Market Analysis: Global Heat Transfer Fluids Market
Global Heat Transfer Fluids Market is expected to rise from its initial estimated value of USD 2.43 billion in 2018 to an estimated value of USD 3.96 billion by 2026, registering a CAGR of 6.3% in the forecast period of 2019-2026. This rise in demand for heat transfer fluids in oil & gas, chemical processing, and automotive industries is attributing towards its increase in growth of the market.
Market Definition: Global Heat Transfer Fluids Market
Heat transfer fluids can be defined as any liquid and gas manufactured for the transmission of heat from unit to another. It is produced from highly refined petroleum, siloxanes or synthetically formulated hydrocarbons. It is mainly used for cooling agent to prevent device from overheating. It can have viscosity higher than water. It provides low maintenance, safety and extended operating lifetimes.
- High demand for heat transfer fluid in asphalt industries is leading to the growth of the market.
- Increasing demand of energy driven by the renewable sources is raising the growth of the heat transfer fluid market.
- Government regulation is a major restrain for the growth of the heat transfer fluids
- Fire and explosion hazards is restraining the demand for heat transfer fluids
Segmentation: Global Heat Transfer Fluids Market
- By Product
- Silicone & Aromatics
- Mineral Oils
- Glycol-Based Fluids
- By Application
- Oil & Gas
- Concentrated Solar Power (CSP)
- Food & Beverages
- Heating, Ventilating & Air Conditioning (HVAC)
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- North America
Key Developments in the Market:
- In June 2018, Paratherm participated in the exhibition at ILTA held in Texas, United States. It represented its trade mark product of heat transfer fluids and it helped reaching the product to larger customers coming from all around the world.
- In September 2017, Chemical Processing launched its four new Globaltherm products. The product can operate in wide temperature range and applicable for pharmaceutical and plastic processing industries.
Competitive Analysis: Global Heat Transfer Fluids Market
The global heat transfer fluids market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of heat transfer fluids market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Heat Transfer Fluids Market
Few of the major competitors currently working in heat transfer fluids market are Exxon Mobil Corporation, The Dow Chemical Company, Chevron Corporation , BASF SE , Paratherm ., Huntsman International LLC. , LANXESS , Houston Global Heat Transfer, LLC , Phillips 66 Company , Royal Dutch Shell PLC, ARKEMA ,Radco Industries, Inc., and Schultz .
Research Methodology: Global Heat Transfer Fluids Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved