Heat Transfer Fluid Market is Expected to Rise with Increasing Oil and Gas Operations in Onshore and

Market Overview:-

The market is majorly driven by the increasing development in emerging countries especially in Asia Pacific region, where there is an increase in chemical processing, automotive manufacturing and renewable energy based energy generation. Also, there is an increased need to maintain temperatures in end-use industries, which can result in enhanced process effectiveness and reduced operating costs. The market is restrained by stringent regulations surrounding the heat transfer fluids as there are severe environmental and safety concerns. The global heat transfer fluid market is segmented on the basis of type and by end-use industries.

Heat transfer fluids are used to carry heat from thermal systems to heat storage tanks. The performance of heat transfer fluids is critical in determining the effectiveness of an operation as ideal heat transfer fluid would result in low cost of operations. Especially in industries, heat transfer fluids are made through flow through and around a particular device or equipment, which would eventually prevent them from overheating. Heat transfer fluids are of immense importance to applications that operate in extreme temperatures.

Top Key Player:-

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.

Segments:-

Based on type, the market is classified as mineral oils, silicones and aromatics, glycols and nanofluids. Mineral oils are increasingly being used in manufacturing processes, pharmaceutical & chemicals, refrigeration, CSP generation and geothermal energy applications. This 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 extensive use in industries where there are very high temperatures such as chemical and plastic processing.

Based on application, the heat transfer fluid market is segmented as oil & gas, chemicals & processing, renewable energy, pharmaceuticals, food and beverage and automotive applications. The market for heat transfer fluids is expected to rise with increasing oil and gas operations in onshore and offshore production processes across North America and Europe. The chemical & processing applications are also 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.

Regional Analysis:-

With rising population and increasing demand for energy from renewable energy sources, the heat transfer fluid market is expected to be driven by these demands in these regions. This is closely followed by the North America region where the chemical and processing sector is contributing to the growth of the heat transfer fluids market.

Asia Pacific region is expected to be the largest market for heat transfer fluids as the region is currently investing in chemical and processing, automobile manufacturing and renewable energy projects. As it is critical to maintain effective operations of systems with minimal heat loss, heat transfer fluids play a major role in retaining the heat in these applications. Furthermore, increasing industrial manufacturing processes in Europe and North America are further expected to contribute to the heat transfer fluids market.

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