Heat Transfer Fluid Market worth USD 6.82 billion by 2028, registering a CAGR of 5.87% – Report by Market Research Future (MRFR)
New York, Sept. 14, 2021 (GLOBE NEWSWIRE) — Heat Transfer Fluid Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Heat Transfer Fluid Market Research Report, Information by Type (Mineral Oils, Silicones & Aromatics, Glycols), End-Use industries (Oil & gas, Chemicals & Processing, Renewable energy, Pharmaceuticals, Food & Beverage, Automotive)– Forecast till 2028” the market size is projected to be worth USD 6.82 billion by 2028, registering a CAGR of 5.87% during the forecast period (2021 – 2028), The market was valued at USD 3.41 billion in 2021.
Key Players
The major players in the global heat transfer fluid industry profiled are –
- DOW (U.S)
- Exxonmobil (U.S)
- Huntsman Corporation (U.S)
- Chevron (U.S)
- Paratherm (U.S)
- BASF (Germany)
- Lanxess (Germany)
- and Global Heat Transfer Ltd. (Canada). Schultz Canada Chemicals Ltd. (Canada)
- Royal Dutch Shell plc (Netherlands)
- Phillips 66 (U.S)
- Arkema (France)
- Radco Industries (U.S)
- others.
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Several Factors Contributing to Market Growth
Heat transfer fluids are fluids that carry heat from thermal systems to heat storage tanks. The performance of heat transfer fluids is crucial in assessing the effectiveness of an operation since an ideal heat transfer fluid would result in reduced operational costs. Heat transfer fluids, particularly in industries, are created by flowing through and around a certain device or piece of equipment, preventing it from overheating. Heat transfer fluids are critical in applications that operate at high temperatures.
The market is primarily driven by rising development in emerging markets, particularly in the Asia Pacific area, where there is an increase in chemical processing, automobile manufacturing, and renewable energy generation. In addition, there is a greater requirement to maintain temperatures in end-use sectors, which can lead to improved process effectiveness and lower operating costs. The market is constrained by rigorous laws governing heat transfer fluids due to serious environmental and safety concerns.
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COVID-19 to have Temporary Impact on the Global Market
COVID-19’s spread has altered the entire scenario. The pandemic’s emergence has resulted in reduced activity in refineries around the world, resulting in supply shortages for a variety of end-use sectors. Furthermore, the drop in oil and gas prices and demand during the pandemic has had a substantial impact on the oil and gas industry and, as a result, the growth of the heat transfer fluids market. The drop in supply and demand for oil and gas as a result of the COVID-19 pandemic has also interrupted onshore and offshore production operations, particularly in North America and Europe, which is anticipated to impede the growth of the heat transfer fluids market. The halting of new solar power projects, as well as the halting of ongoing ones, are also impeding the market growth.
The resumption of solar power project installation and the expansion of the chemical and processing industries following the pandemic is expected to drive market growth in the Asia Pacific region, which is currently leading the market and is expected to maintain its dominance over the forecast period. Furthermore, the expansion of industrial production processes in North America and Europe is expected to drive the heat transfer fluids market. The future stabilization of the oil and gas industry is also expected to enhance the market growth.
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Market Segmentation
The global heat transfer fluid market has been classified on the basis of type and end-use industry.
On the basis of type, the global heat transfer fluid market has been classified into mineral oils, silicones, aromatics, glycols, and nanofluids. Mineral oils are increasingly employed in manufacturing operations, pharmaceutical and chemical applications, refrigeration, CSP generation, and geothermal energy applications. This is projected to stimulate demand for heat transfer fluids based on mineral oil. Silicone and aromatics demand, on the other hand, will be driven by extensive use in industries with extremely high temperatures, such as chemical and plastic processing.
On the basis of application, the global heat transfer fluid market has been segmented into oil & gas, chemicals & processing, renewable energy, pharmaceuticals, food and beverage, and automotive applications.
Regional Analysis
APAC to Lead the Global Market
The Asia Pacific region is likely to lead the market due to increased installations of solar power projects such as CSP as well as a growing chemical and processing industry. With rising population and increased demand for energy from renewable sources, the heat transfer fluid market in these countries is projected to be pushed by these demands.
Segmentation of Market covered in the research:
Heat Transfer Fluid Market Research Report: Information by Type (Mineral Oils, Silicones & Aromatics, Glycols), End-Use industries (Oil & gas, Chemicals & Processing, Renewable energy, Pharmaceuticals, Food & Beverage, Automotive)– Forecast till 2028
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