JERSEY CITY, NJ, January 17, 2022 /PRNewswire/ — Verified Market Research recently released a report, “Technical fluids marketBy Type (Lubricants, Solvents, Heat Transfer Fluids), By End User (Electronics & Semiconductors, Automotive, Oil & Gas), and By Geography. According to verified market research, the global technical fluids market size was valued at $1,021.1 million in 2020 and is expected to reach $2,038.02 million by 2028, growing at a CAGR of 8.98% from 2021 to 2028.

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202 – Pages
126 – Tables
37 – Numbers

Overview of the global technical fluids market

In the previous period, almost every industry in the world suffered a setback due to covid-19. It is attributed to severe disruptions in their respective manufacturing and supply chain operations due to various precautionary lockdowns and other limitations imposed by governments around the world. Additionally, consumer demand has diminished as people are now focusing more on removing non-essential expenses from their budget as the general economic situation of most people is affected by the outbreak. During the forecast period, factors are likely to weigh on the revenue trajectory of the global technical fluids market. The global technical fluids market could revive as various government agencies begin to lift these forced lockdowns.

Superior properties of technical fluid and environment-friendly properties of technical fluids are the factors contributing to the expansion of the market. The market is driven by factors such as amplified thermal management issues in the electronics and semiconductor, automotive, and aerospace industries. These properties allow fluorine to operate under extreme conditions such as high pressure, oxidation-prone environment, and high temperature operating conditions. However, the high cost of technology development and manufacturing of technical fluids is a constraining factor for this market.

Growing application of technical fluids across several end-use industries is one of the factors expected to drive the global technical fluids market. It is mainly due to the exceptional properties of these fluids. Some of the main properties of engineering fluids include chemical stability, non-toxicity and excellent compatibility with a wide range of metals, plastics and elastomers. Technical fluids are used to reduce friction between machine parts. Some of the major applications of engineering fluids are electronics cooling, heating chamber, cleaning and wafer handling. The numerous applications of technical fluids will drive the global technical fluids market. Apart from this, the technical fluids help in reducing the global warming potential which does not produce any negative impact on the environment. This will drive the global technical fluids market soon.

Key developments

• February 2017: Chemours inaugurated a new production site in its Christi factory in Ingleside, Texas (WE). This will triple the company’s capacity for HFO-1234yf products and make it a global leader in low global warming potential products.
• February 2017, Solvay acquired Energain Technology from DuPont, expanding its product portfolio for the battery manufacturing industry. This acquisition will strengthen Solvay’s technology roadmap in the battery manufacturing industry.

Key players

The major market players are Solvay SA, The Chemours Company, Halocarbon Products Corporation, Halopolymer, F2 Chemicals, Lubrilog Lubrication Engineering, IKV Tribology, Nye Lubricants, Interflon, and Asahi Glass Company.

Verified Market Research has segmented the global technical fluids market on the basis of type, end-user, and geography.

• Technical Fluids Market, By Type
• Lubricants
• Solvents
• Heat transfer fluids
• Technical Fluids Market, By End User
• Electronics and Semiconductors
• Automotive
• oil and gas
• Aerospace
• Others
• Technical Fluids Market by Geography
• North America
• Europe
• Germany
• France
• UK
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• LINE
• Middle East & Africa
• Latin America

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