Global heat transfer fluid industry is noticing lucrative business opportunities in the chemical, metal processing, and O&G sectors. Heat transfer fluids (HTF) avoid overheating of a mechanical component during an ongoing physical and chemical process by transmitting heat from one device to other through convection, conduction, and radiation. Substantial growth in concentrated solar power market fueled by the growing consumer preference toward alternative energy sources, especially across GCC countries will further facilitate the industry demand. As per a report by Global Market Insights, Inc. Heat transfer fluid market size in 2015 was 480 kilo tons, and is anticipated to grow significantly in the coming timeframe at a CAGR of 6% over 2016-2023.
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Continuous research on product innovation to enhance product portfolio by key players along with wide range application sectors determine the value propositions of the HTF industry. Silicone & aromatics, glycol, and mineral oils are the basic products used in heat transfer fluid mechanism. Owing to the product’s non-corrosiveness, high thermal stability, and low volatility, silicon & aromatic based heat transfer fluid is widely used in the oil and gas sector. In 2015, silicone & aromatics HTF market generated a revenue of more than USD 995 million and is expected to grow considerably in the years ahead.
Glycol industry is forecast to experience the maximum growth rate, with an estimated CAGR of more than 6.5% over the period 2016-2023. Extensive product application in the food and beverage sector fueled by USDA and FDA approvals will trigger glycol heat transfer fluid market demand.
Noteworthy expansion in the concentrated solar power industry along with favorable government initiations to promote sustainable energy sources is predicted to fuel the market growth. It is estimated that CSP application sector will show maximum growth rate, rising exponentially at an annual rate of 7.2% over 2016-2023. Another niche application segment of HTF market is oil and gas sector. This application dominated the market in 2015, with a revenue generation of more than 470 million.
Considering the global landscape, Asia Pacific, being one of the prominent regions influencing the overall HTF industry, is slated to grow exponentially with an estimated annual growth rate of more than 6.8% over the coming six years. China, India, and Japan are expected to be the major regions driving the APAC market.
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Europe, dominated by Germany and UK heat transfer fluid industry, had the largest market share in terms of revenue in 2015, with a record over USD 700 million. It is estimated that Europe industry will prosper more over the years to come, with a striking annual growth rate of 5% over the period 2016-2023.
The market is fiercely competitive with companies concentrating on developing bio-based products. Key participants include British Petroleum, Eastman, Dow Chemicals, and Shell Corporation.
Browse key industry insights spread across 127 pages with 209 market data tables & 16 figures & charts from the report, “Heat Transfer Fluid (HTF) Market” in detail along with the table of contents:
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