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Heat Transfer Fluid Market to grow at 8% CAGR till 2024 | Eastman Chemical Company, BP, Shell, Phillips 66, Chevron, BASF, ExxonMobil, The Dow Chemical Company

Heat Transfer Fluid Market

Heat Transfer Fluid Market

Rapid industrialization in developing countries particularly in the manufacturing sectors including chemical and automotive will drive heat transfer fluid demand. Favorable foreign direct investment in manufacturing sector, mainly in Asian economies along with the availability of cheap labor has supported the product penetration.

Expansion in oil & gas, chemical and metal processing industries accompanied by the promising environment protocols will drive heat transfer fluid market. Temperature control property and cost saving operation relative to its counterparts including electric and steam will support heat transfer fluid market scope.

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Rising demand for precise application based on HTF for optimal energy efficiency is projected to propel industry growth. Implementation of Concentrated Solar Power (CSP) amenities in several industrialized countries for promoting renewable energy will fuel heat transfer fluid market development.

Recent technological developments in the manufacturing sectors including, metal processing and plastics will significantly benefit the industry. In addition, increasing exploration activities in oil & gas industry, particularly in Europe and Asia Pacific will also support improved raw material availability over the projected timeframe. Thus, driving the heat transfer fluid market expansion.

Silicone & aromatics product segment will witness gains over 6% up to 2024 due to increasing necessity for synthetic thermal oils in numerous oil & gas and chemical industries. Improved functioning at elevated temperatures and display of high resistance towards thermal & oxidative deterioration will drive heat transfer fluid market growth.

Glycol product segment was valued over USD 300 million in 2016. Extensive usage in food & beverage industry coupled with FDA approval are primary factors for the growth of the segment. Moreover, surge in number of food processing services coupled with enhanced capacities for medical operations will boost glycol demand.

Oil & gas application segment is expected to reach over USD 880 million by 2024. Rising application for oil heating for offshore thermal processes is expected to propel heat transfer fluid market share over forecast time frame. Additionally, setting up of new terminals of LNG is expected to fuel product demand.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. BP
2. Shell
3. Eastman Chemical Company
4. Phillips 66
5. Chevron
6. BASF
7. ExxonMobil
8. The Dow Chemical Company

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HVAC application segment will witness gains at over 6% up to 2024. Low initial investment compared to the cost of chillers, pumps, piping and other system components is projected to drive the heat transfer fluid market growth. However, system's performance, longevity, and long-term maintenance costs depends on the type of product that is used in the process.

Asia Pacific is anticipated to observe gains at a rate of 7% up to 2024. Rising demand for the thermal management along with increasing recognition of renewal energy among consumers in developed countries including Japan and China is expected to drive the HTF landscape.

Global heat transfer fluid market share is highly consolidated due to the presence of few key players in the industry. Dow Chemicals, Huntsman Corporation, BASF, Dynalene, KOST USA, Shin-Etsu and Duratherm are among the major industry participants.

Heat Transfer Fluid (HTF) Market, By Material
• Silicones & aromatics
• Mineral oils
• Glycol
• Others (Molten salts, HFPE and PFPE)

Heat Transfer Fluid (HTF) Market, By Product
• Oil & gas
• Chemical
• Concentrated Solar Power (CSP)
• Food & beverages
• Plastics
• Pharmaceuticals
• Heating, Ventilation & Air Conditioning (HVAC)
• Others (Transportation, biodiesel and waste heat recovery)

Browse key industry insights spread across 220 pages with 141 market data tables & 10 charts & figures from the report, “Heat Transfer Fluid Market” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/heat-transfer-fluid-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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