DUBLIN, April 6, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Heat Transfer Fluid Market by Type, Application and Region - Global Trends & Forecasts to 2021 " report to their offering.
The heat transfer fluids market is estimated to reach USD 2.87 Billion by 2021, growing at a CAGR of 8.2% for the forecast period of 2016 to 2021
The market is driven by increasing stringent environment regulations, rise in oil & gas production, chemical industry developments, and technological advances. The rising demand and driving factor for heat transfer fluids market is mainly due to its superior properties and cost savings in heat transfer operations when compared to other heating sources such as electric, steam, and so on. The heat transfer fluids are used in various applications, such as oil & gas, chemical, concentrated solar power, manufacturing processes, pharmaceuticals, bio-diesel production, and others.
In 2015, the oil & gas application is estimated to account for the largest market share among all the applications, in terms of value, followed by chemical industry, manufacturing process, concentrated solar power, pharmaceuticlas, bio-diesel production, and others. The concentrated solar power application is estimated to register the highest CAGR between 2016 and 2021 among all the applications.
The heat transfer fluids are segmented into various types such as mineral oils, silicone and aromatics, PAG and glycol based fluids, and others. In 2015, the mineral oils heat transfer fluid is estimated to account for the largest market share among all the types, in terms of volume. The silicone and aromatics type is projected to register the fastest-growth in the heat transfer fluids market between 2016 and 2021 due to its technical advantages over the other heat transfer fluids.
Asia-Pacific, North America, Western Europe, Central & Eastern Europe, the Middle East & Africa, and Latin America are considered as main regions for the heat transfer fluids market in the report. Asia-Pacific dominates the heat transfer fluids market owing to increased demand from the chemical industry application segment.
Rising demand for energy, industrialization, and growing concerns related to waste heat recovery have significantly increased the growth of the region's process industry, which has consequently triggered the demand for heat transfer fluids. Chemical industry and oil & gas are the top two applications contributing to the growing demand for heat transfer fluids in Asia-Pacific. North America is the second largest market for heat transfer fluids globally. The mature market of Europe is also projected to inhibit the growth to some extent.
The global heat transfer fluids market is dominated by certain global players such as The Dow Chemical Company (U.S.), BASF SE (Germany), and ExxonMobil Corporation (U.S.). The diverse product portfolio and strategically positioned R&D centers, continuous adoption of development strategies, and technological advancements are the factors that are responsible for strengthening the market position of these companies in heat transfer fluids market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Heat Transfer Fluids Market, By Type
8 Heat Transfer Fluids Market, By Application
9 Heat Transfer Fluids Market, By Region
10 Competitive Landscape
11 Company Profiles
- Acota Ltd.
- Applied Thermal Control
- BASF SE
- Bharat Petroleum Corporation Ltd.
- Chevron Corporation
- Eastman Chemical Company
- Exxon Mobil Corporation
- Global Heat Transfer
- Hindustan Petroleum Corporation Ltd.
- Honeywell International Inc.
- Huntsman Corporation
- Indian Oil Corporation Ltd.
- Paratherm Corporation.
- Phillips 66
- The DOW Chemical Company
For more information visit http://www.researchandmarkets.com/research/9tn9d3/heat_transfer
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SOURCE Research and Markets