Rapid Usage Of Dielectric Fluids In High Voltage Applications Such As Insulators To Prevent Electrical Discharges Is Anticipated To Offer Dollar Opportunity Of 5.28 Million During The Forecast Period
United States, Rockville MD, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global dielectric fluids market is currently valued at US $ 5.2 Billion and is expected to reach US $ 10.48 Billion by the end of 2032.
Dielectric fluids have wide range of benefits such as low viscosity, excellent electrical insulation, high flash point and other features that make these fluids in demand in various industries and applications.
In addition to this, high focus on clean energy and demand for renewable energy is expected to drive the growth of energy companies and utilities, which ultimately drives the demand of dielectric fluids. Various formats such as dielectric oils, dielectric fluids, coolants and hydraulic fluids are expected to be high in demand during the forecast period.
Besides this, rising demand for electricity and increasing investments in the energy sector, expansion of the aviation industry, surge in uses of electric discharge machines are the factors boosting the growth of the market.
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Moreover, focus on sustainability and rise in launch of eco-friendly dielectric fluids is expected to boost the growth of the market. Also, demand for electric discharge machines in defense and aerospace manufacturing is expected to push the consumption of dielectric fluids during the forecast period.
Various start-ups are also focusing on development of new sustainable solutions . Biodegradable dielectric fluids are expected to be focus area for many new entrants in the market. Besides this, supportive government initiatives to drive sales of coolants, dielectric fluids etc. is expected to propel the growth of the market.
North America accounts for a share of 26.5% and a total valuation of US$ 1.37 Billion.
Europe dielectric fluids accounts for the market share of 31.4% in 2022 and accounts for a revenue of US $ 163 Billion. Surge in demand of fluids in aerospace and defense manufacturing activities is expected to support the growth.
China currently holds a market share of 4.9% in the global dielectric fluids market. This share accounts for a revenue of US $ 255.1 Million. Surge in industrial activities and rise in government initiatives are expected to promote the growth of the market during forecast period.
Increasing defense and aerospace manufacturing activities are expected to boost the growth of the market.
Government initiatives to promote industrial manufacturing activities and automotive activities are projected to drive sales of dielectric fluids including dielectric coolants, EDM oils, vehicle lubricants etc
Surge in use of dielectric fluids in various applications such as residential, commercial and industrial is expected to boost the growth of the market.
High demand for clean fuels and lack of availability of naturally occuring uranium are expected to propel the demand for dielectric fluid across the globe.
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Competitive Landscape: Dielectric fluid manufacturers are focusing on launch of new products to expand their product portfolio and expand their revenue generation potential.
In 2022, FUCHS, a lubricant manufacturer based in Germany, announced the launch of three compounds that are designed specifically for immersion cooling.
New entrants in the market are also focusing on sustainability and launch of ecofriendly dielectric fluids. These ecofriendly dielectric fluids are gaining traction due to stringent government mandates and consumer’s preference for eco-friendly fluids over other alternatives available in the market.
In 2022, Enel SpA, electricity manufacturer and distributor, introduced a new low-carbon transformer that is more sustainable. This new transformer has been introduced in partnership with Hitachi Energy.
Key Companies Profiled by Fact.MR
M&I Materials Ltd.
Segmentation of Dielectric Fluids Industry Research
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Fact.MR, in its new offering, presents an unbiased analysis of the global Dielectric Fluids Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by Type (Water-based, Hydrocarbon Oil-based, Gas-based), By Application (Windmill Transformers, Traction Transformers, Electrical Discharge Machining (EDM), Capacitors, Distribution Transformers), By Region - Global Market Insights 2022-2032
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