Genset Market Report: Overview
Heat transfer fluids are used to carry heat from thermal systems to heat storage tanks. The performance of heat transfer fluids is critical in determining the effectiveness of an operation as ideal heat transfer fluid would result in low cost of operations. Especially in industries, heat transfer fluids are made through flow through and around a particular device or equipment, which would eventually prevent them from overheating. Heat transfer fluids are of immense importance to applications that operate in extreme temperatures.
The market is expected to be dominated by the Asia Pacific region as the region is witnessing increasing installations of solar power projects such as CSP and also rising chemical and processing industry. With rising population and increasing demand for energy from renewable energy sources, the heat transfer fluid market is expected to be driven by these demands in these regions. This is closely followed by the North America region where the chemical and processing sector is contributing to the growth of the heat transfer fluids market.
The global heat transfer fluid market is projected to expand at 5.8 % CAGR during the forecast period.
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Top Key Players:-
- DOW (U.S)
- Exxonmobil (U.S)
- Chevron (U.S)
- Paratherm (U.S)
- BASF (Germany)
- Lanxess (Germany)
- Huntsman Corporation (U.S)
- Global Heat Transfer Ltd. (Canada)
- Royal Dutch Shell plc (Netherlands)
- Phillips 66 (U.S), Arkema (France)
- Schultz Canada Chemicals Ltd. (Canada)
- Radco Industries (U.S) are among others.
Geographically, the global heat transfer fluid market has been divided into Americas, Europe, Asia Pacific and Rest of the World. Among these regions, Europe heat transfer fluid market accounted for more than 30% of total industry share in 2016. Rising population coupled with increasing energy demand has propelled the power and energy sector growth. Ongoing construction of new solar plants along with existing demand in industrial sectors including, automotive and metal processing is anticipated to drive the industry demand in the regions. Stringent environment regulations in Europe coupled with unstable supply of crude oil, base oils will encourage development of bio-based or biodegradable heat transfer fluids. The regional market will provide lucrative opportunities for industry participants over the projected timeframe. APAC heat transfer fluid market was valued at over USD 550 million in 2016. Rising demand for thermal management coupled with promotion of renewal energy in China and Japan is expected to drive the heat transfer fluid demand. Increasing energy demand from various industrial sectors will propel development of new solar plants. This is expected to surge the industry demand in Asia Pacific. North America heat transfer fluid market will witness gains at 6.3% up to 2024. Increasing necessity to utilize excess of warmness and energy released during processes in major industries such as chemical, concentrated solar power plants and HVAC will drive heat transfer fluid market over the forecast period.
In August, 2017 – Chevron Technology Ventures, LLC (CTV) announced the launch of its Catalyst Program, an initiative to promote technology innovation for heat transfer fluids in the Houston area and beyond.
In April, 2015 – Paratherm introduced Paratherm HT Heat Transfer Fluid, which further expands the line’s temperature range for processing applications. The product is formulated for closed-loop liquid-phase heating to 650°F in fired hot-oil heaters and 675°F in waste-heat recovery and full convection heaters used in the gas processing, plastic and chemical production , waste-oil recovery and biodiesel industries. Clear Yellow Fluid Pouring Into Lipped Beaker.
Major Points of TOC:-
1 Executive Summary
2 Scope Of The Report
3 Market Dynamics
4 Market Landscape
5 Global Heat Transfer Fluid Market, By Type
6 Global Heat Transfer Fluid Market, By End-Use Industries
7 Global Heat Transfer Fluid Market, By Region
8 Competitive Landscape
9 Company Profile
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Global Heat Transfer Fluid Market Analysis:-
Asia Pacific region is expected to be the largest market for heat transfer fluids as the region is currently investing in chemical and processing, automobile manufacturing and renewable energy projects. As it is critical to maintain effective operations of systems with minimal heat loss, heat transfer fluids play a major role in retaining the heat in these applications. Furthermore, increasing industrial manufacturing processes in Europe and North America are further expected to contribute to the heat transfer fluids market.
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