Market Size of Engineered Fluids Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 1.12 Billion |
| Market Size (2029) | USD 2.40 Billion |
| CAGR (2024 - 2029) | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Engineered Fluids Market Analysis
The Engineered Fluids Market size is estimated at USD 1.12 billion in 2024, and is expected to reach USD 2.40 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
The market was negatively impacted by the COVID-19 pandemic as there was a slowdown in production and mobility, as industries such as chemical industries, automotive sector, etc. were forced to delay their production due to containment measures and economic disruptions. Currently, the market recovered from the pandemic and is growing at a significant rate.COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- Growing demand for high-performance heat transfer fluids, along with superior and eco-friendly properties, are driving the market growth.
- On the flip side, higher manufacturing and maintenance costs are hindering the growth of the market.
- Moreover, the growing demand for high-performance cooling fluids is predicted to generate a market opportunity in the future.
- Asia-Pacific region dominates the market across the globe, with the largest consumption from countries such as India and China.
