Market Research Future published a research report on “Heat Transfer Fluid Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global heat transfer fluid market is anticipated to demonstrate a CAGR of 5.8% during the forecast period (2018-2023), Market Research Future (MRFR) reveals in a detailed report. Heat transfer fluids are generally used to carry heat from thermal systems to heat storage tanks. The growth in heat transfer fluid market is highly encouraged by technological innovations carried out by global multinationals.
Market Potential and Pitfalls
The heat transfer fluid market is likely to experience a healthy growth due to the constant developments in regions like the Asia Pacific, where there is a growth in automotive manufacturing, chemical processing, and renewable energy based energy generation. Low cost of transportation and raw materials is likely to boost the growth of the market. The wide range of applications in the concentrated solar power market is likely to influence the market growth. Growing investments in CSP is predicted to be one of the primary trends promoting the Heat Transfer Fluid Market growth. CSP is identified as one of the major sources of energy and showcases humungous growth potential. The Indian government is highly focusing on solar energy as it considered as a vital renewable energy source. With the National Action Plan on Climatic Change, the Indian government has recognized the national solar mission to combat climatic change.
On the contrary, the market’s growth is anticipated to deplete by the strict regulations surrounding heat transfer fluids as they hamper the environment.
Market Key Players:
The key players in the global heat transfer fluid market are DOW (U.S), Exxonmobil (U.S), Chevron (U.S), Paratherm (U.S), BASF (Germany), Lanxess (Germany), Huntsman Corporation (U.S), and Global Heat Transfer Ltd. (Canada). Royal Dutch Shell plc (Netherlands), Phillips 66 (U.S), Arkema (France), Schultz Canada Chemicals Ltd. (Canada), and Radco Industries (U.S) are among others.
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Market Segmental Analysis
The global heat transfer fluid market is segmented into type and end use industries.
By type, the heat transfer fluid market is segmented into mineral oils, glycols, nano-fluids, and silicones & aromatics. Of these, mineral oils are likely to gain prominence as it is extensively used in refrigeration, manufacturing process, chemicals, pharmaceuticals, geothermal energy, and CSP generation. This is likely to propel the growth of the market in mineral oils segment.
By end use industry, the heat transfer fluid market is segmented into chemicals and processing, oil & gas, renewable energy, automotive, pharmaceuticals, and food & beverage. With the rising oil & gas operations in the offshore and onshore production process in Europe and North America, the heat transfer fluids market is likely to gain impetus.
The market of heat transfer fluid has covered the regions of North America, Europe, Asia Pacific, Middle East & Africa.
Amongst these, the Asia Pacific region is witnessing increasing installations of solar power projects such as CSP. Also, there has been rising chemical and processing industry in Asia-Pacific, which is leading the market with positive pull. The continuous proliferation of population in Asia Pacific with demand for energy from renewable energy sources is making the heat transfer fluid market to rise at a higher CAGR in recent times.
Next comes the North America region where the chemical and processing sector is contributing to the growth of the heat transfer fluids market in substantial ways.
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Table of Content:
Heat Transfer Fluid Market Research Report 2019-2023
Chapter 1: Industry Overview
Chapter 2: Heat Transfer Fluid Market International and Market Analysis
Chapter 3: Environment Analysis of Heat Transfer Fluid
Chapter 4: Analysis of Revenue by Classifications
Chapter 5: Analysis of Heat Transfer Fluid Market Revenue Market Status
Chapter 6: Analysis of Revenue by Regions and Applications
Chapter 7: Analysis of Heat Transfer Fluid Market Key Manufacturers
Chapter 8: Sales Price and Gross Margin Analysis
Chapter 9: Continue To TOC……………………
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