Home » Energy & Environment, Manufacturing & Industry, Marketing & Sales, Science, Services » Forecast Report – Heat Transfer Fluids Market Size, Share, Growth,properties and suppliers Research Report 2022 By Hexa Reports
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Latest Research on “Heat Transfer Fluids” Market Size By Application (Chemical Industry, Oil & Gas, Food & Beverages, Concentrated Solar Power (CSP), Pharmaceuticals, Plastics, HVAC), By Product (Mineral Oils, Silicones & Aromatics, Glycol), Competitive Analysis & Forecast, 2012 – 2022.

The Report Contains

Heat Transfer Fluids Market Size By Application (Chemical Industry, Oil & Gas, Food & Beverages, Concentrated Solar Power (CSP), Pharmaceuticals, Plastics, HVAC), By Product (Mineral Oils, Silicones & Aromatics, Glycol), Competitive Analysis & Forecast, 2012 – 2022

Industry Overview

Global heat transfer fluids market size is expected to reach 745.3 kilo tons by 2022, growing at a CAGR of 6.1% from 2015 to 2022.

Growing demand to be used as a heating utility coupled with heat recovery management in industries such as pharmaceuticals, metal processing, food processing and automotive is anticipated to drive the heat transfer fluids market growth. 

Increasing concentrated solar power (CSP) plants installations in countries such as the U.S., China and France are anticipated to drive heat transfer Fluids industry. Global CSP capacity was 436.0 MW in 2008 which increased to 3320 MW in 2014 and witnessed CAGR of 40.1% in the duration period. Thermic fluids play a significant role in improving efficiency of CSP plants. Owing to enhanced thermal properties of these fluids, they have high heat storage capabilities which in turn increases the overall power generation capacity of the plant. 

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Product Overview

Silicon & aromatics was the dominant product segment and amounted to over USD 900 million in 2014. Growth of oil & gas and chemical industries are expected to drive the product demand. They are widely preferred in industries such as plastics, wood processes spin & weave, food and chemical.

Mineral oils accounted to over 40% of the total volume in 2014 and are anticipated to witness gains at CAGR above 5.5% from 2015 to 2022. Growing food & beverage and cosmetics industry in Europe and Asia Pacific is anticipated to drive growth over the forecast period.

Application Overview

Oil & gas applications were the largest with a valuation of over USD 450 million in 2014. Thermic fluids are used in offshore heating and cooling processes in oil and gas platform utilities and floating production units. They are used in LNG in liquefaction and re-gasification terminals.

CSP applications accounted for over 15% of the total volume in 2014 and are anticipated to witness highest gains at an estimated CAGR of over 7% from 2015 to 2022. Thermic fluid is circulated to the solar field through a heat exchanger, resulting in conventional steam cycle. Growing CSP industry in Asia Pacific and Europe is likely to drive the demand. 

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Regional Overview

Europe heat transfer fluids market was the dominant region with revenue generation estimated over USD 650 million in 2014. Recent developments observed in new solar plants coupled with surging energy demand are expected to drive the heat transfer fluid demand in Europe. Increasing requirement in utilizing excessive heat coupled with energy dissipated from major industries which includes HVAC, chemical, CSP plants is likely to drive regional demand.

Asia Pacific heat transfer fluids market is likely to witness highest gains at an estimated CAGR of over 6.5% from 2015 to 2022. Growing chemical, food & beverage and oil & gas industry in the region is likely to drive the product demand. Emerging economies such as India, China and Japan are expected to have rapid growth in the product application industries which is anticipated to steer the demand.

Competitive Market Share

Global heat transfer fluids market share is consolidated with top five companies accounting for over 75% of the market volume in 2014. The Dow Chemical Company dominated the market with a share of over 28% of the total revenue generated in 2014. Major products offered by the company include synthetic fluids and inhibited glycol (ethylene or propylene glycol) fluids.

Major companies involved in this market include Eastman Company, ExxonMobil, Bp and Shell Companies are also investing to develop nanofluids accompanied with superior thermal properties and multi-utility for numerous industrial applications. 

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