Heat transfer fluids Market: Introduction
Heat transfer fluids market deals with fluids that are used to transfer heat
from one system to another. The heat transfer fluids limit the overheating of
devices by circulating the fluid within the mechanical parts of the devices.
These fluids find huge application across a wide range of industries including
manufacturing, solar power plants, petroleum processing and others. The global heat transfer fluids market is
expected to foray ahead with a considerable CAGR over the forecast period of
2018-2028. The growing manufacturing output across the globe has been
considered as one of the key trends that is supplementing the global heat
transfer fluids market growth. As per United Nations Industrial Development
Organization (UNIDO), the global manufacturing value added (MVA) is likely to
showcase a growth rate of 3.9% in 2018. Furthermore, owing to various factors
such as increasing population, industrialization etc. the manufacturing output
is expected to increase till 2028 that is augmenting the heat transfer fluids
market growth. Moreover, advancements in heat transfer fluids, high demand from
the application industries coupled with innovative product offerings from the
market players and growing application industries are some of the factors
providing traction to the heat transfer fluids market growth.
High demand of heat transfer fluids from application industries is poised to
drive market growth over the forecast period
High demand of heat transfer fluids specifically from automotive and chemical
industry is leveraging huge adoption opportunities for the market. As per OICA
(International Organization of Motor Vehicle Manufacturers), Paris, the total
cars and commercial vehicle production in 2016 was recorded to be around 72.1
million that further escalated up to 73.4 million in 2017. The automotive
industry in particular calls for high adoption of heat transfer fluids across
various applications including radiators, HVAC systems and many more. In
addition, rise in concentrated solar power projects is also expected to drive
the demand for heat transfer fluids. As per SolarPACES, NREL, 23 countries
including China, United States, India, South Africa and others have various CSP
projects. Hence, inclination towards renewable energy across the globe
supplements the CSP projects that in turn provides traction to the heat
transfer fluids market growth.
Segmentation analysis of Heat transfer fluids Market
The global heat transfer fluids market is bifurcated into two major segments
that are product type and application.
On the basis of product type, the global heat transfer fluids market is divided
into:
Aromatics
Silicones
Glycol-based fluids
Mineral oils
Others
On the basis of application, the global heat transfer fluids market is divided
into:
Oil & Gas
Chemical industry
Food & Beverages
Pharmaceuticals
Plastics
Concentrated Solar Power Generation (CSP)
HVAC
Others
Based on region, the global heat transfer fluids market is segmented as:
North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA
Heat transfer fluids Market: Regional Outlook
The global heat transfer fluids market is segmented into seven regions: North
America, Latin America, Europe, East Asia, South Asia, Oceania and MEA. Among
the above-mentioned regions, Europe is expected to contribute a majority of the
market share in 2018 in terms of value owing to high adoption of heat transfer
fluids across various industries including pharmaceutical, oil & gas,
automotive, chemical and others. South Asia and East Asia are expected to show
high growth rates due to increasing output from the manufacturing industry. In
addition, initiatives such as “Make in India”, “Made in China 2025”etc. tend to
drive the manufacturing industries of the countries that signifies high
adoption of heat transfer fluids across the end user industries. Positive
government stance for manufacturing industry also drives the heat transfer
fluids market region. India is one of the key emerging markets for heat
transfer fluids in the region. Moreover,
Middle East is also one of the region growing at a high rate sowing to oil
& gas industry backed up by increasing population estimates. Oceania and
Latin America account for a substantial market share in terms of heat transfer
fluids demand.
Key players of Heat transfer fluids Market
Prominent players in the global Heat transfer fluids market are Royal Dutch
Shell, Sasol, Eastman, BASF, DowDuPont, ExxonMobil etc. The heat transfer
fluids market consists of well-diversified global and regional players with
global vendors ruling the market.
The research report presents a comprehensive assessment of the Heat transfer
fluids market and contains thoughtful insights, facts, historical data and
statistically supported and industry-validated market data. It also contains
projections using a suitable set of assumptions and methodologies. The Heat
transfer fluids market report provides analysis and information, according to
market segments such as geographies, type and industry.
The Heat transfer fluids Market Report Covers Exhaustive Analysis On:
Market Segments
Market Dynamics
Market Size & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
The Heat transfer fluids Market Regional Analysis Includes:
North America (U.S., Canada)
Latin America (Mexico, Brazil, Argentina, Chile, Peru)
Europe (UK, Germany, Spain, France, RoE)
East Asia (China, Japan, South Korea)
South Asia (India, ASEAN)
Oceania (ANZ, Rest of Oceania)
MEA (GCC Countries, South Africa, Turkey, Rest of MEA)
The Heat transfer fluids report is a compilation of first-hand information,
qualitative and quantitative assessment by industry analysts, inputs from
industry experts and industry participants across the value chain. The Heat
transfer fluids report provides an in-depth analysis of parent market trends, macroeconomic
indicators and governing factors along with market attractiveness as per
segments. The Heat transfer fluids report also maps the qualitative impact of
various market factors on market segments and geographies.
