What is the current size of the Heat Transfer Fluids (HTFs) market?

The global heat transfer fluids market was valued at USD 1441.11 million in 2018 and is expected to reach USD 2435.66 million by 2026 at a CAGR of 6.78 % during the forecast period, 2019–2026.

Heat transfer fluid is gas or specifically liquid that avoids overheating of any device or is used for storing thermal energy. In order to perform this operation, fluid that flows inside a system or a device so as to transfer the heat outside that particular device or system which would eventually prevent them from overheating. Increasing demand for heat transfer fluids in industries such as chemical processing, automotive, and oil & gas for heat transfer applications are positively driving heat transfer fluids market in the forecast period 2019-2026. Moreover, heat transfer fluid market has perceived a significant growth in the past few years owing to increase in manufacturing sector and rising need of primary energy in developed and emerging economies.

Silicones & aromatics is the highest growing segment owing to increasing demand for synthetic thermal oils by oil and gas (O&G) and chemicals segments. Furthermore, it offer properties such as inert, non-corrosive, nontoxic, and have low volatility. They are widely used in spin and weave, plastics, wood processes, chemical industries. Increasing demand for particular application based HTF for optimum energy competence is projected to drive heat transfer fluid market. Furthermore, cost saving operation related to its counterparts such as electric and steam, and high temperature control properties helps in maintaining the product penetration.

Chemical processing is leading end user industries in market followed by renewable energy owing to high demand for all types of thermic fluids. The segment also expected to contribute to heat transfer fluid market as energy recovery and heat recovery plays an increasing role in chemical industry operations. Furthermore, increasing demand for thermic fluids in concentrated solar power projects may raise the demand for energy from renewable energy sources.

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The Major Players Covered in this Report:
Dow (U.S.), Eastman (U.S.), Exxon Mobil (U.S.), Chevron (U.S.), Paratherm (U.S.), BASF (Germany), Lanxess (Germany), Huntsman (U.S.), Global Heat Transfer (U.K.), Royal Dutch Shell plc (Netherlands), Phillips 66 (U.S.), Arkema (France), Schultz Canada Chemicals Ltd. (Canada), and Radco Industries (U.S.)., & More...

By Type, Mineral Oil, Silicon & Aromatics, Glycols
By End-Use Industry, Chemical Processing, Automotive, Oil & Gas, Renewable Energy, Pharmaceutical, Food and Beverag

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Heat Transfer Fluids (HTFs) in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Heat Transfer Fluids (HTFs) market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Heat Transfer Fluids (HTFs) and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Heat Transfer Fluids (HTFs). The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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The report covers exhaustive analysis on:
Overview of the parent market
Global Heat Transfer Fluids (HTFs) Market Segments, Dynamics, Market Size, Share, Price, Volume, and Cost
Historical, current and projected market size in terms of volume and value
Global Heat Transfer Fluids (HTFs) Market Forecast 2021 to 2029
Supply & Demand Value Chain
Global Heat Transfer Fluids (HTFs) Market dynamics, including the current trends/drivers/threats/restraints/challenges
Potential and niche segments/regions exhibiting promising growth
Market landscape, competition, and leading companies involved
Strategies of leading companies and product offerings
Technological advancements

Key questions answered in this report:
What will be the market size by the end of the forecast period?
What are the factors driving the growth of the market?
What are the trends and developments that are likely to drive the growth of the market?
Who are the key players operating in the market?
What are the challenges, threats, and opportunities faced by the leading players?
What are the strengths and weaknesses of the key players of the market?

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This release was published on openPR.