Global heat transfer fluids market is expected to reach USD 3.68 billion
by 2022, according to a new study by Grand View Research, Inc. Imminent need to
manage excessive heat in several manufacturing industries including automotive,
metal processing, pharmaceuticals, and food processing is a major factor
driving heat transfer fluid demand across the globe. Surging requirement for
application specific fluids with optimum thermal coefficient is also
anticipated to fuel industry growth over the forecast period. Rapid
industrialization in BRICS markets is expected to help in market development
over the forecast period.
Stringent environment regulations coupled with volatile raw material
prices are expected to pose threat to industry profitability. Development of
bio-based or water-based heat transfer fluids is anticipated to create
lucrative opportunities for industry participants.
 |
U.S. heat
transfer fluids market volume by product, 2012-2022 (Kilo Tons)
|
Silicone & aromatics formed the largest product segment with demand
share exceeding 40% in 2014. The segment is expected to gain share over next
seven years on account of increasing
requirement for synthetic thermal oils in these applications is expected
to drive the product market over the forecast period. Glycols are expected to
witness maximum gains in its market size over the forecast period on account of
excellent antifreeze properties.
In depth research report on Heat Transfer Fluids Market
Further key findings from the study suggest:
·
Global heat transfer fluids market demand was 465.9 kilo
tons in 2014 and is expected to reach 745.3 kilo tons by 2022, growing at a
CAGR of 6.1% from 2015 to 2022
·
Oil & gas was the leading application segment and
accounted for 23.8% of total market volume in 2014. HTF demand in this segment
is expected to witness a modest growth over the forecast period. Increasing use
of heating oil in offshore oil & gas thermal processes is anticipated to
fuel market growth.
·
CSP is expected to witness significant gains in its size
over the forecast period on account of growing energy demand and favorable
government initiatives particularly in Spain, U.S. and Middle East.
·
Europe was the largest regional market and accounted for
over 30% of global demand in 2014. Power and energy sector is highly active in
these regions owing to high energy requirements from industrial sectors. Large
scale urbanization coupled with increased usage of automobiles is expected to
steer the demand for coolants and other heat transfer fluids.
·
Asia Pacific is expected to witness the highest growth of
7.0% from 2015 to 2022 on account of growing chemical and food & beverage
industry in China, India and Indonesia.
·
Major companies operating in global heat transfer fluids
market include Dow Chemicals, Shell, ExxonMobil, Eastman Company, BASF,
Huntsman Corporation, Chevron Corporation.
Grand View Research has segmented the heat transfer fluids market on the
basis of product, application and region:
Global Heat Transfer
Fluids Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
·
Silicone & Aromatics
·
Mineral Oils
·
Glycol-Based Fluids
·
Others
Global Heat Transfer
Fluids Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 -
2022)
·
Oil & Gas
·
Chemical
·
Concentrated Solar Power (CSP)
·
Food & Beverages
·
Plastics
·
Pharmaceuticals
·
Heating, Ventilating & Air Conditioning (HVAC)
·
Others
Global Heat Transfer
Fluids Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
UK
·
Asia Pacific Middle East & Africa
o
China
o
India
o
Japan
·
Central & South America
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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.
For more market analysis
reports, please visit: http://www.grandviewresearch.com/
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