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Heat Transfer Fluid Market Soaring at xx% CAGR During the Period 2017-2024
Necessity for energy efficient thermal oils owing to stringent regulations has enhanced the heat transfer fluid market growth. Strong outlook in oil & gas, concentrated solar power, food & beverages and chemical industry will propel the industry growth.
Heat Transfer Fluid Market is estimated to exceed USD 4.2 Billion by 2024; according to a new research report.
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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.
Increasing exploration of oil reservoirs along with rising natural gas production mainly in gulf countries will drive the industry growth. Shifting preference from steam/ water systems towards thermal oil will support product penetration.
Silicone & aromatics are estimated to generate over 375 kilo tons by 2024. Superior thermal stability, chemical & abrasion resistance when exposed to high temperature and oxidation conditions will drive the product demand. Rising demand from flow control, electronic, pressure and temperature control applications will support industry growth.
Fluctuating crude oil prices due to economic instability may affect the heat transfer fluid price trend. Stringent government regulations pertaining to biodegradability and toxicity of product may hamper industry growth. However, technological advancement and development of bio based products will open new opportunities for industry demand.
Glycol based heat transfer fluid market was worth over USD 310 million in 2017. 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 2017. 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.
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Concentrated solar power (CSP) is anticipated to witness growth over 7.5% up to 2024. Growth in CSP industry along with government promotions for renewable energy sources will drive the heat transfer fluid market . Global installed capacity of CSP was over 5,000 MW in 2017.
Europe was valued over USD 750 million in 2017. Stringent environmental and energy regulations coupled with emergence of bio-based products will fuel the industry growth. Increasing manufacturer focus on energy conservation and sustainable products will propel the heat transfer fluid demand.
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 2017. Mergers & acquisitions, collaborations, new product launches and capacity expansion are the major strategies observed.
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Related Reports: -
Global Heat Transfer Fluid Market Professional Survey Report 2017
This report studies Heat Transfer Fluid in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these...
https://www.marketstudyreport.com/reports/global-heat-transfer-fluid-market-professional-survey-report-2017/?utm_source=RR-SK
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