The report, now available on ASDReports, "Heat Transfer Fluid Market by Type (Mineral oils, Silicone & Aromatics , and PAG & Glycol-based Fluids), Application (Oil & Gas, Chemical, Concentrated Solar Power, Manufacturing Process, Pharmaceuticals, Biodiesel Production, and Others), and Region - Global Trends & Forecasts to 2021", The market size of heat transfer fluids is estimated to grow from USD 1.80 Billion in 2015 to USD 2.87 Billion by 2021, at a CAGR of 8.2% during the forecast period. The market is driven by the rising chemical industry and oil & gas developments, increasing concentrated solar power generation capacities, and rise in technological advances in product portfolios of heat transfer fluids.
Oil & Gas: The Largest Application Segment of Heat transfer fluid Market
In 2015, the oil & gas application segment is estimated to account for the largest market share among all the applications, in terms of value, followed by chemical industry, manufacturing processes, and concentrated solar power applications. The concentrated solar power application is estimated to grow at the highest CAGR between 2016 and 2021. The high growth can be attributed to the growing demand for sustainable power resource. Utilization of waste heat energy form one process to another process in process industries has triggered the demand for heat transfer fluids, which has positively influenced the growth of the heat transfer fluid market in the region.
Asia-Pacific: The Largest Market for Heat Transfer Fluids
Asia-Pacific is currently the largest market for heat transfer fluids. China is the largest market for heat transfer fluids in the region.
Following factors are the main driving forces for the heat transfer fluids market in Asia-Pacific:
ExxonMobil Corporation (U.S.), The Dow Chemical Company (U.S.), BASF SE (Germany), Huntsman Corporation (U.S.), Chevron Corporation (U.S.), Phillips 66 (U.S.), Huntsman Corporation (U.S.), and Global Heat Transfer (U.K.) are the key players of the heat transfer fluids market.
This report covers the market size, in terms of value and volume, for heat transfer fluids and forecasts the market size till 2021. The report includes the market segmentation by type: mineral oils, silicones and aromatics, PAG and glycol based fluids, by application: oil & gas, chemical, concentrated solar power, manufacturing processes, pharmaceuticals, bio-diesel production, and others, and by region: North America, Western Europe, Central & Eastern Europe, Asia-Pacific, Middle East & Africa and Latin America. Regions are further segmented into countries such as China, India, Japan, South Korea, Thailand, Malaysia, the U.S., Canada, Mexico, Germany, France, Italy, the U.K., Russia, Turkey, Brazil, Iran, and Saudi Arabia. The report also provides company profiles and competitive strategies adopted by major market players in the heat transfer fluids market.
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Source: ASDReports - Market Research
Date: Apr 5, 2016