Heat Transfer Fluids Market is anticipated to witness a Significance CAGR during the forecast period 2020-2028 | Size Share & Global Industry Report

Heat Transfer Fluids Market

The Heat Transfer Fluids Market is estimated to grow at a significant CAGR over the forecast period (2021-2028).

The factors driving the growth of Heat Transfer Fluids Market includes increasing application of heat transfer fluids in chemical and renewable energy sector, rapid growth in the concentrated solar power production and growing emphasis on reducing the carbon footprint around the world. According to the report published by Statista, the production of Concentrated Solar Power worldwide has drastically increased from 12,034 Gigawatts per hour in 2019 to 13,113 Gigawatts per hour in 2020, which will accelerate the Heat Transfer Fluids Market size in the approaching years. Moreover, rise in the number of oil and gas exploration activities, increase in energy consumption across the globe and emerging need to reduce the dependency on fossil fuels, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes, rapid urbanization, growing demand for energy transfer devices and improvements in the living standards, are further contributing towards the market growth.

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However, the growth of Heat Transfer Fluids Market is hindered due to fire and explosion hazards related with heat transfer fluids.

The leading players operating in the market are Hindustan Petroleum Corporation Ltd. (HPCL), Delta Western, Inc. (DWI), British Petroleum (BP), Dynalene, Inc., Indian Oil Corporation Ltd. (IOCL), KOST USA, Inc., Royal Dutch Shell Plc, Eastman Chemical Company, Phillips, and Huntsman Corporation, among others.

Based on Product, the Glycol Based Products segment is predicted to grow at a significant CAGR during the forecast period

Increasing adoption of glycol-based heat transfer fluids in the pharmaceuticals and chemicals industries, are propelling the segment's growth.

Based on Chemical, the Chemical Industry segment is projected to expand at a remarkable CAGR over the forecast period

As per the Heat Transfer Fluids Market Forecast, Heat Transfer Fluids are increasingly used in the production and processing of silicones and polycrystalline silicon in the chemical industry, is the major factor responsible for the segment's growth.

Based on Region, the North American region is anticipated to capture a sizeable market share during the forecast period

Rise in the number of oil and gas exploration activities in the United States, rapid growth in the chemical industry, increasing number of renewable energy projects and high per capita incomes, are some of the important factors augmenting the market growth in North America.

Key Developments:

In 2019, Eastman acquired Marlotherm HTFs manufacturing assets located in Germany, which will help the company to expand its product offering in the Global markets.

Market Segmentation

Segmentation by Product

Silicone
Aromatic
Mineral Oils
Glycol Based Products

Segmentation by Application

Oil & Gas
Chemical Industry
Concentrated Solar Power
Food & Beverages
Plastics
Pharmaceuticals
HVAC
Others

Segmentation by Region      

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.