What’s Driving the Heat Transfer Fluid Market Growth? | Key Players are Phillips 66, Chevron, BASF, ExxonMobil, Eastman Chemical Company, BP, Shell, The Dow Chemical Company
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Increasing need to maintain temperatures in several end-use industries to enhance efficient and maintenance free production will drive the product demand. Rapid industrialization leading to increase in manufacturing plants particularly in emerging economies will propel heat transfer fluid market.
Rising product demand to transfer heat from collectors to generator in CSPs has enhanced industry growth. Moreover, increasing product usage in cooling systems due to its high temperature stability will drive the product demand.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
3. Eastman Chemical Company
4. Phillips 66
8. The Dow Chemical Company
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Glycol based heat transfer fluid market was worth over USD 310 million in 2016. Rising demand from food processing and pharmaceutical industry owing to its antifreeze properties will propel the product demand. Low environmental impacts, high thermal stability, energy & cost efficiency are the key properties driving the industry growth.
Oil & gas application accounted for more than 23% of overall industry share in 2016. Increasing product usage in offshore oil & gas production will fuel the product demand. Rising demand for petroleum-based products along with increasing number of LNG terminals will drive the business growth.
Heat Transfer Fluid (HTF) Market, By Material
• Silicones & aromatics
• Mineral oils
• Others (Molten salts, HFPE and PFPE)
Heat Transfer Fluid (HTF) Market, By Product
• Oil & gas
• Concentrated Solar Power (CSP)
• Food & beverages
• 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:
Asia Pacific will witness growth over 7% up to 2024. Increasing manufacturing facilities in oil & gas, chemical, and food & beverages industry coupled with government support will drive the business growth. Favorable policies for CSP installations along with government initiatives on solar based power generation will support the heat transfer fluid market.
Global industry share is highly consolidated as the top five players account for around 75% of the industry share. Eastman Company, Dow Chemicals, Shell, British Petroleum and Exxon Mobil are the major industry players. Dow Chemicals dominate the industry accounting for over 28% in 2016. Mergers & acquisitions, collaborations, new product launches and capacity expansion are the major strategies observed.
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