LONDON, March 27, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Engineered Fluids Global Market Report 2024, the engineered fluids market has experienced rapid growth in recent years, with projections indicating further expansion in the coming years. According to recent market analysis, the engineered fluids market size is set to grow from $1.23 billion in 2023 to $1.35 billion in 2024, boasting a compound annual growth rate (CAGR) of 10.1%. Furthermore, the engineered fluids market is anticipated to reach $1.89 billion by 2028, showcasing a CAGR of 8.8%.
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Consumer Electronics Fueling Market Growth
The engineered fluids market is primed for robust growth, driven primarily by the escalating demand for consumer electronics worldwide. Consumer electronics, including personal gadgets and devices, rely heavily on engineered fluids for cooling and thermal management, which in turn enhances device performance and reliability. Recent reports from the Japan Electronics and Information Technology Industries Association indicate a substantial increase in electronic equipment and consumer electronics production, underscoring the pivotal role of engineered fluids in this sector. As consumer expectations for electronic devices continue to evolve, the demand for advanced cooling solutions provided by engineered fluids is set to soar.
Major Companies Innovate to Gain Competitive Edge
Leading companies in the engineered fluids market, such as ExxonMobil Corporation, BASF SE, and Royal Dutch Shell, are intensifying their efforts to introduce innovative solutions, particularly in the realm of advanced thermal fluids. These specialized substances are tailored to excel in efficiently transferring and managing heat in electric bikes and other applications. For instance, Castrol Limited recently launched a range of advanced e-fluids, including e-thermal fluids, designed to enhance the performance of electric vehicles. Strategic acquisitions, such as PETRONAS Chemicals Group Berhad's acquisition of Perstorp AB, further illustrate companies' commitment to expanding their specialty chemicals portfolios and strengthening their market positions.
Segmentation Insights
The engineered fluids market is segmented based on type, polymer type, and end-user industries. Types of engineered fluids include heat transfer fluids, lubricants, solvents, and other specialized fluids. Polymer types encompass polymers such as polytetrafluoroethylene (PTFE), polyvinyl fluoride (PVF), polyvinylidene fluoride (PVDF), and others. End-user industries utilizing engineered fluids span electrical and electronics, automotive, chemical industries, power generation, oil and gas, and other sectors.
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The engineered fluids market is on a trajectory of significant growth, driven by the increasing demand from the consumer electronics sector. Major companies are investing in innovative solutions, particularly advanced thermal fluids, to meet evolving consumer expectations and gain a competitive edge. With diverse opportunities across segments and regions, the engineered fluids market presents promising prospects for stakeholders and industry players.
Engineered Fluids Global Market Report 2024 by The Business Research Company provides insights on the engineered fluids market size, engineered fluids market segments, engineered fluids market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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