Heat Transfer Fluid Global Market – Competitive Analysis
The global market for heat transfer fluid is currently on growing stage, owing to its wide scale application across all the end-use industries. Mergers & acquisitions, expansion of the production capacity, joint venture coupled with product portfolio expansion & agreements are major strategies adopted by the industry players. Companies have been investigating to commercialize the Nano-fluids in combination with conventional synthetic oils to improve thermal properties of the resultant fluid. Technological advancements along with development of multi-utility oils are estimated to create new avenues for future development.
Heat Transfer fluid Global Market – Overview
The Global Heat Transfer Fluid Market has witnessed a remarkable growth in the past few years and it has been anticipated that the market will grow at the rapid pace during the forecast period. Heat transfer fluid (HTF) is a liquid or a gas that transports heat from one component to another component in any process requiring heating or cooling or simply to maintain a constant temperature. The desirable attributes of a heat transfer fluid are non or low toxicity, low toxicity at low temperatures, high specific and thermal conductivity, environmentally friendly, high flash point and economical. As per the study conducted by Market Research Future, the global market for Heat Transfer Fluid is likely to grow at the CAGR of around 6%.
Rapid development in emerging economies, especially in automotive, metal processing, chemical and oil & gas sectors will drive Heat Transfer Fluid Market growth. The increasing necessity for maintaining temperature in these sectors will be major factor responsible for heat transfer fluid demand. The excess of warmness and energy is utilized in major industrial sectors including, HVAC, chemical and concentrated solar power plants. Rising demand for specific application based heat transfer fluid for optimum energy efficiency is expected to propel industry growth. Further, elevated temperature control properties and cost saving operation compared to its counterparts including, steam and electric will support product penetration. Implementation of CSP facilities in industrialized countries to promote renewable energies will also propel heat transfer fluid utilization. Favourable thermal properties along with high temperature holding capabilities of the product has enhanced the industry demand. Solar energy is the most cost-efficient source of power generation along with reduced levels of carbon emissions.
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Geographically, the Global Heat Transfer Fluid Market has been divided into Americas, Europe, Asia Pacific and Rest of the World. Among these regions, Europe heat transfer fluid market accounted for more than 30% of total industry share in 2016. Rising population coupled with increasing energy demand has propelled the power and energy sector growth. Ongoing construction of new solar plants along with existing demand in industrial sectors including, automotive and metal processing is anticipated to drive the industry demand in the regions. Stringent environment regulations in Europe coupled with unstable supply of crude oil, base oils will encourage development of bio-based or biodegradable heat transfer fluids. The regional market will provide lucrative opportunities for industry participants over the projected timeframe. APAC heat transfer fluid market was valued at over USD 550 million in 2016. Rising demand for thermal management coupled with promotion of renewal energy in China and Japan is expected to drive the heat transfer fluid demand. Increasing energy demand from various industrial sectors will propel development of new solar plants. This is expected to surge the industry demand in Asia Pacific. North America heat transfer fluid market will witness gains at 6.3% up to 2024. Increasing necessity to utilize excess of warmness and energy released during processes in major industries such as chemical, concentrated solar power plants and HVAC will drive heat transfer fluid market over the forecast period.
Heat Transfer Fluid Global Market – Segmentation
The scope of Global Heat Transfer Fluid Market is segmented into three major segments which are explained below:
- Mineral Oils
- Silicones & Aromatics
By End-Use Industry
- Oil & Gas
- Chemical Processing
- Renewable Energy
- Food Processing & Packaging
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In August, 2017 – Chevron Technology Ventures, LLC (CTV) announced the launch of its Catalyst Program, an initiative to promote technology innovation for heat transfer fluids in the Houston area and beyond.
In April, 2015 – Paratherm introduced Paratherm HT Heat Transfer Fluid, which further expands the line’s temperature range for processing applications. The product is formulated for closed-loop liquid-phase heating to 650°F in fired hot-oil heaters and 675°F in waste-heat recovery and full convection heaters used in the gas processing, plastic and chemical production , waste-oil recovery and biodiesel industries. Clear Yellow Fluid Pouring Into Lipped Beaker
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