Heat Transfer Fluid Market trends, Size, Share, 2024, key players like Dynalene, HPCL, IPC, BP, Phillips, Chevron, BASF, Exxon Mobil, Dow

Based on application, heat transfer fluid market is bifurcated into chemical, oil & gas, food & beverages, concentrated solar power (CSP), pharmaceuticals, plastics, and HVAC industry. Growing need to transfer sufficient heat from collectors to generator in CSPs could drive the demand for heat transfer fluids in concentrated solar power industry.

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Estimates suggest that the segment could record gains up to 7.5% by 2024. Growing adoption of these fluids in cooling systems owing to its high-temperature stability could supplement market outlook in the CSP sector.

The oil & gas sector has also managed to drive new demand in the heat transfer fluid industry. In 2016, the O&G sector held for over 23% of the market share. This growth can be contributed to expanding product usage in offshore oil & gas production activities. Moreover, increasing consumption of petroleum-based items alongside proliferating deployment rate of LNG terminals could play a crucial role in expanding heat transfer fluid market
size in the oil and gas sector.

Surging demand for temperature regulating elements across the solar power, chemical and food & beverages industry has augmented heat transfer fluid market size. These fluids help businesses to obtain maintenance-free production and enhance their overall efficiency. Rapid industrialization in emerging economies has propelled the number of manufacturing plants, which in turn, has contributed towards the growth of heat transfer fluid industry.

Increasing production of natural gas coupled with mounting exploration of oil reservoirs, especially in gulf nations, are likely to provide promising opportunities for companies in the heat transfer fluid industry. Along with this, stringent federal regulations that promote the usage of thermal oil over steam/water systems may supplement product adoption.

Despite these aspects, fluctuating price of crude oil due to economic instability could impact the price trend of heat transfer fluid market. Strict norms that restrict the usage of such fluids due to their toxicity and biodegradability factor could hinder its industry growth. Nevertheless, the advent of bio-based products and technological innovation in the production line could eradicate the possibilities of such constraints in the future.

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In terms of product, heat transfer fluid market is segmented into minerals oils, silicones & aromatics and glycol. Out of these, the silicone & aromatics segment is anticipated to gross over 375-kilo tons by 2024. The product’s high chemical & abrasion resistance when subjected to extreme temperature, oxidation conditions and superior thermal stability could heavily contribute towards its demand in the coming years. The segment is also expected to gain considerable traction in electronics, flow control, temperature and pressure control applications.

Meanwhile, glycol-based heat transfer fluids are increasingly being used in the pharmaceutical and food processing industry. Earlier in 2016, glycol heat transfer fluids market was valued at USD 310 million. The product is renowned for its antifreeze and high thermal stability characteristic. Besides, glycol-based transfer fluid has minimal environmental impacts and is cost & energy effective.

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