The global heat transfer fluid market size
is projected to reach USD 3.24 billion by 2025, according to a new report by
Grand View Research, Inc., registering a 5.1% CAGR during the forecast period.
Increasing technological innovations in the industry by key global
multinationals is a key driving force of the industry.
Key players such as DowDuPont, Eastman
Company, ExxonMobil, Shell, and British Petroleum have integrated their
business operations along the value chain to further strengthen their market
position and sustain in the market. These companies have authorized resellers
or third-party distributors across the globe, including Broughton Lubricants
and Thermic Fluid Pvt. Ltd., to cater to local and regional demand.
Suppliers have been focusing on customer
needs such as technical support and services in order to be truly
customer-driven. With the evolution of e-commerce, suppliers are able to source
and supply HTF with shorter lead-times and delivery products faster, along with
being more accessible to the marketplace.
Mineral oil-based heat transfer fluid
prices are highly affected by mineral oil prices, which showed high volatility
over the period from 2010 to 2015 (March 2015). Increasing consumption has led
to continuous increase in mineral oil prices from mid-2010 to mid-2011. In addition,
widening of supply-demand gap of mineral oil led to an increase in prices
during that period. All these factors have cumulatively affected demand and
pricing structure of heat transfer fluids globally.
Concentrated solar power (CSP) is an
advanced technology that is extensively used in recovery of solar energy. It
requires thermal oils, which is responsible for collecting and transferring the
generated heat from collectors to generators, thereby cooling the photovoltaic
surface. These plants are observed to be increasingly gaining prospect across
economies such as China, U.S., and France, which is likely to directly lead to
increase in consumption of HTFs in these countries.
To request a sample copy or view summary of
this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-market
https://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-market
Further key findings from the report suggest:
· The global heat transfer fluid market
demand was 503.6 kilotons in 2018 and is projected to exhibit an estimated CAGR
of 3.7% from 2019 to 2025
· In terms of HTF product type, glycol
(ethylene & propylene)-based fluids will form the fastest growing segment
with a volume-based CAGR of 4.3% over the forecast period
· Concentrated solar power is the fastest
growing application segment with 5.0% volume-based CAGR over the forecast
period
· With heavy investments in research and
development activities, major industry participants have shifted toward
bio-based thermic oils, in compliance with government regulations laid down to
protect the environment
· Some of the key formulators in the industry
are BASF, Radco Industries, DowDuPont, and Eastman.
Grand View Research has segmented the
global heat transfer fluid market on the basis of product, application, and
region:
Heat Transfer Fluid Product Outlook
(Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
·
Silicone
·
Aromatics
·
Mineral Oils
Heat Transfer Fluid Application Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
Oil & Gas
·
Chemical Industry
·
CSP
·
Food & Beverages
·
Plastics
·
Pharmaceuticals
·
HVAC
·
Others
Heat Transfer Fluid Regional Outlook
(Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central and South America
·
Middle East and Africa
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
