5-March-2019: The global heat transfer fluid market size is projected to reach USD 3.24 billion by 2025, according to a new report by Grand View Research, Inc., registering a 5.1% CAGR during the forecast period. Increasing technological innovations in the industry by key global multinationals is a key driving force of the industry.
Key players such as DowDuPont, Eastman Company, ExxonMobil, Shell, and British Petroleum have integrated their business operations along the value chain to further strengthen their market position and sustain in the market. These companies have authorized resellers or third-party distributors across the globe, including Broughton Lubricants and Thermic Fluid Pvt. Ltd., to cater to local and regional demand.
Suppliers have been focusing on customer needs such as technical support and services in order to be truly customer-driven. With the evolution of e-commerce, suppliers are able to source and supply HTF with shorter lead-times and delivery products faster, along with being more accessible to the marketplace.
Mineral oil-based heat transfer fluid prices are highly affected by mineral oil prices, which showed high volatility over the period from 2010 to 2015 (March 2015). Increasing consumption has led to continuous increase in mineral oil prices from mid-2010 to mid-2011. In addition, widening of supply-demand gap of mineral oil led to an increase in prices during that period. All these factors have cumulatively affected demand and pricing structure of heat transfer fluids globally.
Concentrated solar power (CSP) is an advanced technology that is extensively used in recovery of solar energy. It requires thermal oils, which is responsible for collecting and transferring the generated heat from collectors to generators, thereby cooling the photovoltaic surface. These plants are observed to be increasingly gaining prospect across economies such as China, U.S., and France, which is likely to directly lead to increase in consumption of HTFs in these countries.
In depth research report on Heat Transfer Fluids Market
Further key findings from the report suggest:
· The global heat transfer fluid market demand was 503.6 kilotons in 2018 and is projected to exhibit an estimated CAGR of 3.7% from 2019 to 2025
· In terms of HTF product type, glycol (ethylene & propylene)-based fluids will form the fastest growing segment with a volume-based CAGR of 4.3% over the forecast period
· Concentrated solar power is the fastest growing application segment with 5.0% volume-based CAGR over the forecast period
· With heavy investments in research and development activities, major industry participants have shifted toward bio-based thermic oils, in compliance with government regulations laid down to protect the environment
· Some of the key formulators in the industry are BASF, Radco Industries, DowDuPont, and Eastman.
Grand View Research has segmented the global heat transfer fluid market on the basis of product, application, and region:
Heat Transfer Fluid Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
· Silicone
· Oil & Gas
· Chemical Industry
· CSP
· Food & Beverages
· Plastics
· Pharmaceuticals
· HVAC
· Other
· Aromatics
· Oil & Gas
· Chemical Industry
· CSP
· Food & Beverages
· Plastics
· Pharmaceuticals
· HVAC
· Other
· Mineral Oils
· Glycol Fluids
· Others
Heat Transfer Fluid Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
· Oil & Gas
· Chemical Industry
· CSP
· Food & Beverages
· Plastics
· Pharmaceuticals
· HVAC
· Others
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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