Kenneth Research recently added a report on the Heat Transfer Fluids Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
The global heat transfer fluids market was valued at $2.5 billion in 2018. Heat transfer fluids are developed to deliver efficient temperature control in various applications such as plastics processing, chemical processing, hydrocarbon processing, heat processing, food & beverage processing and in alternative energy and technologies. On the other hand, increasing cognizance pertaining to conservation of energy and increasing demand for heat pumps, chillers and heat exchangers in several industry domains such as oil & gas, HVACR and chemical is accredited towards high growth of global heat transfer fluids market.
Furthermore, production of polymer and plastics employs manufacturing components that employs wide range of flexible functioning. In order to control high temperatures and high heat, heat transfer fluids are used by the manufacturers to control operations both in liquid as well as in vapour phase. These fluids are generally being utilised in manufacturing of plastics and polymers, plastic molding, speciality heat sensitive polymer manufacturing and synthetic fiber manufacturing. The extensive adoption of these fluids in these processing industries is thus significantly driving the growth of global heat transfer fluids market.
Increasing production of natural gas in Gulf Cooperation Council (GCC) countries and approval received from Food and Drug Administration (FDA) for food standards are the key factors that are driving the growth of global heat transfer fluids market. Furthermore, increasing demand for heat transfer fluids from solar industry is thus driving the growth of global heat transfer fluids market.
Moreover, the presence of heat transfer fluids technologies used for concentrated solar power plants (CSP) is the most vital technology in solar energy and is immensely being utilised for expeditious and reliable generation of renewable energy. Additionally, a superlative heat transfer fluid is considered to be the one that operates as easily pump able, compatible, create negligible vapour pressure, non- corrosive and completely compatible. All these uses thereby increase the popularity of heat transfer fluids in solar industry thereby increasing the demand for global heat transfer fluids market. However, stringent government regulations implemented across the globe in use of heat transfer fluids is further anticipated ta act a major restraint in the growth of global heat transfer fluids in the near future.
Heat transfer fluids market forecast 2019 – 2029 estimates the historical market size in terms of consumption as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the heat transfer fluids manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. CSP, chemical industry, pharmaceuticals, food & beverages, oil & gas, HVAC, plastics industry players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.
The reports provide the analysis based on product type, and end user segment. Based on the product type, the global heat transfer fluids are segmented into aromatics, silicone, glycol fluids, mineral oils, and others. Among all these segments, glycol fluids are anticipated to witness fastest growth during the forecast period owing to rampant growth of this fluid in food and production industry. Glycols are “antifreezes” and provide efficient protection from freezing and burst protection.
On the basis of end user, the global heat transfer fluids market is categorised into concentrated solar power (CSP), chemical industry, pharmaceuticals, food & beverages, oil & gas, HVAC, plastics, and others. Among all these segments, oil & gas sector is the largest user of heat transfer fluids since they are utilised at an extensive rate in the process of heating oils in this industry.
Oil & gas industry requires efficient and economical sources of energy and required amount of heat to run their factories functioning for cooling, refrigerating and heating and heat transfer fluids satisfy the demand of the manufacturers in further supporting them to fulfil the need of the their customers satisfactorily. Additionally, rampant usage of heat transfer fluids in petrochemicals, refining and oil & gas industry is further accentuating the growth of global heat transfer fluids market at rapid pace.
The largest consumption for heat transfer fluids CAME from the Asia-Pacific. Also the market is expected to to witness fastest growth during the forecast period in this region. It has been observed that flourishing food & beverage industry in the region, ever increasing population and increasing disposable income are thus strengthening the demand for heat transfer fluids in this region. Additionally, approval provided by FDA for food grade heat transfer fluids, increasing adoption of these fluids in renewable energy, automotive and chemical domain are thus propelling the growth of heat transfer fluids market in Asia-Pacific. Also, the increasing installation of solar power projects in the region fuelling the growth of the market.
The second largest consumption of metal finishing chemicals came from the North America. The region is expected to witness significant investments and upgradation in solar technology. Moreover, technological upgradation in CSP projects along with increasing adoption of these fluids in food & beverages industry. Another factor for the growth of this market in the region is attributed from high demand of silicone based heat transfer fluids since they provide strong resistance from oxidation, are non-corrosive, used in open bath systems and do not cause leakages and are gaining popularity in food, plastic, chemical and wood processing industry at rapid pace.
The report also offers the insights for the European, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.
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The eminent key players in the global heat transfer fluids market are undertaking product expansion, acquisitions and technological upgradation in order to improve its product offerings. Some of the players having prominent presence in the global heat transfer fluids market include Tashkent Industrial Oil Corporation, KOST USA, Inc., Huntsman Corporation, Indian Oil Corporation Ltd. (IOCL), Chevron Co., Dynalene, Inc., Radco Industries Inc., Delta Western, Inc (DWI), Phillips 66, Evermore Trading Corporation, Paras Lubricants Limited, British Petroleum (BP), DowDuPont Chemicals, Royal Dutch Shell Plc, Exxon Mobil, Schultz Chemicals, Eastman Chemical Company, Shaeffer Manufacturing Co., BASF SE, LANXESS AG, GJ Chemical, Sasol Limited, and Dalian Richfortune Chemicals Ltd.
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