Global Statistics Representing Heat Transfer Fluids (HTFs) Market Scenario
Heat transfer fluid is gas or specifically liquid that avoids overheating of any device or is used for storing thermal energy. In order to perform this operation, fluid that flows inside a system or a device so as to transfer the heat outside that particular device or system which would eventually prevent them from overheating. Increasing demand for heat transfer fluids in industries such as chemical processing, automotive, and oil & gas for heat transfer applications are positively driving heat transfer fluids market in the forecast period 2019-2026. Moreover, heat transfer fluid market has perceived a significant growth in the past few years owing to increase in manufacturing sector and rising need of primary energy in developed and emerging economies.
Increasing demand for particular application based HTF for optimum energy competence is projected to drive heat transfer fluid market. Furthermore, cost saving operation related to its counterparts such as electric and steam, and high temperature control properties helps in maintaining the product penetration.
Global heat transfer fluids market was valued at USD 1441.11 Million in 2018 and is expected to reach USD 2435.66 million by 2026 at a CAGR of 6.78 % during the forecast period, 2019–2026.
The global heat transfer fluids market is segmented by type, and end user industry.
On the basis of type, heat transfer fluids market is segmented into mineral oil, silicon & aromatics, and glycols. Silicones & aromatics is the highest growing segment owing to increasing demand for synthetic thermal oils by oil and gas (O&G) and chemicals segments. Furthermore, it offer properties such as inert, non-corrosive, nontoxic, and have low volatility. They are widely used in spin and weave, plastics, wood processes, chemical industries.
On the basis of end user industry, heat transfer fluids market is segmented into chemical processing, automotive, oil & gas, renewable energy, pharmaceuticals, and food & beverages. Chemical processing is leading end user industries in market followed by renewable energy owing to high demand for all types of thermic fluids. The segment also expected to contribute to heat transfer fluid market as energy recovery and heat recovery plays an increasing role in chemical industry operations. Furthermore, increasing demand for thermic fluids in concentrated solar power projects may raise the demand for energy from renewable energy sources.
Geographically, global heat transfer fluids market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa.
Asia Pacific dominate heat transfer fluids market in 2017 and is projected to continue the same during the forecast period. This is attributed to growth include lower dependence on imports, increase in the production capacities, growing population, and enhanced standard of living. Moreover, increase in solar power projects installations and growth in chemicals and processing industry is driving market growth in the forecast period. Adding to this, another factor influencing growth of heat transfer fluid market is rising demand for energy from renewable energy sources in emerging economies such as China, India and Japan.
Europe accounts for second largest position in global heat transfer fluids market. This is attributed to growing population combined with accumulative energy demand has driven energy and power sector growth, which will positively influence market growth in the coming year. Moreover, Germany and Spain holds for the major market share in the region, owing to the growth in industrial expansion.
North America is developing region for heat transfer fluids market. The major trend witnessed in market is increase in energy released during processes and rising demand to develop excess of warmness in key industries such as concentrated solar power plants, chemical, and HVAC. Moreover, chemical and processing sectors are contributing in growth of heat transfer fluids market.
Middle East & Africa hold the least share of the heat transfer fluids market, although have an opportunity to grow in the forecast period. Growing natural gas production mainly in Gulf Cooperation Council (GCC) helps to drive the market growth in the coming year. Moreover, evolution in natural gas production will positively influence the demand for synthetic lubricants along with HTFs. Moreover, enhanced performance delivered by thermic fluids along with the rising number of applications in the industrial sector are some of the key factors that are driving heat transfer fluids market particularly in this region.
Latin America displays a lucrative growth in renewable energy segment. Solar PV is playing an important role in providing energy access in Latin America. Lower capital investment and enhancement in equipment proficiency and capacity factors are helping to drive down costs of solar PV.
Some of the key players in global heat transfer fluids market are Dow (US), Eastman (US), Exxon Mobil (US), Chevron (US), Paratherm (US), BASF (Germany), Lanxess (Germany), Huntsman (US), and Global Heat Transfer (UK), Royal Dutch Shell plc (Netherlands), Phillips 66 (U.S), Arkema (France), Schultz Canada Chemicals Ltd. (Canada), and Radco Industries (U.S).
Heat Transfer Fluids Market Segmentation
By End-Use Industry