SELBYVILLE, Del., Jan. 21, 2018 /PRNewswire-iReach/ -- Global
Heat Transfer Fluid Market will surpass USD
4.2 Billion by 2024; according to a new research report by
Global Market Insights, Inc. Necessity for energy efficient thermal
oils owing to stringent regulations has enhanced the heat transfer
fluid market growth. Strong outlook in oil & gas, concentrated
solar power, food & beverages and chemical industry will propel
the industry growth.
Increasing need to maintain temperatures in several end-use
industries to enhance efficient and maintenance free production
will drive the product demand. Rapid industrialization leading to
increase in manufacturing plants particularly in emerging economies
will propel heat transfer fluid market.
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Rising product demand to transfer heat from collectors to
generator in CSPs has enhanced industry growth. Moreover,
increasing product usage in cooling systems due to its high
temperature stability will drive the product demand.
Increasing exploration of oil reservoirs along with rising
natural gas production mainly in gulf countries will drive the
industry growth. Shifting preference from steam/ water systems
towards thermal oil will support product penetration.
Silicone & aromatics are estimated to generate over
375 kilo tons by 2024. Superior thermal stability, chemical &
abrasion resistance when exposed to high temperature and oxidation
conditions will drive the product demand. Rising demand from flow
control, electronic, pressure and temperature control applications
will support industry growth.
Fluctuating crude oil prices due to economic instability may
affect the heat transfer fluid price trend. Stringent government
regulations pertaining to biodegradability and toxicity of product
may hamper industry growth. However, technological advancement and
development of bio based products will open new opportunities for
industry demand.
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Glycol based heat transfer fluid market was worth over
USD 310 million in 2016. Rising
demand from food processing and pharmaceutical industry owing to
its antifreeze properties will propel the product demand. Low
environmental impacts, high thermal stability, energy & cost
efficiency are the key properties driving the industry growth.
Oil & gas application accounted for more than 23% of
overall industry share in 2016. Increasing product usage in
offshore oil & gas production will fuel the product demand.
Rising demand for petroleum based products along with increasing
number of LNG terminals will drive the business growth.
Concentrated solar power (CSP) is anticipated to witness
growth over 7.5% up to 2024. Growth in CSP industry along with
government promotions for renewable energy sources will drive the
heat transfer fluid market size. Global installed capacity of CSP
was over 5,000 MW in 2016.
Europe was valued over USD 750
million in 2016. Stringent environmental and energy
regulations coupled with emergence of bio-based products will fuel
the industry growth. Increasing manufacturer focus on energy
conservation and sustainable products will propel the heat transfer
fluid demand.
Asia Pacific will witness
growth over 7% up to 2024. Increasing manufacturing facilities in
oil & gas, chemical, and food & beverages industry coupled
with government support will drive the business growth. Favorable
policies for CSP installations along with government initiatives on
solar based power generation will support the heat transfer fluid
market.
Global industry share is highly consolidated as the top
five players account for around 75% of the industry share. Eastman
Company, Dow Chemicals, Shell, British Petroleum and Exxon Mobil
are the major industry players. Dow Chemicals dominate the industry
accounting for over 28% in 2016. Mergers & acquisitions,
collaborations, new product launches and capacity expansion are the
major strategies observed.
Browse key industry insights spread across 220 pages with 141
market data tables & 10 charts & figures from the report,
"Heat Transfer Fluid Market Size By Product (Silicones &
Aromatics, Minerals Oils, Glycol), By Application (Oil & Gas,
Chemical Industry, Concentrated Solar Power (CSP), Food &
Beverages, Plastics, Pharmaceuticals, HVAC) Industry Analysis
Report, Regional Outlook (U.S, Canada, Mexico, Germany, UK, France, Italy, China,
India, Japan, Saudi
Arabia, Kuwait, UAE,
Argentina, Venezuela, Brazil), Growth Potential, Price Trends,
Competitive Market Share & Forecast, 2017 – 2024" in detail
along with the table of contents:
https://www.gminsights.com/industry-analysis/heat-transfer-fluid-market
Chapter 4. Heat Transfer Fluid Market, By Product
4.1. Global heat transfer fluid market share by product, 2016
& 2024
4.2. Silicones & aromatics
4.2.1. Market estimates and forecast, 2013 -
2024
4.2.2. Market estimates and forecast, by
region, 2013–2024
4.3. Mineral oils
4.3.1. Market estimates and forecast, 2013 -
2024
4.3.2. Market estimates and forecast, by region,
2013 – 2024
4.4. Glycol
4.4.1. Market estimates and forecast, 2013 -
2024
4.4.2. Market estimates and forecast, by region,
2013 – 2024
4.5. Others
4.5.1. Market estimates and forecast, 2013 -
2024
4.5.2. Market estimates and forecast, by region,
2013 – 2024
Browse Full TOC @
https://www.gminsights.com/toc/detail/heat-transfer-fluid-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research
and consulting service provider; offering syndicated and custom
research reports along with growth consulting services. Our
business intelligence and industry research reports offer clients
with penetrative insights and actionable market data specially
designed and presented to aid strategic decision making. These
exhaustive reports are designed via a proprietary research
methodology and are available for key industries such as chemicals,
advanced materials, technology, renewable energy and
biotechnology.
Media Contact: Arun Hegde,
Global Market Insights, Inc., +13028467766,
sales@gminsights.com
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SOURCE Global Market Insights, Inc.