The global heat transfer fluids market is expected to exhibit a strong 5.8% CAGR over the forecast period, according to the latest research report from Market Research Future (MRFR). The global heat transfer fluids market is studied in great detail in the latest report from Market Research Future (MRFR), which includes a detailed analysis of the market’s historical growth trajectory and present condition. Major trends operating in the global heat transfer fluids market are examined in the report. Based on this information, accurate and reliable projections for the market’s likely growth trajectory over the forecast period till 2023 are presented in the report. Leading drivers and restraints operating on the global heat transfer fluids market are examined in the report. The impact of these major drivers and restraints on the global heat transfer fluids market is examined in detail in the report. Thus, the major factors enabling the market’s growth are enlisted and profiled in the report. Leading players operating in the global heat transfer fluids market are also profiled in the research report. The competitive landscape of the global heat transfer fluids market is thus examined in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global heat transfer fluids market.
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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 the use of the proper heat transfer fluids is likely to result in low cost of operations. Especially in industries such as oil and gas and chemicals, heat transfer fluids are made to 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 work with extreme temperatures. The increasing regulations mandating safety measures to be put in place to avoid workplace accidents has been a major driver for the heat transfer fluids market.
The market is majorly driven by the increasing development in emerging countries, especially in Asia Pacific, where there has been 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 growing awareness about workplace safety in Asia Pacific, where the concern of workplace safety has been taken more laxly than in Western economies, is likely to remain a major driver for the heat transfer fluids market over the forecast period. The increasing awareness about the increased efficiency brought about by the use of heat transfer fluids is also likely to be a major driver for the global heat transfer fluids market.
Segmentation:
The global heat transfer fluids market is segmented on the basis of type, end use, and region.
By type, the global heat transfer fluids market is segmented into mineral oils, silicones and aromatics, glycols, and nanofluids.
By end use, the global heat transfer fluids market is segmented into oil and gas, chemicals and processing, renewable energy, pharmaceuticals, food and beverages, and automotive. The oil and gas industry is likely to be the major consumer in the global heat transfer fluids market in the coming years.
Regional Analysis:
Asia Pacific is likely to be the major regional market for heat transfer fluids over the forecast period, due to the increasing investment in renewable energy generation in the region. The growing automotive and chemical processing industries in Asia Pacific is also a major driver for the heat transfer fluids market in the region.
Competitive Leaderboard:
Leading players in the global heat transfer fluids market include Radco Industries, Schultz Canada Chemicals Ltd., Arkema, Phillips 66, Royal Dutch Shell plc, Global Heat Transfer Ltd., Huntsman Corporation, Lanxess, BASF SE, Paratherm, Chevron, ExxonMobil, and Dow.
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