Heat Transfer Fluids Market 2019
A heat transfer fluid can be described as a gas or liquid with the ability to transfer heat. The process is required to prevent overheating, to heat up things, or to store thermal energy. The prevention of the overheating process witnesses passing of fluid inside the system to ensure the heat goes out of the system or device. In refrigerators, air conditioners, and various heat pumps, this process gets significant traction. These fluids have a low boiling point and a high heat capacity enabling refrigerants to act swiftly. The efficiency of these fluids also depends on a small amount of the fluid, which makes the process all the more viable. The global market for heat transfer fluids can depend on this particular aspect and ensure strong growth for itself in the coming days.
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Major Key Players
The few of the leading industry participants currently operating in a worldwide scale include Dalian Richfortune Chemicals, Hindustan Petroleum Corporation Ltd., Lytron Inc., Honeywell International, Radco Industries, Arkema, Phillips 66, Bharat Petroleum, Indian Oil, Zhongneng Chemical and Huntsman, Dow Chemicals, Paratherm, Schultz Chemicals, Dynalene, Inc. and Therminol.
It has several benefits. These fluids increase the durability of pipes as they help in the maintenance of such instruments for a long time. By lowering the chance of corrosion, the process makes the production or entire industrial procedure more cost-effective. It can also prevent various processes that can lead to contamination and human infection. Such procedures can assist in the lowering of the pressure of after-effects. The environmental impact can also be reduced considerably. With rising concerns for environmental safety and growing demand for a product with biodegradability, these heat transfer fluids can witness significant prominence in the coming years.
Certain heat transfer fluids are remarkably costly and incur high maintenance costs, which can deter the growth of the market in the coming years. Some require high vapor pressure, which can also put up hurdles. However, the growing efficacy of these products can take back the market to its former position.
The global market for heat transfer fluids can be segmented on the basis of type and end user to get into a deeper understanding. These segments can provide significant inputs regarding the market proceedings and assist in the scaling of how the product can perform in the coming days.
By type, the global market for heat transfer fluids can be segmented into silicones & aromatics, glycols, mineral oils, and others.
By end user, the global market for heat transfer fluids can be segmented into chemical processing, oil & gas, renewable energy, food processing & packaging, pharmaceuticals, and others.
North America has an industrial setup and financial backup to provide the segment with ample support. The regional market is set to benefit from structural advantages in the US and Canada. Several companies are strengthening the market by operating from the region. A similar growth pattern can be observed in Europe as well. In the Asia Pacific region, the industrial reformation would provide scope for better market growth.
The global market for the heat transfer fluids is all set to expand substantially by forming a base around the latest initiatives taken by global players. These strategic steps include mergers, acquisitions, tie-ups, innovations, and others.
Table of Contents – Major Key Points
1. Overview and Scope
2. Executive Summary
3. Heat Transfer Fluids Market Insights
4. Heat Transfer Fluids Market Size and Forecast by Product Type
5. Heat Transfer Fluids Market Size and Forecast by End-Use
6. Heat Transfer Fluids Market Size and Forecast by Regions
7. Company Profiles
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