Global Heat Transfer Fluids Market Report Analysis 2022
The Heat Transfer Fluids Market is projected to achieve USD 3.64 billion by 2022 at a CAGR of 6.9% from 2017-2022. the rise in demand from the chemical and oil & gas industries for energy optimisation has cause the expansion of warmth transfer fluids market, whereas fireplace and explosion hazards area unit seen hampering the expansion. High performance properties like ability to resist high temperatures and high energy potency area unit major contributory factors to the forcasted growth of the market.
The heat transfer fluids market is projected to grow at a CAGR of 6.9% in terms of value during the forecast period
Heat Transfer Fluids Market was valued at USD 2.61 billion in 2017 and is projected to reach USD 3.64 billion by 2022, at a CAGR of 6.9% from 2017 to 2022. The growing demand from the chemical and oil & gas industries for energy optimization is driving the heat transfer fluids market, while fire and explosion hazards restrain demand.
Among types, the market for silicones & aromatics based heat transfer fluids is projected to grow at the highest CAGR from 2017 to 2022
Silicones & aromatics is the highest growing heat transfer fluid type. High performance properties such as ability to withstand high temperatures and high energy efficiency are major factors responsible for the high growth of the market. Moreover, this type is widely used in the chemical processing end-use industry, which is the largest market for heat transfer fluids globally.
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Among end-use industries, the renewable energy segment market is projected to grow at the highest CAGR during the forecast period
Renewable energy is the fastest-growing end-use industry due to increasing efforts across the world to conserve energy and use alternative sources of energy which are environment friendly. Heat transfer fluids are used in concentrated solar plants and for bio-diesel production. Growing demand for concentrated solar power for primary energy purposes in developed and emerging countries such as the US, China, Spain, South Africa, and India are also major factors for highest growth rate.
The Asia Pacific heat transfer fluids market is projected to grow at the highest CAGR during the forecast period
The Asia Pacific heat transfer fluids market is projected to grow at the highest CAGR during the forecast period, owing to the increased demand for heat transfer fluids in chemical and oil & gas projects. 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.
This study has been validated through primaries conducted with various industry experts, worldwide. The primary sources have been divided into three categories, namely, company type, designation, and region.
- By Company Type - Tier 1-70%, Tier2 -20%, and Tier 3-10%
- By Designation - C Level-5%, Director Level-20%, and Others-75%
- By Region - Asia Pacific-45%, Europe-35%, Middle East & Africa-10%, North America-5%, and South America-5%
Companies Profiled in the Report:
The key players profiled in the report include Dow (US), Eastman (US), Exxon Mobil (US), Chevron (US), Paratherm (US), BASF (Germany), Lanxess (Germany), Huntsman (US), and Global Heat Transfer (UK).
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by: Sandhya Nair