The global Heat Transfer Fluids Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
Global Heat Transfer Fluids Market is anticipated to reach USD 3.68 billion by 2022. Heat transfer fluid is a branch of “Thermal Engineering” wherein any liquid or gas is specifically manufactured for transmitting heat from one system to another.
Key Players:
- The Dow Chemical Company
- Exxon Mobil Corporation
- BASF SE
- Chevron Corporation
- Honeywell International Inc.
- Conoco Phillips
- Eastman Chemical Company
- Royal Dutch Shell plc
- Dynalene Inc.
- Indian Oil Corporation Ltd. (IOCL)
- Kost USA, Inc.
- Hindustan Petroleum Corporation Ltd. (HPCL)
- Huntsman Corporation
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Growth Drivers:
The factors that propel the growth of the heat transfer fluids market include growing demand for heat transfer fluids in the construction industry, growing industrial development, increasing need to optimize energy and decreasing operating costs, and high demand for energy and heat transfer fluids. On the other hand, there are factors that may hamper the growth of the market including increasing raw material price. Heat transfer fluids industry is anticipated to grow at a significant CAGR of 6.1% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Application Outlook:
- Oil & Gas
- Chemical
- Concentrated Solar Power (CSP)
- Food & Beverages
- Plastics
- Pharmaceuticals
- Heating, Ventilating & Air Conditioning (HVAC)
The “Oil & gas” segment led the heat transfer fluids industry in 2015 and is anticipated to maintain its dominance by 2022. The key factors that could be attributed to the growth of market include rising use of heating oil in offshore oil & gas thermal procedures, growing applications, and increasing number of LNG terminals.
Product Outlook:
- Silicone & Aromatics
- Mineral Oils
- Glycol-Based Fluids
The “Silicones & aromatics” segment led the heat transfer fluids industry in 2017 and is anticipated to maintain its dominance by 2022. The key factors that may be attributed to the growth of market include high demand in end-use industries such as chemical processing, oil & gas, and automotive. Furthermore, these fluids are intended to operate at high temperatures. Also, they are known to have consistent molecular structure, high thermal stability and strong bonding strength.
Regional Outlook:
- North America
- Europe
- Asia Pacific Middle East & Africa
- Central & South America
Asia-Pacific accounted for the major market share of the heat transfer fluids in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include lower dependence on imports, increase in the production capacities, growing population, developing economies, and enhanced standard of living. Asia-Pacific is followed by Europe and North America owing to high energy demand and increased population.
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