Heat Transfer Fluid (HTF) Market: Oil and gas industry to be the prominent application sector

Increasing adoption of solar-based renewable energy systems, prominently CSP (Concentrated Solar Power), will augment Heat Transfer Fluid (HTF) Market size over the coming six years. According to Global Market Insights, Inc.,

“Worldwide Heat Transfer Fluid (HTF) market collected a volume of 480 kilo tons in 2015 and is anticipated to grow at an annual growth rate of over 6% from 2016 to 2023.” Oil and gas industry, where HTF is being extensively used will be a major revenue generator for the heat transfer fluid market.

Heat transfer fluid market share will grow noticeably, owing to its usage in the key application sectors such as pharmaceutical, chemical, HVAC, concentrated solar power (CSP), oil & gas, food & beverages, and plastic industry.

• CSP application will exhibit lucrative annual growth rate of 7.2% over the coming six years, driven by escalating requirement of heat transfer fluid to store and transfer energy across the concentrated solar power.
• Oil & gas application segment is witnessing huge adoption of heat transfer fluid for offshore heating & cooling process, which in turn, will boost the HTF industry size aggressively.


Request for a sample of this report @ https://www.gminsights.com/request-sample/detail/415

Silicon & aromatics, mineral oils, and glycol are the major HTF products. Favorable support from FDA and growing food and beverages industry will significantly influence glycol based products, which will grow at a CAGR of over 6.5% over the period of 2016 to 2023. Silicon & aromatic heat transfer fluid industry worth USD 995 million in 2015, is estimated to generate heavy revenue over the coming timeline, owing to its surging demand for expanding oil & gas industries.

Geographically, Asia Pacific HTF market is anticipated to grow at an annual growth rate of 7.1% over the coming six years. The growth can be attributed to the expanding industrial sector such as chemical, oil & gas, and food & beverages. India, China, and Japan will be the major revenue pockets for the APAC market size.

Europe heat transfer fluid industry collected a revenue of USD 700 million in 2015 and is estimated to grow considerably over the coming years. Germany and UK contributed significantly towards the regional trends. Expanding solar tracker market will positively influence the HTF industry across this region. The growing oil and gas exploration across the countries of MEA such as Nigeria, Saudi Arabia, Egypt, and Kuwait will contribute heavily towards the industry growth.

Market players are focusing to enhance the bio-based solutions over the coming years, pertaining to the growing concerns regarding the environmental sustainability. Huntsman, Eastman, Dow Chemicals, Hindustan Petroleum, CFR Chemicals, Shell and British petroleum, and ExxonMobil are some of the noteworthy industry participants in the 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.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com/
Connect with us: Google+ | LinkedIn | Twitter | Facebook

This release was published on openPR.