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The specialty fluids market size is forecast to increase by USD 9.11 billion at a CAGR of 4.68% between 2023 and 2028. The growth rate of the market depends on several factors, including the growing chemical industry in APAC, the rapid industrialization around the globe, and the innovations in aerosols.
The report includes a comprehensive outlook on the Specialty Fluids Market, offering forecasts for the industry segmented by Product, which comprises aerosols, precision cleaning, coolants, carrier fluids, and others. Additionally, it categorizes Type into hydrofluorocarbon (HFC), hydrofluoroolefin (HFO), polyethylene glycol, and alcohol ethoxylates, and covers Regions, including APAC, North America, Europe, South America, and Middle East and Africa. The market research report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Specialty fluids contain hydrofluorocarbon (HFC), hydrofluoroolefin (HFO), polyethylene glycol, alcohol ethoxylates, isoparaffins, or other products with zero ozone-depleting and low global warming potential. These fluids exhibit superior properties such as low boiling point, low surface tension, excellent solvent retention, non-flammability, high dielectric strength, and chemical and thermal stability.
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The growing chemical industry in APAC is the key factor driving market growth. The chemical industry in APAC contributes significantly to the economic growth of the region. In China and India, the chemical industry has led to the growth of the manufacturing and agriculture sectors. It offers building blocks for various downstream industries such as paper, textiles, leather, and paints. In addition, the chemical industry in APAC has registered rapid growth because of the increase in the number of M&A, high demand for chemical and chemical products, and increasing investments in the region.
Furthermore, the high domestic consumption of chemicals drives the chemical industry in the region. Urbanization and industrialization have increased the demand for chemicals in adhesives, paints, construction, and textile segments. The expanding manufacturing sector in the region has increased the demand for specialty fluids, coatings, and paints, which has led to a rise in the consumption of specialty fluids. Thus, such developments are expected to drive the growth of the global specialty fluids market during the forecast period.
Increasing investments in CSP technology is the primary trend shaping market growth. The increasing focus on sustainability has increased innovations in CSP technology. CSP technology generates solar power by using mirrors or lenses to concentrate solar energy or thermal energy into a small area. The light is converted into heat to produce electricity. Moreover, many countries and organizations are investing heavily in the development of CSP technology.
For instance, in October 2023, the Gujarat government approved more than USD 300 million for the development and construction of solar power plants. The project combines the concentrated solar power and photovoltaic project and will have a total capacity of 600-800 MW. Thus, increasing innovations in CSP technology is the market trends and analysis that will lead to a rise in the demand for specialty fluids, which, in turn, will boost the growth of the global specialty fluids market during the forecast period.
Volatility in crude oil prices is a challenge that affects market growth. Each petrochemical feedstock has a unique correlation with oil prices, and this correlation is influenced by the supply and demand of feedstock, the manufacturing process, and the part of the world where the product is produced. Fluctuations in petrochemical feedstock prices adversely affect the demand for specialty fluids. Fluctuations in global crude oil prices affect the profitability and performance of oil and gas E&P companies.
Moreover, low crude oil prices can lead to the cancelation or rescheduling of oil and gas E&P projects. In addition, the plunge in global crude oil and natural gas prices has impeded the entire upstream oil and gas sector during the past decade. Several oil and gas E&P projects were canceled or postponed across the world. Hence, fluctuation in global crude oil prices is one of the major factors that will hinder market growth during the forecast period.
The market share growth by the aerosols segment will be significant during the forecast period. The rise in demand for aerosols is driving the demand for specialty fluids in aerosol applications. The growth in the use of aerosols is majorly driven by the increasing consumption of personal care products, such as deodorants, shaving creams, hair sprays, and body sprays. Aerosols are colloidal systems of solid or liquid particles that are suspended in a gas.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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