Technical Fluids Market: Introduction
Technical fluids are the specialty solutions formulated to serve specific applications for target end use industries. Technical fluids are one of the essential components of this modern industrial world. Technical fluids are used to increase the efficiency of process or the system. There are different types of technical fluids which are used for different applications in numerous industries. Metal working fluids, drilling fluids, heat transfer fluids, dielectric fluids, and compressor oils, brake fluids, damping fluids, coolants and lubricants are some of the types of technical fluids. Technical fluids a.k.a. heat transfer fluids plays a crucial role in the chemical and petrochemical industry. Similarly metal working fluids one of the important type of technical fluids, which used in general manufacturing, equipment manufacturing, metal fabrication and automotive industry amongst others. Drilling fluids are widely used in oil & gas industry. Dielectric fluids play an important role in electrical industry. Brake fluids and lubricants are widely used automotive industry. Coolants and lubricants are important type of technical fluids serving various industrial applications. Technical fluids can be broadly classified into the two categories: petroleum based and non-petroleum based respectively. Technological innovation and R&D activities play crucial role in the development of technical fluids market.
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Technical Fluids Market: Dynamics
Rapidly growing industrialization across the world is the primary factor responsible for the growth of technical fluids industry. Along with rapid industrial development there is need for efficient performance and maximum output which creates the positive outlook for the technical fluids market. Industrial evolution and technological advancement are expected to positively influence the technical fluids market. The profound requirement in chemicals, heavy engineering and petrochemical industries will fuel the demand for technical fluids. Increasing automotive production and swift growth of general as well equipment and machine manufacturing will drive the demand for technical fluids. Rising shale gas exploration activities along with growing crude oil production is expected to up surge the demand for technical fluids. Energy is one of the most essential part of this modern industrial world, there is rising demand for uninterrupted power supply which is expected to drive the demand for dielectric fluids one of the type of technical fluids. Growing urban population, GDP growth, rising disposable income are some of the factors which will indirectly affect the growth of technical fluids market. Increasing number government regulation on VOC emissions and certain petroleum based product might restrain the growth of petroleum based technical fluids.
Technical Fluids Market: Regional Outlook
North America is attributed as a promising market for technical fluids because of the high presence of chemical industry, automotive manufacturers, rising shale gas exploration activities. The rapid industrial growth, growth chemical & petrochemical industry and increase in automotive production has been witnessed in the recent past in Asia Pacific region, owing to which Asia Pacific can attributed as a prominent market for technical fluids. Europe is considered as a potential market for technical fluids owing to the predominance chemical and automotive manufacturers along with other industries, however the rising number of regulations on VOC might slowdown the market growth. In Middle East & Africa there is significant presence of oil & gas as well as petrochemical industry, which makes Middle East & Africa a strong market for technical fluids. Rising automotive production and rapid industrial growth makes Latin America a decent market for technical fluids.
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Technical Fluids Market: Key Participants
Examples of some of the market participants operating in the global technical fluids market are:
Arkema Group, VOLTRONIC GmbH, NISOTEC, BIZOL Germany GmbH, Nefteproduct JSC, Total, CIMCOOL Industrial Products LLC, Exxon Mobil Corporation, Multitherm LLC, Dynalene Inc., and Multitherm LLC.