Market Research Future published a Half Cooked Research Report on “Global Process Fluid Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Eastman Chemical Company, Process Oil Inc., Renkert Oil, LLC, LUKOIL Lubricants Company, Panama Petrochem Ltd., Eastern Petroleum Private Limited, HollyFrontier Refining & Marketing LLC, Nynas AB, Taurus Petroleums Pvt. Ltd., Pentagon Lubricants Private Limited among others are some of the prominent players at the forefront of competition in the Global Process Fluid Market and are profiled in MRFR Analysis.
Process Fluid Market – Overview
Process Fluid are predominantly utilized in number of end use industries such as plastics, oil & gas, paints & coatings, electronics, fragrances, and others. Process Fluid Market is predicted to witness tremendous growth on account of their application such as solvents, cleaners, polymerization, and catalyst in numerous end use industries such as oil & gas, electronics, paints & coatings, and others. On the basis of type, solvent is estimated to register fastest growth on account of their wide utilization in end use industries. They possess excellent properties such as high solvency, resistance to oxidation, and low reactivity which make them suitable for wax cleaner and circuit board cleaner in electronics industry. Among the end use industries segment, oil & gas end use segment dominated the market share in terms of volume and value due to increasing onshore and offshore exploration activities in developed and developing countries.
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Geographically, Asia Pacific emerged as the largest market for Process Fluid in 2016, followed by North America which is further trailed by Europe. The North American process fluid market is predicted to witness steady growth with a moderate CAGR over the estimated period due to continuous growth of oil & gas industries in this region. In North America the market is further classified into Canada and the U.S., among them the U.S. emerged as the largest regional market share of Process Fluid on account of increasing investment in innovation as well as R&D activities and is predicted to retain its dominance over the assessment period in the regional market growth on account of rising electronics and fragrances products coupled with growing adoption rate of process fluid based paint & coating. Asia Pacific is estimated to witness moderate growth over the assessment period, 2017 to 2023. The demand for Process Fluid is anticipated to raise in various countries of Asia Pacific such as Malaysia, Thailand, Singapore, China, India, Japan, Taiwan, Australia, and South Korea owing to growing population combined with shifting of production base for many key market players. In Europe, process fluid market is predicted to register constant growth on account of increasing awareness regarding the benefits of Process Fluid along with the utilization of paints & coatings by automotive manufacturers specifically in Spain, Italy, U.K., Germany, France, and Russia. In addition, various countries of Latin America and the Middle East & Africa are estimated to witness above average growth in Process Fluid on account of strong presence of automotive manufacturer in Brazil and Mexico as well as rising production of crude oil in Kuwait, Qatar, Saudi Arabia, and the UAE.
Industry/ Innovation/ Related News:
April 2017– Hinduja Group-owned Gulf Oil International announced that its subsidiary Houghton International will merge with Quaker Chemical, a leading supplier of process fluid. This agreement will help company to become a leader in the space of specialty chemicals and process fluids. With this merger the company will expand its product portfolio and will able to meet the increasing demand for process fluid across the globe.
Competitive Landscape
The Process Fluid report has analysed the level of competition among the major manufacturers as well as sector growth and market scenario. The Global Process Fluid Market includes a large number of suppliers operating in the market which includes large scale and medium scale producers. The important manufacturers of Process Fluid as well as medium level producers which has strong hold in the market have shifted their focus towards growth association specifically by Asia Pacific as small level and medium level suppliers belongs to this region specifically from Thailand, Taiwan, Malaysia, Australia, China, Singapore, South Korea, Bangladesh, India, Indonesia, and Japan. On the other hand, the key operating players of Process Fluid is following numerous strategic plans to improve their product portfolio by set up research and development centres across the various locations in world, strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the major manufacturers in this market are growing their production capacity of process fluid to meet the rising demand for Process Fluid across the globe.
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