Heat Transfer Fluids Market Will Witness Enhanced Need To Manage Excessive Heat In Several Manufacturing Industries Till 2022
According to report published by Grand View Research, Inc., global heat transfer fluids market will be reach $3.68 billion by 2022, demand expected to reach 745.3 kilo tons by 2022, growing at a CAGR of 6.1% from 2015 to 2022
San Francisco, California, United States – August 18, 2016 /MarketersMedia/ —
Global heat transfer fluids market is expected to reach USD 3.68 billion by 2022, according to a new study by Grand View Research, Inc. Imminent need to manage excessive heat in several manufacturing industries including automotive, metal processing, pharmaceuticals, and food processing is a major factor driving heat transfer fluid demand across the globe. Surging requirement for application specific fluids with optimum thermal coefficient is also anticipated to fuel industry growth over the forecast period. Rapid industrialization in BRICS markets is expected to help in market development over the forecast period.
Stringent environment regulations coupled with volatile raw material prices are expected to pose threat to industry profitability. Development of bio-based or water-based heat transfer fluids is anticipated to create lucrative opportunities for industry participants.
Silicone & aromatics formed the largest product segment with demand share exceeding 40% in 2014. The segment is expected to gain share over next seven years on account of increasing requirement for synthetic thermal oils in these applications is expected to drive the product market over the forecast period. Glycols are expected to witness maximum gains in its market size over the forecast period on account of excellent antifreeze properties.
Access full research report: http://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-market
Key findings
• Global heat transfer fluids market demand was 465.9 kilo tons in 2014 and is expected to reach 745.3 kilo tons by 2022, growing at a CAGR of 6.1% from 2015 to 2022
• Oil & gas was the leading application segment and accounted for 23.8% of total market volume in 2014. HTF demand in this segment is expected to witness a modest growth over the forecast period. Increasing use of heating oil in offshore oil & gas thermal processes is anticipated to fuel market growth.
• CSP is expected to witness significant gains in its size over the forecast period on account of growing energy demand and favorable government initiatives particularly in Spain, U.S. and Middle East.
• Europe was the largest regional market and accounted for over 30% of global demand in 2014. Power and energy sector is highly active in these regions owing to high energy requirements from industrial sectors. Large scale urbanization coupled with increased usage of automobiles is expected to steer the demand for coolants and other heat transfer fluids.
• Asia Pacific is expected to witness the highest growth of 7.0% from 2015 to 2022 on account of growing chemical and food & beverage industry in China, India and Indonesia.
• Major companies operating in global heat transfer fluids market include Dow Chemicals, Shell, ExxonMobil, Eastman Company, BASF, Huntsman Corporation, Chevron Corporation.
View more reports of this category by Grand View Research at: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Market Segments:
Global Heat Transfer Fluids Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)
• Silicone & Aromatics
• Mineral Oils
• Glycol-Based Fluids
• Others
Global Heat Transfer Fluids Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)
• Oil & Gas
• Chemical
• Concentrated Solar Power (CSP)
• Food & Beverages
• Plastics
• Pharmaceuticals
• Heating, Ventilating & Air Conditioning (HVAC)
• Others
Global Heat Transfer Fluids Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• Asia Pacific Middle East & Africa
• China
• India
• Japan
• Central & South America
Access press release of this research report: http://www.grandviewresearch.com/press-release/global-heat-transfer-fluids-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
For more information, please visit http://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-market
Contact Info:
Name: Sherry James
Email: saurav@grandviewresearch.com
Organization: Grand View Research, Inc.
Address: 28 2nd Street, Suite 3036, San Francisco, California, 94105
Phone: 1-415-349-0058
Release ID: 128536
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