Heat Transfer Fluid (HTF) Market Growth Opportunities by Manufacturers, Regions, Type and Application, Forecast to 2024
Sellbyville, DE -- (SBWIRE) -- 02/21/2019 -- Rapid industrialization in developing countries particularly in the manufacturing sectors including chemical and automotive will drive Heat Transfer Fluid Market. Favorable foreign direct investment in manufacturing sector, mainly in Asian economies along with the availability of cheap labor has supported the product penetration.
Expansion in oil & gas, chemical and metal processing industries accompanied by the promising environment protocols will drive heat transfer fluid market. Temperature control property and cost saving operation relative to its counterparts including electric and steam will support heat transfer fluid market scope.
Rising demand for precise application based on HTF for optimal energy efficiency is projected to propel industry growth. Implementation of Concentrated Solar Power (CSP) amenities in several industrialized countries for promoting renewable energy will fuel heat transfer fluid market development.
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Recent technological developments in the manufacturing sectors including, metal processing and plastics will significantly benefit the industry. In addition, increasing exploration activities in oil & gas industry, particularly in Europe and Asia Pacific will also support improved raw material availability over the projected timeframe. Thus, driving the heat transfer fluid market expansion.
Silicone & aromatics product segment will witness gains over 6% up to 2024 due to increasing necessity for synthetic thermal oils in numerous oil & gas and chemical industries. Improved functioning at elevated temperatures and display of high resistance towards thermal & oxidative deterioration will drive heat transfer fluid market growth.
Company Key Profile :
2. Indian Oil Corporation Limited
3. KOST USA, Inc.
4. Hindustan Petroleum Corporation Limited
5. CFR Chemicals Inc.
6. Inlet Petroleum Co
8. Huntsman Corporation
10. Eastman Chemical Company
11. Phillips 66
15. The Dow Chemical Company
Glycol product segment was valued over USD 300 million in 2016. Extensive usage in food & beverage industry coupled with FDA approval are primary factors for the growth of the segment. Moreover, surge in number of food processing services coupled with enhanced capacities for medical operations will boost glycol demand.
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Oil & gas application segment is expected to reach over USD 880 million by 2024. Rising application for oil heating for offshore thermal processes is expected to propel heat transfer fluid market share over forecast time frame. Additionally, setting up of new terminals of LNG is expected to fuel product demand.
HVAC application segment will witness gains at over 6% up to 2024. Low initial investment compared to the cost of chillers, pumps, piping and other system components is projected to drive the heat transfer fluid market growth. However, system's performance, longevity, and long-term maintenance costs depends on the type of product that is used in the process.
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Asia Pacific is anticipated to observe gains at a rate of 7% up to 2024. Rising demand for the thermal management along with increasing recognition of renewal energy among consumers in developed countries including Japan and China is expected to drive the HTF landscape.
Global heat transfer fluid market share is highly consolidated due to the presence of few key players in the industry. Dow Chemicals, Huntsman Corporation, BASF, Dynalene, KOST USA, Shin-Etsu and Duratherm are among the major industry participants.
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