Introduction of the Heat Transfer Fluids Market Report

A heat transfer fluid is a gas or liquid that takes part in heat transfer by serving as an intermediary in cooling on one side of a process, transporting and storing thermal energy, and heating on another side of a process. With the adoption of fluids by the chemical, pharmaceutical and other industries, the heat transfer fluids market has gained potential.

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Market Dynamic

Key Drivers and Emerging Trends

Rise in the inclination of demand for heat transfer fluids for energy-efficient solutions is expected to drive the market over the forecast period. Large-scale industries across the globe face a tremendous disruption in the process if they do not use heat transfer fluids system, which helps them maintain the temperature under high pressure for a longer duration, which has acted as a driving factor for the market. In addition, demand in concentrated solar power is another factor that has helped shift the gears for the market. In the process, under the solar field, the power back is converted into electricity, which reduces the energy losses and helped in working with maximum efficiency, leading to increasing adoption of the fluids.

The (COVID-19) pandemic has disturbed people in more than 100 countries across the globe. According to the International Monetary Fund (IMF), the global economy is likely to fall by 3.0% in 2020. In the next half of 2020, some countries have started to lift restrictions and gradually start business operations in various sectors. Even if the lockdown is being relaxed, it will be difficult for the industrial sector to get back to regular working circumstances, which is hitting the heat transfer fluids market.

Restraint in the Heat Transfer Fluids Market

However, fire and explosion problems associated with the products is the major factor which is likely to hamper the growth of the market.

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Product – Segment Analysis

Based on the product, glycol-based products is witnessed to grow at a higher CAGR in the market over the forecast period. Glycol-based heat transfer fluids exhibit excellent antifreeze properties due to which it has been adopted by various industries like pharmaceuticals, food & beverage, chemicals among others.

Application – Segment Analysis

Based on the application, chemical industry is anticipated to grow at a higher CAGR in the market over the forecast period. In chemical industry, heat transfer fluids are used in the heat vaporization process, which helped in the efficient flow of the closed =systems in the industry. Chemical fluids have properties such as inertness to chemicals and comparatively high thermal stability than another fluid.

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Regional – Segment Analysis:

Based on the regional coverage the North America, is witnessed to grow at a higher CAGR in the market over the forecast period. The oil and gas industry of the U.S. is ranked at the top 3 across the globe, due to which the demand for the heat transfer fluids market has gained a lot of popularity and growth over time. Moreover, stringent regulations in the U.S. and Canada have also contributed to the growth of the market.

Top Market Players

Various notable players operating in the market, include, Dynalene, Inc., Indian Oil Corporation Ltd. (IOCL), KOST USA, Inc., Hindustan Petroleum Corporation Ltd. (HPCL), Delta Western, Inc. (DWI), British Petroleum (BP), Huntsman Corporation, Royal Dutch Shell Plc, Eastman Chemical Company, Phillips, among others. 

Key Developments:

• • In 2019, Eastman acquired Marlotherm HTFs manufacturing assets located in Germany, which has helped both the players in expanding the geographical presence.

Segments covered in the Report:

The global heat transfer fluids market has been segmented on the basis of product, application, and regions. Based on product, the market is segmested into silicone, aromatic, mineral oils, and glycol based products. Based on application, the market is segmented into oil & gas, chemical industry, concentrated solar power, food & beverages, plastics, pharmaceuticals, HVAC, others. 

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Key questions answered in this research report:

• • At what pace is global heat transfer fluids market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in heat transfer fluids market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global heat transfer fluids market?
  • Which product generated maximum revenues in 2020 and identify the most promising product during the forecast period?
  • What are the various application areas of global heat transfer fluids market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Heat Transfer Fluids Market by Product

• • Silicone
  • Aromatic
  • Mineral Oils
  • Glycol Based Products

Global Heat Transfer Fluids Market by Application

• • Oil & Gas
  • Chemical Industry
  • Concentrated Solar Power
  • Food & Beverages
  • Plastics
  • Pharmaceuticals
  • HVAC
  • Others

Global Heat Transfer Fluids Market by Region

• • North America Heat Transfer Fluids Market (Option 1: As a part of the free 25% customization)
    • North America Heat Transfer Fluids Market by Product
    • North America Heat Transfer Fluids Market by Application
    • US Heat Transfer Fluids Market All-Up
    • Canada Heat Transfer Fluids Market All-Up
  • Europe Heat Transfer Fluids Market (Option 2: As a part of the free 25% customization)
    • Europe Heat Transfer Fluids Market by Product
    • Europe Heat Transfer Fluids Market by Application
    • UK Heat Transfer Fluids Market All-Up
    • Germany Heat Transfer Fluids Market All-Up
    • France Heat Transfer Fluids Market All-Up
    • Spain Heat Transfer Fluids Market All-Up
    • Rest of Europe Heat Transfer Fluids Market All-Up
  • Asia-Pacific Heat Transfer Fluids Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Heat Transfer Fluids Market by Product
    • Asia-Pacific Heat Transfer Fluids Market by Application
    • China Heat Transfer Fluids Market All-Up
    • India Heat Transfer Fluids Market All-Up
    • Japan Heat Transfer Fluids Market All-Up
    • Rest of APAC Heat Transfer Fluids Market All-Up
  • RoW Heat Transfer Fluids Market (Option 4: As a part of the free 25% customization)
    • RoW Heat Transfer Fluids Market by Product
    • RoW Heat Transfer Fluids Market by Application
    • Brazil Heat Transfer Fluids Market All-Up
    • South Africa Heat Transfer Fluids Market All-Up
    • Saudi Arabia Heat Transfer Fluids Market All-Up
    • UAE Heat Transfer Fluids Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Heat Transfer Fluids Market All-Up

Major Players Operating in the Heat Transfer Fluids (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Dynalene, Inc.
  • Indian Oil Corporation Ltd. (IOCL)
  • KOST USA, Inc.
  • Hindustan Petroleum Corporation Ltd. (HPCL)
  • Delta Western, Inc. (DWI)
  • British Petroleum (BP)
  • Huntsman Corporation
  • Royal Dutch Shell Plc
  • Eastman Chemical Company
  • Phillips