Heat Transfer Fluids Market By Hexa Research Suggested Market Growth At CAGR of 6.1%

Latest Research On “Heat Transfer Fluids Market” is expected to reach 745.3 kilo tons by 2022.Growing demand to be used as a heating utility coupled with heat recovery management in industries such as pharmaceuticals, metal processing, food processing and automotive is anticipated to drive the heat transfer fluids market growth.

Heat Transfer Fluids Market  growing demand to be used as a heating utility coupled with heat recovery management in industries such as pharmaceuticals, metal processing, food processing and automotive is anticipated to drive the heat transfer fluids market growth.

Increasing concentrated solar power (CSP) plants installations in countries such as the U.S., China and France are anticipated to drive heat transfer Fluids industry. Global CSP capacity was 436.0 MW in 2008 which increased to 3320 MW in 2014 and witnessed CAGR of 40.1% in the duration period. Thermic fluids play a significant role in improving efficiency of CSP plants. Owing to enhanced thermal properties of these fluids, they have high heat storage capabilities which in turn increases the overall power generation capacity of the plant.

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The U.S. and Spain are leading regional markets and are estimated to witness significant growth with rapid development of existing CSP projects. Spain has advantages of localized resources and along with favorable policy framework it is expected to reach a capacity of 4.0 GW by 2015.

Growing gas production in GCC is anticipated to fuel synthetic lubricants demand in the form of heat transfer fluids over the next seven years. GCC natural gas production was 207.5 BCM in 2005 and it reached 369.2 BCM by 2012. Application growth in construction, automotive, personal care and food & beverage industries in emerging economies of Middle East countries such as Qatar, Saudi Arabia, and UAE, has shifted the national governments’ focus towards natural gas development

Approval of using thermic fluids in food & beverages applications by various regulatory bodies is likely to favor its demand. The ingredients of food grade heat transfer fluid are now approved by USDA by HT1 applications (thermic fluids with incidental food contact). These fluids comply with all the requirements of FDA 178.3570.

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Stringent environmental regulations by EPA and REACH coupled with tight raw material supply situation (base oil, crude oil) are anticipated to hinder industry growth. Increasing investments to develop water based or bio based heat transfer fluid is likely to provide growth opportunities.

Product Overview

Silicon & aromatics was the dominant product segment and amounted to over USD 900 million in 2014. Growth of oil & gas and chemical industries are expected to drive the product demand. They are widely preferred in industries such as plastics, wood processes spin & weave, food and chemical.

Mineral oils accounted to over 40% of the total volume in 2014 and are anticipated to witness gains at CAGR above 5.5% from 2015 to 2022. Growing food & beverage and cosmetics industry in Europe and Asia Pacific is anticipated to drive growth over the forecast period.

Application Overview

Oil & gas applications were the largest with a valuation of over USD 450 million in 2014. Thermic fluids are used in offshore heating and cooling processes in oil and gas platform utilities and floating production units. They are used in LNG in liquefaction and re-gasification terminals.

CSP applications accounted for over 15% of the total volume in 2014 and are anticipated to witness highest gains at an estimated CAGR of over 7% from 2015 to 2022. Thermic fluid is circulated to the solar field through a heat exchanger, resulting in conventional steam cycle. Growing CSP industry in Asia Pacific and Europe is likely to drive the demand.

Regional Overview

Europe Heat Transfer Fluids Market was the dominant region with revenue generation estimated over USD 650 million in 2014. Recent developments observed in new solar plants coupled with surging energy demand are expected to drive the heat transfer fluid demand in Europe. Increasing requirement in utilizing excessive heat coupled with energy dissipated from major industries which includes HVAC, chemical, CSP plants is likely to drive regional demand.

Asia Pacific heat transfer fluids market is likely to witness highest gains at an estimated CAGR of over 6.5% from 2015 to 2022. Growing chemical, food & beverage and oil & gas industry in the region is likely to drive the product demand. Emerging economies such as India, China and Japan are expected to have rapid growth in the product application industries which is anticipated to steer the demand.

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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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