Damping Fluid Market: Introduction
- Damping fluid is a kind of oil employed to provide viscous friction in tonearms
- Damping fluid is widely used in several industries such as military, industrial, aviation, aerospace, and oil & gas to dampen torque, vibration, and motion. It is also employed in other major applications. For instance, it is used in pressure, temperature, and flow control instruments.
Key Drivers and Restraints of Global Damping Fluid Market
- Rise in demand for pressure gauge, temperature control equipment, pumps, and flow level sensors in industries such as defense, oil & gas, and aerospace is expected to drive the global damping fluid market during the forecast period. Damping fluid protects internal components against vibration, freezing, and corrosion. This makes their adoption viable in the industrial sector.
- Increase in investments in the automobile sector, primarily in developing economies such as China and India due to the rise in standard of living and growth in per capita income, is anticipated to augment the global damping fluid market during the forecast period. According to the Society of Indian Automobile Manufacturers, the automobile industry manufactured 30,915,420 vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles in 2019, as against 29,094,447 in 2018, registering a growth of 6.26% over the last year.
- Technological advancements and innovations in design of damping fluid are projected to propel the global damping fluid market during the forecast period. However, availability of substitutes is a major factor expected to hamper the market between 2019 and 2027.
Automobile Segment Expected to Hold Major Share of Global Market
- The global damping fluid market can be segmented based on base fluid, application, and region
- In terms of base fluid, the global damping fluid market can be divided into silicon oil, synthetic oil, mineral oil, and others. Synthetic oil is an extensively used base fluid in damping fluids, due to its relatively eco-friendly nature and low viscosity & low vapor pressure. The silicon oil segment of the global damping fluid market is anticipated to expand from 2019 to 2027, as silicon oil offers excellent electrical properties and possesses mold releasability, water repellency, and defoaming characteristics. These properties make its adoption viable over other mineral and synthetic oil products.
- Based on application, the global damping fluid market can be classified into automotive, aerospace, building & construction, military & defense, oil & gas, and others. Demand for damping fluid is estimated to be high in the automotive industry in the near future. Damping fluid is used to reduce vibration in gauges, instruments, meters, and control equipment in the automotive industry.
Asia Pacific to Hold Major Share of Global Damping Fluid Market
- In terms of region, the global damping fluid market can be divided into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America
- The damping fluid market in Asia Pacific is expected to expand at a significant pace during the forecast period, due to the growth in investments in the automotive sector in the region. Rapid urbanization, strong economic growth, and improvement in standard of living are some of the factors fueling the demand for automobiles in the region.
- North America is also projected to constitute key share of the global damping fluid market during the forecast period, due to surge in investments in exploration & production of unconventional & conventional resources in the region
- The damping fluid market in Europe is likely to expand at a stable pace, owing to the rise in investments in the building & construction sector
- The damping fluid market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period.
Key Players in Global Market
Leading companies operating in the global damping fluid market are:
- Clearco Products Co., Inc.
- CHT UK Bridgwater Ltd,
- Gayatri Polychem Private Limited
- URSA ASSOCIATES
- Metro Silicone Industries
- McCoy Group of Companies
- M. R. SILICONE INDUSTRIES
Global Damping Fluid Market: Research Scope
Global Damping Fluid Market, by Base Fluid
- Silicone Oil
- Synthetic Oil
- Mineral Oil
Global Damping Fluid Market, by Application
- Building & Construction
- Military & Defense
- Oil & Gas
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