Heat Transfer Fluids Market to Witness Growth Owing to Rising Demand From Chemical and Oil & Gas Industry Till 2021 | Million Insights
FELTON, California, July 9, 2018 /PRNewswire/ --
Global Heat Transfer Fluids Market is segmented on the basis of type as Mineral Oils, Silicone and Aromatics, PAG and Glycol Based Fluids, and Others. A liquid or a gas that transfers heat from one component to another component in any process demanding heating or cooling or simply to keep up a stable level of temperature is called heat transfer fluid. A heat transfer fluid possesses various properties entailing low toxicity, low viscosity at low temperatures, high specific heat and thermal conductivity, environmentally friendly, non-flammable and efficient. Processes including cooling of a reactor with an exothermic reaction, keeping up a very low temperature climactic chamber or wind tunnel, employing solar energy to make hot water, cooling an engine block, maintaining the ice temperature in an ice rink, cold storage and cooling high power electronics all require heat transfer fluids for functioning.
Prominent factors that are playing a major part in boosting the demand for Heat Transfer Fluids Market include growing chemical industry and oil & gas developments, rising concentrated solar power generation capacities, and augmentation in the technological advances in product portfolios of heat transfer fluids. Heat Transfer Fluids Market is segmented on the basis of application as Oil & Gas, Chemical Industry, Concentrated Solar Power, Manufacturing Processes, Pharmaceuticals, Bio-Diesel Production, and Others. Among all the applications, the segment of oil & gas is likely to register for the largest market share.
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On the contrary, the chemical industry, manufacturing processes, and concentrated solar power applications are also emerging gradually. The concentrated solar power application is anticipated to rise at the highest CAGR in the near future, the reason being soaring demand for sustainable power resource. It has been noted that employment of waste heat energy form one process to another process in process industries has also played their major role in lifting up the demand for heat transfer fluids that has in turn influenced the growth of the heat transfer fluid market. Heat Transfer Fluids Market is segmented on the basis of region as North America, Western Europe, Central & Eastern Europe, Asia-Pacific, Middle East & Africa, and Latin America. As far as the geographical location is concerned, North America is currently leading the market and it is simultaneously registering for the largest market share in the market.
As far as the geographical location is concerned, Asia-Pacific is currently leading the market and it is estimated that the region will witness a huge growth in the near future, the reason being augmented demand for heat transfer fluids, rising manufacturing processes industry, and emerging chemicals and concentrated solar power industries in the countries like China and India. In Asia Pacific, China is deemed as the largest market for heat transfer fluids. The key target audience of the Heat Transfer Fluids Market include Manufacturers of heat transfer fluid, Traders, distributors, and heat transfer fluid suppliers, Regional manufacturer associations and general heat transfer fluid associations, Government and regional agencies and research organizations, and Investment research firms.
The key players operating in the Heat Transfer Fluids Market include Indian Oil Corporation Ltd., BASF SE, Chevron Corporation, ConocoPhillips, Hindustan Petroleum Corporation Ltd., Bharat Petroleum Corporation Ltd., Huntsman Corporation, Global Heat Transfer, ExxonMobil Corporation, and The Dow Chemical Company.
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