the report is now available on ASDreports, " Heat Transfer Fluids Market by Type (Mineral Oils, Silicones & Aromatics, and Glycols), End-use Industry (Chemical Processing, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, and Food & Beverage), and Region - Global Forecast to 2022" , The heat transfer fluids market is projected to reach USD 3.64 Billion by 2022, at a CAGR of 6.9% from 2017 to 2022. Growing demand for heat transfer fluids in the construction industry is driving the heat transfer fluids market. The growing demand for energy and rising need to optimize energy to reduce operating costs has resulted in high demand for heat transfer fluids.
Silicones & aromatics is the largest by type heat transfer fluids market in terms of value owing to high demand in end-use industries such as oil & gas, chemical processing, and automotive. Moreover, these fluids are designed to operate at very high temperatures and possess consistent molecular structure & strong bonding strength and high thermal stability. Hence, these excellent properties of silicones & aromatics over other heat transfer fluids are leading to their preference by the pharmaceutical, renewable energy, chemical processing end-use industries.
The chemical processing end-use industry is the largest segment owing to the high demand for heat transfer fluids in high temperature applications. Growing industries, such as automotive and food & beverage, among others, are leading to the surge in chemical production, and in turn, are driving the heat transfer fluids market. Thus, due to growing industrialization and need for energy optimization especially in plastic processing, the heat transfer fluids market has high growth prospects.
Asia Pacific is the largest and the fastest-growing market for heat transfer fluids. It is also a major market for chemical processing and oil & gas globally. Countries in the Asia Pacific are expanding their production capacities and investing in new projects to decrease dependence on imports and thereby boosting regional energy security and autonomy. Growing economies, increasing population, and standards of living are driving the market for the oil & gas, automotive, and chemical processing industries in the region.
The key players operating in the heat transfer fluids market are Dow (US), Eastman (US), Exxon Mobil (US), Chevron (US), Paratherm (US), BASF (Germany), Lanxess (Germany), Huntsman (US), and Global Heat Transfer (UK). These companies undertake dynamic business strategies that propel the growth of the heat transfer fluids market.
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Source: ASDReports - Market Research
Date: Nov 21, 2017