WASHINGTON, April 24, 2023 (GLOBE NEWSWIRE) -- The Global E-Fluids Market is valued at USD 0.7 Billion in 2022 and is projected to reach a value of USD 5.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 32.1% over the forecast period 2023-2030.
Market Overview
The increasing adoption of e-cigarettes drives the global E-Fluids Market as a smoking cessation tool, the growing demand for flavored e-liquids, and the favorable regulatory environment in some countries.
We forecast that the transmission fluid in E-Fluids Market sales will account for more than 48% of total sales by 2030. With the expansion in population, the popularity of flavored carbonated drinks, and the surge in product launches by beverage makers, the beverages market is one of the fastest expanding markets in the world.
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Market Dynamics
Increasing the Adoption of E-cigarettes as a Smoking Cessation Tool will Increase Support Market Expansion
E-cigarettes are increasingly being used as an alternative to traditional tobacco smoking, with many smokers using them as a tool to quit smoking. E-Fluids are a critical component of e-cigarettes, and the growing adoption of e-cigarettes is driving demand for E-Fluids. This trend is fueled by increasing awareness of the health risks associated with smoking and the convenience and affordability of e-cigarettes compared to traditional tobacco products.
Growing Demand for Flavored E-liquids in the E-Fluids Industry Drives the Market Growth
Flavored e-liquids are becoming increasingly popular among consumers, with various flavors available, including fruit, candy, dessert, and menthol. The availability of a wide range of flavors drives demand e-liquids and is helping to attract new consumers to the market. This trend is being driven by the desire for a more enjoyable and satisfying vaping experience and the availability of different flavors to suit individual preferences. As a result, many e-fluid manufacturers are investing in research and development to create new and innovative flavors to meet consumer demand.
Top Players in the Global E-Fluids Market
- Black Note Inc. (United States)
- Breazy (United States)
- BSMW Ltd. (United Kingdom)
- Crystal Canyon Vapes LLC (United States)
- eLiquid Factory (United Kingdom)
- Mig Vapor LLC (United States)
- Molecule Labs Inc. (United States)
- Nicopure Labs LLC (United States)
- Philip Morris International Inc. (United States)
- Turning Point Brands Inc. (United States)
- VMR Products LLC (Miami, United States)
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Top Trends in the Global E-Fluids Market
- One trend that Vantage Market Research (VMR) expects to see in the E-Fluids industry is the growing demand for nicotine salts. Nicotine salts are a more stable and less harsh form than traditional freebase nicotine used in E-Fluids. This trend is driven by the desire for a smoother, more satisfying vaping experience. Nicotine salts can also deliver higher levels of nicotine without the harsh throat hit associated with high-strength freebase e-liquids, making them attractive to smokers trying to quit. As a result, many e-fluid manufacturers are now offering nicotine salt e-liquids as part of their product lines.
- Another trend that VMR predicts will continue in the E-Fluids industry is its increasing popularity of natural and organic e-liquids. As consumers become more health-conscious and environmentally aware, a growing demand for e-liquids made from natural and organic ingredients is growing. Many e-fluid manufacturers now offer e-liquids free from artificial flavors, colors, and sweeteners made from organic and natural ingredients. This trend is driven by concerns about the health effects of synthetic chemicals in e-liquids and a desire for more sustainable and eco-friendly products. As a result, e-fluid manufacturers are investing in research and development to create natural and organic e-liquids that meet consumer demand.
Top Report Findings
- Based on the Product Type, the Brake Fluid category controls most of the E-Fluids Market's revenue. As the automotive industry continues to grow and evolve, the demand for brake fluid will also increase. Additionally, advancements in brake fluid technology, such as developing high-performance brake fluids that can withstand higher temperatures and provide better braking performance, could further drive demand for brake fluid in the market.
- Based on Vehicle Type, most of the E-Fluids Market's revenue is controlled by the on-highway vehicle category. As the automotive industry continues to grow and evolve, the demand for on-highway vehicle E-Fluids will also likely increase. Additionally, advancements in e-fluid technology, such as developing high-performance and environmentally friendly E-Fluids, could further drive demand for E-Fluids in the market.
- Based on Propulsion, most of the E-Fluids Market's revenue is controlled by the Battery EV category. As governments and consumers around the world become more focused on reducing carbon emissions and improving air quality, the demand for electric vehicles is expected to grow rapidly in the coming years. This increased adoption of electric vehicles will likely drive demand for Battery EV E-Fluids.
- Based on Fill Type, most of the E-Fluids Market's revenue is controlled by first filling the category. Over the projection period, this segment is anticipated to outperform other categories regarding revenue share. This is due to the increasing focus on sustainability and reducing carbon emissions is expected to drive demand for First Fill E-Fluids that are more environmentally friendly, biodegradable, and made from renewable sources.
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Recent Developments in the Global E-Fluids Market
- In 2020, Shell worked with commercial vehicle makers to create fluids specifically suited to each model's distinct electric drivetrain in October 2020. To support battery electric (BEV) and fuel cell electric (FCEV) powertrains for commercial light, medium, and heavy cargo trucks, Shell has extended its portfolio of specialized fluids known as Shell E-Fluids.
- In 2019, When Japan Tobacco Inc. introduced two new flavors of tobacco capsules for Ploom Tech, it marked a significant advancement in the e-liquid industry.
Transmission Fluid Category of the Product Type Segment of the Global E-Fluids Market Anticipated to Generate Nearly half the Total Segment Revenue
Based on the Product Type, the E-Fluids Market is divided into Brake Fluid, Coolants, Greases and Transmission Fluids.
The Fluid Transmission market was the largest by application, and it is anticipated to hold the top spot during the projected period. This is because the advancements in e-fluid technology, such as the development of synthetic transmission fluids and fluids that are more resistant to wear and tear, are expected to drive demand for transmission fluids in the market.
On the other hand, the Brake Fluid is anticipated to grow significantly. As the demand for high-quality and high-performance brake fluids continues to increase, the market for these fluids is also expected to grow. This is particularly true in the automotive industry, where the demand for more efficient and environmentally friendly brake fluids is increasing.
Europe Region in E-Fluids Market to Generate More 42.60% Revenue.
Europe has a large population of smokers; many are turning to e-cigarettes to quit smoking or reduce their tobacco consumption. This is driving demand for E-Fluids in the region, and many e-cigarette companies are investing in Europe to capitalize on this trend. In addition, European consumers tend to have a higher disposable income than other regions, which could also contribute to the growth of the E-Fluids market in the region.
The Asia Pacific region is expected to see the fastest growth in the E-Fluids Market due to factors such as the increasing adoption of e-cigarettes in the region, a growing middle class with higher disposable incomes, and favorable government initiatives promoting the use of e-cigarettes as an alternative to traditional smoking.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on E-Fluids Market Forecast Report (2023-2030).
Global E-Fluids Market Segmentation
By Product Type
- Brake Fluid
- Coolants
- Greases
- Transmission Fluids
By Vehicle Type
- Off-highway Vehicle
- On-highway Vehicle
By Propulsion
- Battery EV
- Hybrid EV
By Fill type
- First Fill
- Service Fill
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 0.7 Billion |
| Revenue Forecast by 2030 | USD 5.2 Billion |
| CAGR | 32.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Black Note Inc., Breazy, BSMW Ltd., Crystal Canyon Vapes LLC, eLiquid Factory, Mig Vapor LLC, Molecule Labs Inc., Nicopure Labs LLC, Philip Morris International Inc., Turning Point Brands Inc., VMR Products LLC |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/efluids-market-2085/request-sample |
Key Questions Answered in the E-Fluids Market Report are:
- What is the size and growth rate of the e-fluids market?
- What are the key drivers and restraints impacting the e-fluids market?
- What are the different types of e-fluids available in the market?
- What are the applications of e-fluids in various industries?
- What are the major trends and developments in the e-fluids market?
- Who are the key players in the e-fluids market and what are their market shares?
- What are the key strategies adopted by the players to gain a competitive edge in the market?
- What are the challenges faced by the e-fluids market and how can they be addressed?
- What is the regulatory landscape of the e-fluids market?
- What are the future prospects and opportunities in the e-fluids market?
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