Global Heat Transfer Fluids Market is anticipated to reach USD 3.68 billion by 2022. Heat transfer fluid is a branch of “Thermal Engineering” wherein any liquid or gas is specifically manufactured for transmitting heat from one system to another. The factors that propel the growth of the heat transfer fluids market include growing demand for heat transfer fluids in the construction industry, growing industrial development, increasing need to optimize energy and decreasing operating costs, and high demand for energy and heat transfer fluids. On the other hand, there are factors that may hamper the growth of the market including increasing raw material price. Heat transfer fluids industry is anticipated to grow at a significant CAGR of 6.1% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Heat transfer fluid market may be explored by type, end user, and geography. The market may be explored by type as glycol-based fluids, mineral oils, silicone & aromatics, and others. The “Silicones & aromatics” segment led the heat transfer fluids industry in 2017 and is anticipated to maintain its dominance by 2022. The key factors that may be attributed to the growth of market include high demand in end-use industries such as chemical processing, oil & gas, and automotive. Furthermore, these fluids are intended to operate at high temperatures. Also, they are known to have consistent molecular structure, high thermal stability and strong bonding strength.
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Based on end user, the heat transfer fluids market could span food & beverage, chemical processing, oil & gas, automotive, pharmaceuticals and renewable energy. The “Oil & gas” segment led the heat transfer fluids industry in 2015 and is anticipated to maintain its dominance by 2022. The key factors that could be attributed to the growth of market include rising use of heating oil in offshore oil & gas thermal procedures, growing applications, and increasing number of LNG terminals.
Asia-Pacific accounted for the major market share of the heat transfer fluids in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include lower dependence on imports, increase in the production capacities, growing population, developing economies, and enhanced standard of living. Asia-Pacific is followed by Europe and North America owing to high energy demand and increased population.
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Some of the key players that fuel the growth of the heat transfer fluid industry comprise Dow Chemical Company, ExxonMobil, Chevron Company, Huntsman Corporation, Eastman Chemical Company, British Petroleum, Phillips 66, Royal Dutch Shell Plc, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, Dynalene Incorporation, CFR Chemicals, BASF SE, Inlet Petroleum Company and KOST USA Incorporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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