Market Leaders - Fluid Transfer System Market
The fluid transfer system market is projected to grow to USD 29.6 billion by 2027 from USD 17.5 billion in 2019, at a CAGR of 6.8% during the forecast period. The major driving factors for the fluid transfer system market are stringent emission norms, fuel efficiency regulations, and increasing adoption rate of SCRs in diesel engines around the globe. The increasing vehicle production drives the demand for fluid transfer system. However, increasing sales of BEVs are acting as restraints for the fluid transfer system market.
The fluid transfer system market is dominated by global players and comprises several regional players such as Cooper-Standard (US), Kongsberg (Switzerland), Contitech (Germany), Akwel (France), Hutchinson (France), Lander automotive (UK), Tristone (Germany), Castello Italia (Italy), Gates (US), and TI fluid systems (UK). The key strategies adopted by the major players in the fluid transfer system market between 2017 and 2019 are expansion, acquisition, partnership, and new product (service) developments.
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Cooper-Standard adopted the strategies of expansion, new product development, partnership, and merger & acquisition to retain its leading position in the fluid transfer system market.
- In April 2019, Cooper Standard’s USD 15 million expansion project was announced for the plant that it operates in Aguascalientes, Mexico. Among the products that the Aguascalientes plant currently exports to 21 countries are fuel and brake lines, as well as fluid transfer hoses.
- In May 2018, Cooper-Standard announced the acquisition of LS Mtron, a Korea based automotive and industrial manufacturer. Through this acquisition, the company aims at adding charge air cooling technology and brake lines to its fluid transfer system and brake and fuel delivery system.
- In April 2018, Dongfeng Motor Parts And Components Group Co., Ltd. and Cooper-Standard signed a joint venture agreement in Wuhan. The two companies planned on setting-up joint manufacturing unit of piping systems and sealing materials.
On the other hand, Kongsberg adopted new product developments. In May 2018, the Company developed a high-temperature hose range for the automotive market. Moreover, the company received an award from two-passenger car manufacturers for battery coolant lines.
- In March 2019, Contitech opened a new plant in Qingdao Sino-German Ecopark. With a total investment of approximately USD 33.6 million and an area of roughly 84,000 square meters, the new plant in Qingdao provides high-quality hose products and mobile fluid system solutions for passenger cars and commercial vehicles.
- In September 2019, Hutchinson acquired 60% stakes in Mann+Hummels’s Thermal Control Systems Automotive. Hutchinson aims to enable global system offerings for fluid management.
Related Reports:
Fluid Transfer System Market by Type (Brake, Fuel, AC, Air Suspension, DPF, SCR, Transmission Oil, Turbo Coolant), Material (Al, Rubber, Nylon, Steel, Stainless Steel), Vehicle Type (PC, LCV, HCV, OHV, BEV, HEV, PHEV) and Region - Global Forecast to 2027
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