Process Fluid Market Synopsis:
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.
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.
Top Market Players:
Key players of the global process fluid market are Eastman Chemical Company (US), Process Oil Inc.(US), Renkert Oil, LLC (US), LUKOIL Lubricants Company (Russia), Panama Petrochem Ltd. (India), Eastern Petroleum Private Limited (India), HollyFrontier Refining & Marketing LLC (US), Nynas AB (Europe), Taurus Petroleums Pvt. Ltd. (India), Pentagon Lubricants (India), Private Limited. (India), and others.
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- To provide detailed analysis of the market structure along with forecast for the next 7 years of various segments and sub-segments of the global process fluid market.
- To understand the supply and demand dynamics including supply and consumption concentration mapping
- To provide region level market analysis and future outlook for regions like North America, Europe, Asia, and Latin America, Middle East & Africa, and their countries
- To provide competitor positioning of the market
- To provide company profiling of major players in the market along with their production and capacity
- To provide regional trade analysis
- To evaluate historical market trends, patents and technologies, and current government regulatory requirements that are relevant to the market
The global process fluid market is majorly segmented on the basis of types, application, end users and region.
On the basis of types process fluid the market is segmented into paraffinic oils, naphthenic oils, aromatic oils, veg & bio oils, and others. Based on application of process fluid the market is segmented into polymerization, catalyst, solvents, cleaners and others.
On the other hand, based on end user the market segmented into oil & gas, paint & coatings, plastics, electronics, fragrance, and others,
On the basis of region, market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa.
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Latest 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.
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.
Detailed Regional Outlook:
By region, the global process fluid market 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 market 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.
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