Market Research Future published a research report on “Heat Transfer Fluid Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Global Heat Transfer Fluid Market
The global heat transfer fluid market, according to the analysis by Market Research Future (MRFR), is slated to reach a substantial market valuation at a moderate 5.8% CAGR over the forecast period.
Drivers and Restraints
The Heat Transfer Fluid Market is driven by the growing development in emerging countries, especially in the emerging Asia Pacific region, where there is a rise in automotive manufacturing, chemical processing, and renewable energy-based energy generation. Also, there is an amplified need to maintain temperatures in end-use industries, which can contribute towards enhanced process effectiveness and decreased operating costs. The market is restrained by strict regulations surrounding the heat transfer fluids as there are severe environmental and safety concerns.
Competitive Analysis
The key market players in the global heat transfer fluid market identified by MRFR are DOW (U.S), Chevron (U.S), Lanxess (Germany), Paratherm (U.S), BASF (Germany), Global Heat Transfer Ltd. (Canada), Huntsman Corporation (U.S), ExxonMobil (U.S), and Royal Dutch Shell plc (Netherlands), Arkema (France), Phillips 66 (U.S), Radco Industries (U.S), Schultz Canada Chemicals Ltd. (Canada), and are among others.
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The major market players are shifting their focus towards various lucrative business strategies in order to sustain their expansion in the competitive dynamics of the global heat transfer fluid market. This is expected to increase the number of mergers, acquisitions and joint ventures in the market, consequently contributing towards the market growth over the review period.
Segment Analysis
The global heat transfer fluid market is segmented on the basis of the type and by end-use industries.
Based on type, the heat transfer fluid market is segmented into silicones and aromatics, mineral oils, glycols, and nanofluids. Mineral oils are progressively being used in manufacturing processes, pharmaceutical & chemicals, refrigeration, CSP generation, and geothermal energy applications. This is slated to fuel the demand for mineral oil type of heat transfer fluids. On the other hand, silicone & aromatics demand will be energy-based by extensive usage in industries where there are very high temperatures, such as the chemical and plastic processing industries.
Based on application, the global heat transfer fluid market is divided into chemicals & processing, oil & gas, renewable energy, food and beverage, pharmaceuticals,and automotive applications. The demand for heat transfer fluids is anticipated to rise with increasing oil and gas operations in offshore and onshore production processes across North America and Europe. The chemical & processing applications are also estimated to contribute to the heat transfer fluid market as energy recovery, and heat recovery plays a rising role in the chemical industry operations. Additionally, in renewable energy applications, heat transfer fluids are driven by the growing installations of solar power plants and solar thermal energy systems such as CSP plants.
Regional Analysis
The regional analysis of the global heat transfer fluid is conducted in Asia Pacific, Europe, North America, and the rest of the world.
The Asia Pacific region is one of the major regional markets for heat transfer fluids and is predicted to grow as the largest regional market for heat transfer fluids as the region is presently investing in automobile manufacturing, chemical and processing, and renewable energy projects. Since it is critical to maintain operative procedures of systems with nominal heat loss, heat transfer fluids play a significant role in retaining the heat in these applications. The European and North American regions in the global heat transfer fluids market are significant regions across the globe and are expected to record substantial growth over the review period. These regions are also growing industrial processes in Europe, and North America is further expected to contribute to the heat transfer fluids market.
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