a daily basis. As a result, the demand for oil and gas is growing along with the necessity for fluid couplings.
SkyQuest noted during research that China consumed 15.2 million b/d of petroleum and other liquids in 2021, an increase of 840,001 b/d or almost 6.1% from 2020. Also, China consumed 718.4 million metric tonnes of oil in 2021, compared to Hong Kong's consumption of around 13.2 million metric tonnes.
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Direct Sales Channel Segment to Gain Significant Market Share Thanks to Increasing Direct Purchasing through MNCs
The distribution channel segment of fluid couplings market is bifurcated into direct sales and indirect sales. Among these, the direct sales segment is predicted to gain significant market share during the forecast period. The growth of the segment can be ascribed to the increasing direct purchasing of oil, gas, other fuels, and couplings from the vendor to vendor. It was also observed that giant automobile manufacturers, and petroleum and oil & gas mill owners are keen on purchasing directly from the supplier as it involves trust and easy dealing. Moreover, the rising sales and manufacturing of automobiles across the world are estimated to boost this direct purchasing or selling during the forecast period.
SkyQuest noted that around 81 million automobiles were produced globally in 2021. Comparing this number to the prior year, a rise of about 3.1% was registered. The top three auto and commercial vehicle makers in 2020 were China, Japan, and Germany.
Moreover, the North America region is predicted to hold the second-largest market share in the global fluid couplings market during the forecast period. End-use industries in the region, such as food and beverage and pharmaceuticals, are anticipated to grow significantly, which would eventually lead to an increase in demand for a fluid coupling. In addition, the increasing demand for conveyors and natural resources is a significant development in the regional industry. Producers have increased the belt conveyor's capacity limit in response to the growing demand for natural resources around the world, resulting in longer and larger designs that require stronger drivers.
The global fluid couplings market is a quickly expanding sector that has experienced tremendous growth in recent years. A thorough research report that examines the size, share, and major players of this market has been released to help readers have a deeper understanding of it. A thorough review of the industry, such as its future growth, difficulties, and opportunities, is also included in this study.
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Key Developments in the Fluid Couplings Market
- The launch of hydrodynamic fluid couplings by FLUDEX® in September 2021. FLUDEX® couplings function as an engine start aid through the rotating slip area, limiting start and high torque to the drive train, preventing overloading in the event of an error, and sensing torsional vibration. To explain shaft dysfunction, migratory integration—like that of the N-EUPEX type—is paired with FLUDEX integration. This will help the company strengthen its market position.
- In the following fiscal year commencing April 2023, the state-run Oil and Natural Gas Company (ONGC) will commence drilling in the ultra-deep waters of the Cauvery basin. They are a part of the domestic exploration and production (E&P) major's efforts to comb the eastern and western coasts of India for hydrocarbons in extremely deep waters.
- Crescent Petroleum, based in the United Arab Emirates, and the Iraqi Ministry of Oil have agreed to a number of agreements for the development of three onshore properties in the Diyala and Basra regions. Crescent announced the signing of three 20-year contracts for the appraisal, development, and production of oil and gas from two blocks in the Diyala governorate and one in the Basra governorate.
Key Questions Answered in the Fluid Couplings Market Research Report
- What new causes are anticipated to propel the market's expansion during the projection period, and how important will this expansion be?
- What are the main trends propelling this expansion and how is the present market situation affecting it?
- What are the market-wide growth factors, and which regions are most likely to show the greatest growth?
- What impact have the market's top players had on the development of the sector's general outlook and future prospects?
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