Heat transfer, a branch of thermal engineering mainly deals with the use, exchange, generation, and conversion of thermal energy and heat, especially for physical systems. The rise in the heat transfer fluid market is supported by increasing technological innovations that are being carried out by vital global multinationals. This is one of the primary key factors driving force of the market to expand more globally.
The global heat transfer fluid market is estimated to expand at a CAGR OF 5.8% till the forecast period. Market Research Future published this report. The market for heat transfer fluid gained its importance from thermal systems as heat transfer fluids are used to transmit heat from thermal systems to heat stroke tanks.
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Top Impacting Factors Driving
Also, there has been rapid industrialization in major countries, specifically in the manufacturing sector such as chemical, automotive, oil and gas, and metal processing segments. In addition to this, low cost for raw material and transportation is also driving the growth of the global heat transfer fluid market. Additionally, the low price of maintenance is also one of the main reasons that are boosting the global heat transfer fluid market. Moreover, considerable opportunities in the job are also lending a helping hand in the growth of the global heat transfer fluid market.
The global heat transfer fluid market is likely to be driven in the future is backed by some important factors playing a constructive part. The increased use of heat transfer fluid transport industry has elevated the growth of the global market. There has been rapid development in emerging economies, especially in automotive, metal processing, chemical and oil gas sectors is driving heat transfer fluid market growth in splendid ways.
Conversely, government regulations across emerging as well as developed economies coupled with the Environment Protection Act is projected to offset market growth over the next decade.
Heat Transfer Fluid Market Segmentation
By mode of application, the heat transfer fluid market is segmented as oil gas, chemicals processing, renewable energy, pharmaceuticals, food and beverage, and automotive applications. Of these, the chemical processing applications are expected to contribute to the heat transfer fluid market as energy recovery, and heat recovery plays an increasing role in the chemical industry operations. Furthermore, in renewable energy applications, heat transfer fluids are driven by the increasing installations of solar thermal energy systems and solar power plants such as CSP plants.
By mode of type, the heat transfer fluid market is classified as mineral oils, silicones, and aromatics, glycols and nanofluids. In recent times, mineral oils are increasingly being used in manufacturing processes, pharmaceutical chemicals, refrigeration, CSP generation and geothermal energy applications, which is expected to drive the demand for mineral oil type of heat transfer fluids. On the other hand, silicone aromatics types demand will be driven by substantial use in industries, having a very high temperature as in chemical and plastic processing.
In the reports published by Market Research Future, the global heat transfer fluid market is segmented based on the type and by end-use industries.
The market of heat transfer fluid has covered the regions of North America, Europe, Asia Pacific, Middle East Africa.
Next comes the North America region where the chemical and processing sector is contributing to the growth of the heat transfer fluids market in substantial ways.
Amongst these, the Asia Pacific region is witnessing increasing installations of solar power projects such as CSP. Also, there has been rising chemical and processing industry in Asia-Pacific, which is leading the market with positive pull. The continuous proliferation of population in Asia Pacific with demand for energy from renewable energy sources is making the heat transfer fluid market to rise at a higher CAGR in recent times.
The key players in the global heat transfer fluid market are DOW (U.S), Exxonmobil (U.S), Chevron (U.S), Paratherm (U.S), BASF (Germany), Lanxess (Germany), Huntsman Corporation (U.S), and Global Heat Transfer Ltd. (Canada). Royal Dutch Shell plc (Netherlands), Phillips 66 (U.S), Arkema (France), Schultz Canada Chemicals Ltd. (Canada), and Radco Industries (U.S) are among others.
- April 2015 – Paratherm introduced Paratherm HT Heat Transfer Fluid, which further expands the line’s temperature range for processing applications. The product is formulated for closed-loop liquid-phase heating to 650°F in fired hot-oil heaters and 675°F in waste-heat recovery and full convection heaters used in the gas processing, plastic and chemical production , waste-oil recovery and biodiesel industries.
- August 2017 – Chevron Technology Ventures, LLC (CTV) announced the launch of its Catalyst Program, an initiative to promote technology innovation for heat transfer fluids in the Houston area and beyond.
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