Process Fluid Industry to Witness Increased Demand during the Forecast period 2020 to 2030
Market Insights:
Market Research Future (MRFR)’s latest study reveals that the Process Fluid Industry will grow moderately over the forecast period 2020 to 2030. The widening range of application for process fluid across different industry verticals is fueling demand in the process fluid market. The trend is likely to perpetuate over the next couple of years.
The growth of the Process Fluid Industry is highly dependent on the growth of the end-user industries such as electronics, fragrance, oil & gas, etc. The characteristics of process fluid have enabled its use in specialized applications such as extracting agents, reaction mediums, polymerization mediums, softening agents, etc. This is expected to keep influencing the expansion of the Process Fluid Industry positively in the foreseeable future.
Increased demand from oil & gas industry is the primary factor forecasted to drive the growth of the Process Fluid Industry over the next couple of years. Additionally, process fluid has developed an application in the paints & coatings industry. The strong value maintained by the paints & coatings industry is likely to catapult the market on an upward trajectory. The increase in disposable income coupled with improving standards of living has propelled the demand for process fluid in the fragrance and veg & bio oils industries. The Process Fluid Industry looks attractive at this point and is likely to remain so during the assessment period.
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Market Segmentation:
By type, the Process Fluid Industry is segmented into segmented into paraffinic oils, naphthenic oils, aromatic oils, veg & bio oils, and others.
By application, the Process Fluid Industry has been segmented into polymerization, catalyst, solvents, cleaners, and others.
By end-user, the Process Fluid Industry is segmented into oil & gas, paint & coatings, plastics, electronics, fragrance, and others.
Regional Outlook:
By region, the Process Fluid Industry has been segmented into North America, Europe, APAC, Latin America, and the Middle East & Africa. Asia Pacific is the largest market for the process fluid and is projected to retain its prominence over the next couple of years. The massive demand from the oil & gas industry is expected to drive the growth of the Process Fluid Industry in Asia Pacific. China, Japan, and India are some of the primary revenue generators in the region.
North America is expected to remain a highly lucrative market over the next couple of years. The presence of a thriving chemical industry is the key factor driving growth in the region. Europe is an important growth pocket and is anticipated to generate considerable revenue during the assessment period. Meanwhile, the Middle East & Africa and Latin America are estimated to resonate strong growth opportunities.
Competitive Dashboard:
Some of the key players profiled in the report are Eastman Chemical Company (US), LUKOIL Lubricants Company (Russia), Panama Petrochem Ltd. (India), Eastern Petroleum Private Limited (India), Process Oil Inc. (US), Renkert Oil, LLC (US), HollyFrontier Refining & Marketing LLC (US), Taurus Petroleums Pvt. Ltd. (India), Pentagon Lubricants (India), and Nynas AB (Europe).
Industry Developments:
In March 2018, Quaker Chemical Corporation, a leading global supplier of process fluids, launched an extensive range of process fluids for applications in pipes & tubes.
In September 2018, the U.S. based 3M announced new features for its Emphaze AEX Hybrid Purifier that delivers deliver consistent, high-purity clarified process fluid.
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