Global Fluid Transfer System Market Size Set to Touch USD 25 Billion by 2029

Published | 23 June 2023

Global fluid transfer system market is flourishing because of an increasing adoption of SCR (Selective Catalytic Reduction) technology in diesel engines and engine technologies, and engine downsizing.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global fluid transfer system market size at USD 19.28 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global fluid transfer system market size to grow at a significant CAGR of 6.04% reaching a value of USD 24.72 billion by 2029. Major growth drivers for the global fluid transfer system market include increasing demand for efficient and reliable fluid handling in industries, the growth of manufacturing activities worldwide, and the need for enhanced fluid transfer capabilities in various applications. The market for fluid transfer systems is further being influenced by the trend of vehicle light-weighting. This trend is gaining traction in the global automotive industry, with the increasing popularity of lightweight vehicles driving market growth. Lightweight materials are widely employed to enhance vehicle safety and performance simultaneously. SCR (Selective Catalytic Reduction) technology is gaining popularity in diesel engines as it effectively reduces emissions by introducing a urea-based reduction agent into the exhaust system via a catalyst. Also, the market is being driven by the rising demand for luxury vehicles in both developing and developed countries. The growing utilization and acceptance of electric vehicles are contributing to market growth. However, a low replacement rate of fluid transfer is anticipated to restrain the overall market growth.

Global Fluid Transfer System Market – Overview

The global fluid transfer system market refers to the worldwide industry involved in the production, distribution, and sale of systems, equipment, and components designed for the efficient and safe transfer of fluids, such as liquids and gases. These systems encompass a range of products, including hoses, pipes, valves, pumps, connectors, and fittings, which are utilized in various sectors, such as automotive, aerospace, oil and gas, pharmaceuticals, chemicals, and others. The market focuses on facilitating fluid transfer processes by ensuring proper flow, control, and containment, and is driven by factors such as industrialization, manufacturing growth, and the need for enhanced fluid handling capabilities in diverse applications. Key market players include manufacturers, suppliers, and service providers involved in fluid transfer systems and related maintenance and aftermarket support. The global fluid transfer system market is expected to continue expanding due to ongoing industrial advancements and the increasing demand for efficient fluid handling solutions across industries.

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Impact of COVID-19 on Global Fluid Transfer System Market

COVID-19 pandemic adversely affected global fluid transfer system market. The disruptions caused in the supply chain due to factory closures, logistics challenges, and reduced workforce have led to delays and shortages in the production and distribution of fluid transfer system components. Moreover, the economic slowdown and decline in demand across various industries, such as automotive, aerospace, and oil and gas, have resulted in reduced investments and projects involving fluid transfer systems. The shift in priorities towards essential products and services during the pandemic has further contributed to the decrease in market demand. However, as economies gradually recovered and restrictions eased, there is potential for a market rebound. Industries resumed their projects and investments, leading to increased demand for fluid transfer systems. Additionally, the heightened focus on hygiene and safety measures drove the need for improved fluid transfer systems in healthcare and pharmaceutical sectors.

Global Fluid Transfer System Market – By System

By system, the global fluid transfer system market is divided into Air Suspension Lines, Fuel Lines, Brake Lines, AC Lines, Diesel Particulate Filter (DPF) Lines, and Selective Catalytic Reduction (SCR) Lines segments. The air suspension lines segment holds the highest share in the global fluid transfer system market. The air suspension systems are widely used in various industries, including automotive, aerospace, and commercial vehicles. These systems provide superior comfort, stability, and load-carrying capacity compared to traditional suspension systems. The demand for air suspension systems has been increasing due to the growing preference for smooth and comfortable rides, especially in luxury vehicles and commercial transport. Also, air suspension lines require specialized components and materials to handle the high-pressure air required for the suspension system. These components include hoses, connectors, and fittings that are specifically designed to withstand the pressure and ensure reliable performance. As a result, the air suspension lines segment is associated with higher value and demand for specialized fluid transfer system products.

Competitive Landscape

Major players operating in the global fluid transfer system market include Cooper Standard, Kongsberg Automotive, ContiTech AG, AKWE, Mgi Coutier, TI Fluid Systems, Lander Holdings, HUTCHINSON, Castello Italia, Gates Corporation, PIRTEK, AGS Company, Graco Inc., BALCRANK CORPORATION, INC., Sanoh Industrial Co., Ltd, and Yamada America, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Fluid Transfer System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Fluid Transfer System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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