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Technical fluids are specially formulated fluids that serve specific application according to their target end-use sectors. In the modern industrial world, technical fluids are an important part that enhances the efficiency of the system. The technical fluids are classified into many different types according to the end-use and properties of the fluid. Some type of technical fluids are thermal fluids, coolants, brake fluids, metal working fluids, heat transfer fluid, lubricants, dielectric fluids and others. For instance, heat transfer fluids are used in petrochemical industries while metal working fluids are applicable in general manufacturing, automobile and metal fabrication.
The rapid industrialization taking place all over the world is one of the key factors that is driving the demand for technical fluids from various end-use industries. The technical advancements in process and technologies of manufacturing along with other influential factors like industrial evolution is expected to create a positive impact on the market growth. The continuously increasing requirement for chemicals and heavy engineering shall fuel the demand. Additionally, the demand for uninterrupted power supply shall foster the demand for dielectric fluids substantially supporting the market growth.
Strict rules imposed by authorities regarding the emissions of VOCs and certain petroleum products shall hamper the market growth.
Key Market Driver -
Rapid industrialization along with technical advancements.
Key Market Restraint -
Stringent rules regarding the emission of VOCs.
Based on type, the market is segmented into dielectric, heat transfer, drilling, metalworking and other fluids. Based on application, the market is segmented into petroleum & natural gas, plastic & polymer, car & transportation, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global technical fluids market consists of global & regional players operating. Some of the key players in the market include Arkema Group, ExxonMobil Corporation, CIMCOOL Industrial Products, BIZOL Germany GmbH, Multitherm, VOLTRONIC GmbH, Dynalene, Total, and Others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America of estimated to be the surging market attributed to the large number of chemical and petroleum industries. The rapid industrialization in the Asian region along with the growth in automotive sector is uplifting the regional market. Europe is anticipated to show considerable growth due to the dominance of automobile and chemical industries in the market. Middle East and Africa are expected to show significant growth attributed to the large number of oil and petroleum industries. Latin America is expected to show sluggish growth by the end of the forecast period.
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