PRN: Heat Transfer Fluids Market Size Worth $15.3 Billion by 2027 | CAGR 4.9%: Grand View Research, Inc.

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Heat Transfer Fluids Market Size Worth $15.3 Billion by 2027 | CAGR 4.9%: Grand View Research, Inc.

 
[01-April-2020]
 

SAN FRANCISCO, April 1, 2020 /PRNewswire/ -- The global heat transfer fluids market size is projected to reach USD 15.3 billion by 2027, according to a new report by Grand View Research, Inc., registering a 4.9% CAGR during the forecast period. Growing demand from the manufacturing and energy sectors is expected to drive global demand.

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Thermal oils are typically formulated from petrochemicals and mineral oils, which eventually harm the environment in terms of recyclability, biodegradability, and aqueous toxicity. Due to multiple strict regulations laid down by governments across the globe, the growth of heat transfer fluids has taken a hit. Major innovators in the field are trying to bring imminent changes in the production process, such as usage of bio-based products, increased extraction efficiency, and enhanced solvent recovery.

Key suggestions from the report:

  • Silicone-based products are anticipated to exhibit a CAGR of 3.8% from 2020 to 2027 owing to rising application in oil and gas and chemical manufacturing
  • The consumption of heat transfer fluids in pharmaceuticals accounted for a market share of 9.2% in 2019, backed by application in extraction and crystallization processes
  • The demand for monoethyl based glycols in HVAC application is expected to exhibit a CAGR of 4.2% from 2020 to 2027 owing to their compatibility across wide temperature ranges
  • Asia Pacific dominated the heat transfer fluids market, in terms of revenue, with a share of 47.1% in 2019. Rising demand from emerging countries such as India, Indonesia, and Thailand is likely to drive the consumption over the forecast period
  • The Central and South America market is expected to register a revenue-based CAGR of 1.5% from 2020 to 2027 owing to changing political dynamics. Rising automobile production in the region is expected to drive product demand
  • Major industry participants include Eastman, Royal Dutch Shell, Sasol, Dow Chemicals and BASF.

Read 115 page research report with ToC on "Heat Transfer Fluids Market Size, Share & Trends Analysis Report By Application (Oil & Gas, Concentrated Solar Power), By Product (Aromatics, Glycols, Silicone), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-m! arket\

Food grade heat transfer fluids are widely used for storage and refrigeration applications. With rising precision in temperature controlling in the processing of food and beverages, thermal fluid systems are gaining acceptance in upcoming food processing plants and facilities. These products are highly preferred due to lower maintenance costs and low-pressure requirements in the processing facility.

Asia Pacific is the fastest growing regional market backed by rising demand from China and Japan. Rapid industrialization and development of new machinery have increased the importance of heat transfer fluids. Investments in renewable energy initiatives such as CSP are expected to have a positive impact on the industry. China is aiming to take its installed CSP capacity to 3 GW by 2020.

Grand View Research has segmented the global heat transfer fluids market on the basis of product, application, and region:

  • Heat Transfer Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
    • Silicone fluids
      • Oil & Gas
      • Chemical Industry
      • CSP
      • Food & Beverages
      • Plastics
      • Pharmaceuticals
      • HVAC
      • Others
    • Aromatic fluids
      • Oil & Gas
      • Chemical Industry
      • CSP
      • Food & Beverages
      • Plastics
      • Pharmaceuticals
      • HVAC
      • Others
    • Mineral oils
    • Glycol based fluids
    • Other (including molten salts & HFPE)
  • Heat Transfer Fluids Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
    • Oil & Gas
    • Chemical Industry
    • CSP
    • Food & Beverages
    • Plastics
    • Pharmaceuticals
    • HVAC
    • Others
  • Heat Trans! fer Fluid s Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • Russia
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Thailand
      • Malaysia
      • Australia
    • Central & South America
      • Brazil
    • Middle East & Africa
      • Africa
      • Saudi Arabia

Find more research reports on Petrochemicals Industry, by Grand View Research:

  • Metalworking Fluids Market â€�“ Growing exploration and production activities of oil and gas, especially in Asia Pacific, followed by North America are anticipated to drive the demand.
  • Methanol Market â€�“ Increasing consumption of methanol for the production of dimethyl ether and Methyl tert-butyl ether (MTBE), utilized as the alternatives for gasoline, is expe! cted to p ropel the growth.
  • Polyethylene Wax Market â€�“ The growth in this market can be attributed to rising shale gas production in China, and North America, coupled with growing demand from coatings and printing inks sectors is projected to drive the market over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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