Heat transfer is a branch of thermal engineering that deals with the use, exchange, generation, and conversion of thermal energy and heat, especially for physical systems. Heat transfer is classified into thermal convection, thermal conduction, thermal radiation, and energy transfer as a result of phase change. Heat transfer fluid is a substance that avoids overheating of any device or is used for storing thermal energy. In order to perform this operation, the heat transfer fluid needs to be circulated through its mechanical parts thereby transferring the heat from one device to another. These heat transfer fluids have a wide range of applications in chemical industries, automotives, petroleum processing, solar power plants, and in manufacturing processes.
The heat transfer fluids market is classified based on the product type into mineral oils based products, PAG and glycol based products, and silicone and aromatics based products. Based on applications they are segmented into concentrating solar power, chemical industries, oil and gas industry, plastics, manufacturing processes, pharmaceuticals, bio-diesel production, and waste heat recovery.
One of the major factors driving the growth in this market is its wide range of applications in the Concentrated Solar Power (CSP) market. Europe holds the maximum market share which is succeeded by the Asia-Pacific region. As China and India are emerging economies, the heat transfer fluids market is expected to excel effectively. Middle East is another growing market which is expected to retain its position after Europe and Asia-Pacific regions. Better performance provided by heat transfer fluids coupled with the growing number of applications in the industrial sector are the crucial factors that are fuelling this market. The fluctuating and ever increasing raw material prices are responsible for restraining the growth of this market.
With the rising necessity across the industrial sector for the heat exchangers, heat transfer fluid demand is on the rise. Emerging economies like China and India would act as good opportunities for this market to bloom. Some of the key players of this market are, Shell Corporation, ExxonMobil (U.S.), BP (U.K.), Solutia Inc. (U.S.), and The Dow Chemical’s Co. (U.S.).
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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