Selbyville, DE -- (SBWire) -- 12/05/2018 --Heat Transfer Fluid Market is estimated to exceed USD 4.2 Billion by 2024; according to a new research report By Market Study Report. 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.
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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 2016. 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 2016. 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.
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 2016.
Europe was valued over USD 750 million in 2016. 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.
Top Manufacturers in global market are given bellow:
British Petroleum, Shell, ExxonMobil, Dow Chemical, Dynalene, Indian Oil Corporation Ltd. (IOCL), Hindustan Petroleum Corporation Ltd. (HPCL), Eastman Chemical Company, CFR Chemicals, Inlet Petroleum Company (IPC) and Huntsman Corporation
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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 2016. Mergers & acquisitions, collaborations, new product launches and capacity expansion are the major strategies observed.
Heat Transfer Fluid (HTF) Market, By Material
- Silicones & aromatics
- Mineral oils
- Glycol
- Others (Molten salts, HFPE and PFPE)
Heat Transfer Fluid (HTF) Market, By Product
- Oil & gas
- Chemical
- Concentrated Solar Power (CSP)
- Food & beverages
- Plastics
- Pharmaceuticals
- Heating, Ventilation & Air Conditioning (HVAC)
Others (Transportation, biodiesel and waste heat recovery)
The above information is provided on a regional and country basis for the following:
- North America (U.S., Canada, Mexico)
o Europe (Germany, Italy, UK, France, Austria, Spain, Portugal, Ukraine, Switzerland)
o Asia Pacific (Japan, China, India, South Korea, Australia)
o Latin America (Brazil, Mexico)
o MEA (South Africa, Saudi Arabia)
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Heat Transfer Fluid Market Development, Growth, Key Players Shell, ExxonMobil, Dow Chemical, Dynalene, Indian Oil Corporation Ltd. (IOCL), Hindustan Petroleum
The Heat Transfer Fluid Market Report gives a clear picture of the current situation of the market which covers global industry analysis, size, share, growth, trends, key statistics and forecast Till 2024. The report on global Heat Transfer Fluid Market evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research.