Global Heat Transfer Fluid Market 2017-2021
About Heat Transfer Fluid
Heat transfer fluids are used in a wide range of industrial applications, such as chemical industry, solar power plants, plastics and polymers, and oil and gas, which involve extreme temperature ranges. Numerous kinds of heat transfer fluids are used in industries depending on the nature of applications. Some of them are silicone and aromatics, while others are glycol-based fluids, mineral oils, and molten salts. Heat transfer fluids generally function in a temperature range of 0°F-43°F.
Technavio’s analysts forecast the global heat transfer fluid market to grow at a CAGR of 5.89% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global heat transfer fluid market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Heat Transfer Fluid Market 2017-2021
Technavio recognizes the following companies as the key players in the global heat transfer fluid market: British Petroleum, Eastman Chemical Company, Exxon Mobil, Royal Dutch Shell, and The Dow Chemical Company.
Other Prominent Vendors in the market are: BASF, Chevron, and Huntsman International.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is technological advances in heat transfer fluid product portfolio. Commercial concentrated solar power (CSP) plants are still largely based on mineral oil parabolic trough technology (developed approximately 30 years ago) and molten-salt and direct steam generation towers. The inability to store energy negates the benefits of solar thermal power.”
According to the report, one driver in the market is developing chemical industry in China and India. The chemical industry contributes significantly to the industrial and economic growth of a nation. As this industry has several forward and backward links, it is called the backbone of the manufacturing and agricultural development of the country and provides building blocks to many downstream industries. This industry is crucial for other manufacturing sectors such as paper, textiles, leather, and paints. High domestic consumption is a key driver of the chemical industry in India. India consumes more than 30% of its domestic chemical production. Increasing urbanization and rising disposable income in the country drive the demand for chemicals by the adhesives, paints, and construction activities. Chemicals account for around 6% of the total exports by India.
Further, the report states that one challenge in the market is declining crude oil prices. The decline in oil prices has compelled market players to implement cost-cutting measures such as workforce layoffs and rig idling. Brent crude oil was valued at $110.45 per barrel in 2014, and it dipped to $30.65 per barrel in 2015. Cost-intensive activities, such as drilling and exploration, were curtailed in the oil and gas industry, which reduced the demand for heat transfer fluids. In May 2015, the rig count in North America was 985 (year-over-year decline of 53%). The decline in oil prices has made advanced drilling activities, such as offshore exploration and unconventional resources development, economically challenging in regions such as Europe and North America.
British Petroleum, Eastman Chemical Company, Exxon Mobil, Royal Dutch Shell, The Dow Chemical Company, BASF, Chevron, and Huntsman International.