Increasing awareness regarding energy conservation and growing demand for heat exchangers, heat pumps, and chillers in end-use industries, such as chemical, oil & gas, and HVACR has led to growth in the market.
Mineral oils segment is estimated to dominate the heat transfer fluids market due to their increasing demand for HTFs in chemical processing and petrochemical end-use industries. Preference over other types due to their low price is considered as the major factor particularly in APAC and Middle East & Africa regions, with the focus on usage of low-cost products is expected to fuel the growth of the segment. Whereas, Synthetic fluids is the fastest-growing segment owing to the enhanced lubricity and high thermal stability offered by them.
Increased investments in exploring more renewable sources of energy especially Concentrated Solar Power (CSP), wind mills, and bio-based energy production boosted the growth of renewable energy sector across the world and is expected to be the fastest growing segment in the HTFs market. The chemical end-use industry is expected to account for the largest market share during the forecast period owing to increase in population, industrialization, and urbanization, which is expected to support the growth of the chemical industry, thereby helping the HTFs market growth.
Asia Pacific HTFs market is projected to be the largest and fastest-growing market, attributed to the increasing investments in the automotive industry, chemical manufacturing units, and renewable energy sector in this region. The increasing consumer purchasing power has propelled the growth of these industries across China, India and other emerging countries is projected to lead an increasing demand for HTFs in the region during the forecast period.
Some of the key players in the market are The Dow Chemical Company (US), ExxonMobil (US), Eastman Chemical Company (US), Chevron (US), Huntsman Corporation (US), LANXESS (Germany), Royal Dutch Shell Plc. (Netherlands), Schultz Canada Chemicals Ltd. (Canada), Paratherm (US), Clariant (Switzerland), Sasol Limited (South Africa), Arkema (France), Global Heat Transfer Ltd. (UK), British Petroleum (UK), Dynalene, Inc. (US), Isel (US), Phillips 66 (US).
Key Questions Addressed by the Report
· What are the upcoming hot bets for the HTFs market?
· How are the market dynamics changing for different types of HTFs?
· How are the market dynamics changing for different end-use industries of HTFs?
· Who are the major manufacturers of HTFs?
How are the market dynamics changing for different regions of HTFs?
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Research Design
2.4. Data Validation
2.5. Limitations and Assumptions
3. Market Dynamics
3.1.1.High Demand in the Chemical Industry
3.1.2.Increasing Need for Energy Conservation
3.1.3.Improved Performance of HTFs
3.2.1.Fluctuating Raw Material Prices
3.2.2.Fire and Explosion Hazards
3.3.1.High Growth Potential in the CSP Industry
3.3.2.High Potential for the Development of Bio-Based HTFs
4. Executive Summary
5. Heat Transfer Fluids Market, By Type
5.1. Mineral Oils
5.2. Synthetic Fluids
5.4. Others (molten salts, nano fluids, ionic fluids, and fluorinated fluids)
6. Heat Transfer Fluids Market, By End-User Industry
6.2. Oil & gas
6.3. Food & beverage
6.5. Renewable Energy
6.8. Others (electronics, aerospace, textile, machinery, and marine)
7. Heat Transfer Fluids Market, By Region
7.1. Asia Pacific
7.1.7.Rest of APAC
7.2.6.Rest of Europe
7.3. North America
7.4. Middle East & Africa
7.4.3.Rest of MEA
7.5. Latin America
7.5.3.Rest of South America
8. Company Profiles
8.1. Leading Companies in Heat Transfer Fluids Market
8.1.1.The Dow Chemical Company
8.1.4.Eastman Chemical Company
8.1.7.Global Heat Transfer Ltd
8.1.8.Royal Dutch Shell PLC.
8.1.9.Schultz Canada Chemicals, Ltd.
8.1.13. Dynalene, Inc
*Company introduction, financial information, recent developments, SWOT analysis
9. Conclusion and Recommendations
10.2. Related Reports