CHICAGO, March 15, 2019 /PRNewswire/ -- According to the new market research report "Engineered fluids (Fluorinated fluids) Market by Type (Lubricants, Solvents, Heat Transfer Fluids), End-Use Industry (Electronics & Semiconductor, Automotive, Chemical Processing, Oil & Gas, Power Generation, Aerospace), Region - Global Forecast to 2023", published by MarketsandMarkets, the Engineered Fluids (Fluorinated Fluids) Market is estimated at USD 854 million in 2018 and is projected to reach USD 1,304 million by 2023, at a CAGR of 8.8% between 2018 and 2023. The versatility and superior properties of engineered fluids (fluorinated fluids) and increasing investments in APAC are expected to drive the market.
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Electronics & semiconductor end-use industry to witness the highest CAGR in the global engineered fluids (fluorinated fluids) market during the forecast period.
Engineered fluids (fluorinated fluids) are used in the electronics & semiconductors end-use industry as lubricants, solvents, and heat transfer fluids. The electronics industry demands long-term, high-performance solutions because of the increased thermal management issues in automated testing, stepper, chemical vapor deposition (CVD), and etching. Engineered fluids (fluorinated fluids) have low global warming potential (GWP) and do not produce an adverse impact on the environment. Therefore, increasing demand for engineered fluids (fluorinated fluids) in thermal management applications in the electronics & semiconductor industry is expected to drive the market in the electronics & semiconductor end-use segment.
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Increasing demand from oil & gas and chemical processing industries and energy-saving properties of heat transfer fluids to boost the market during the forecast period.
Heat transfer fluids maintain the temperature of a system and enhance energy savings by transferring heat from one system to another. These fluids store heat to prevent the overheating of thermal devices by circulating the fluid through its mechanical parts. Important heat transfer fluid properties include low toxicity, low viscosity at low temperatures, high specific heat, thermal conductivity, and a high flash point. Engineered fluids (fluorinated fluids) are used as heat transfer fluids, when heat stability, purity, and low toxicity is required.
APAC to account for the largest market share in the engineered fluids (fluorinated fluids) market during the forecast period.
APAC is one of the most promising markets for engineered fluids (fluorinated fluids), in terms of consumption. Currently, the global electronic chips industry is dominated by China, Japan, and South Korea, in terms of production and revenues. The low manufacturing cost has encouraged electronics-producing companies to establish their presence in the countries of APAC. This has increased electronics production in APAC, which is projected to increase the demand for engineered fluids (fluorinated fluids) in the region between 2018 and 2023.
The leading players in the Engineered Fluids (Fluorinated Fluids) Market are Daikin Industries (Japan), Solvay SA (Belgium), The Chemours Company (US), 3M (US), Asahi Glass Company (Japan), Halocarbon Products Corporation (US), Halopolymer (Russia), F2 Chemicals (UK), IKV Tribology (UK), Lubrilog Lubrication Engineering (France), Nye lubricants (US), and Interflon (Netherlands).
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