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. 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.
Heat
transfer fluid market may be explored by type, end user, and geography. The
market may be explored by type as glycol-based fluids, mineral oils, silicone
& aromatics, and others. 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.
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Based
on end user, the heat transfer fluids market could span food & beverage,
chemical processing, oil & gas, automotive, pharmaceuticals and renewable
energy. 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.
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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Some of the key players that fuel the growth of the heat
transfer fluid industry comprise Dow Chemical Company, ExxonMobil, Chevron
Company, Huntsman Corporation, Eastman Chemical Company, British Petroleum,
Phillips 66, Royal Dutch Shell Plc, Hindustan Petroleum Corporation Limited,
Indian Oil Corporation Limited, Dynalene Incorporation, CFR Chemicals, BASF SE,
Inlet Petroleum Company and KOST USA Incorporation. The leading companies are
taking up partnerships, mergers and acquisitions, and joint ventures in order
to boost the inorganic growth of the industry.
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