Heat transfer fluids are liquid or gas explicitly manufactured for the principle of transmitting heat from one system to another. For instance, a coolant is a fluid that flows within a device in order to inhibit its overheating, for example water cooling down a car engine. They have a wide-ranging application in end-use industries such as chemical, oil & gas, solar power, and plastics & polymers industries which work in extreme temperature conditions. Phenol & benzene are the major raw material used in manufacturing of heat transfer fluid. The ideal heat transfer fluids do not freeze at low temperatures, and have low viscosity, leading to the efficient functioning to the overall system.
The major factors driving the growth of global heat transfer fluids market are rising requirements across the industrial sector for heat exchangers, and rapid industrialization leading to increase in manufacturing plants especially in emerging economies. Besides, necessity for energy efficient thermal oils is also expected to propel the growth of the market. However, strict environment protocols, and unusable raw material supply due to inconsistent crude oil and base oil production may hinder the market growth. Moreover, increasing penetration of bio-based & biodegradable products, and implementation of concentrated solar power (CSP) in developed countries to promote renewable energies is expected to generate numerous growth opportunities for the market in the forecast timeframe.
The global heat transfer fluids market is mainly categorized on the basis of product type, application, and geography. Type segment includes, mineral oils, silicone & aromatics, glycol based and PAG fluids, and other product type. On the basis of application, the market is further classified as chemical industry, oil & gas, pharmaceuticals, manufacturing process, concentrated solar power, bio-diesel production, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Russia, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The prominent players to operate in this market are The Dow Chemical Company, Huntsman Corporation, Shell, ExxonMobil, Shell, Eastman Company, BP, Shell, Chevron Corporation, Phillips 66, and Global Heat Transfer among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Heat Transfer Fluids Market with respect to major segments such as product type, and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Heat Transfer Fluids Market has been included in the report
- Profile of the key players in the Global Heat Transfer Fluids Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Global Heat Transfer Fluids Market
Product Type segments
- Mineral Oil
- Silicone & Aromatic
- Glycol Based and PAG Fluids
- Other Product Types
- Oil & gas
- Manufacturing Process
- Concentrated Solar Power
- Bio-diesel Production
- Other Applications
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East