Heat Transfer Fluid Market by Type (Mineral oils, Silicone & Aromatics , and PAG & Glycol-based Fluids), Application (Oil & Gas, Chemical, Concentrated Solar Power, Manufacturing Process, Pharmaceuticals, Biodiesel Production, and Others), and Region - Global Trends & Forecasts to 2021
“Increasing investments in concentrated solar power, chemical, and oil & gas industries is driving the demand of heat transfer fluids”
The market size of heat transfer fluids is estimated to reach USD 2.87 billion by 2021, at a CAGR of 8.2%. Currently, the penetration of heat transfer fluids is increasing in concentrating solar power and oil & gas industry at a very high pace around the globe. The increasing demand of heat transfer fluids in all the sectors is due to emerging application in concentrating solar power industry and continuous industrial expansions in the Asia-Pacific region.
“Concentrated Solar Power is the fastest-growing application of heat transfer fluids”
Concentrated Solar Power (CSP) application is estimated to register the highest CAGR between 2016 and 2021. The high growth is attributed to the growing demand for power and increased government investments in power projects resulting in installation of CSP systems. In 2015, the concentrated solar power segment accounted for the fourth largest market share among all applications, in terms of value, followed by pharmaceuticals, bio-diesel production, and other application.
“Rising demand from Asia-Pacific is a major driver of heat transfer fluids market“
In 2015, Asia-Pacific is estimated to have been the largest heat transfer fluids market in terms of value. It is estimated to retain the market leadership in the next five years.
China and India are the two major markets of heat transfer fluids in Asia-Pacific. The Chinese chemical industry has the largest share in Asia-Pacific resulting in an increased growth of market. Moreover, a high growth in the manufacturing processes and concentrated solar power industry, and energy-saving policies are likely to drive the demand for heat transfer fluids in both China and India.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below.
By Company Type - Tier 1 - 33%, Tier 2 – 60% and Others - 7%
By Designation - C level - 56%, Director level - 33%, Others - 11%
By Region - North America - 13%, Western Europe - 34%, Central & Estern Europe – 13%, Asia-Pacific - 20%, Middle East & Africa – 13% and Latin America – 7%
The key companies profiled in this market research report are ExxonMobil Corporation (U.S.), The Dow Chemical Company (U.S.), BASF SE (Germany), Huntsman Corporation (U.S.), and Global Heat Transfer (U.K.), Indian Oil Corporation Ltd. (India), Huntsman Corporation (U.S.), Bharat Petroleum Corporation Ltd. (India), Hindustan Petroleum Corporation Ltd. (India), and Global Heat Transfer (U.K.).
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the heat transfer fluids market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the competitors and gain more insights to improve their position in the business. The competitive landscape section includes new product developments, expansions, agreements & contracts, and new technology developments.
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