Industry Overview
Heat Transfer Fluid(HTF) Market size was evaluated at more than 480 kilo tons for 2015 and is predicted to register CAGR of greater than 6% during forecast timeframe. Increasing production of oil & gas in gulf countries can fuel demand for synthetic lubricants in HTF form in future. These fluid system play a key part in oil & gas process and also covers natural gas or crude oil processing, refining and transfer.
Heat transfer fluids are used in heating facility and restoration of glycols to eradicate water from natural gas generated in offshore platforms. Global CSP(concentrated solar power) deployment capacity was evaluated at greater than 3300 megawatts for 2014. Expansion in CSP sector owing to technological breakthroughs in molten salt fluid technology commercialization, thermal storage system and temperate climate condition adaptability is the main aspect driving heat transfer fluid (HTF) industry expansion.
Enhancing CSP plant efficacy by offering high heat storage abilities will increase energy generating capacity of plant. This is a key factor fuelling the demand and growth of the industry. Canada and U.S. heat transfer fluid(HTF) market are projected to witness substantial development owing to fast growth in current CSP projects and many upcoming facilities due to growing regional investment.
Bio-based fluids growth and technological breakthroughs along with increase in bio-diesel utility are the key factors driving the growth of the heat transfer fluid(HTF) market globally. But recyclability, biodegradability and aqueous toxicity are few of the factors inhibiting industry growth. Negative impact on ecology due to fluid formation from petrochemicals and mineral oils has resulted in strict legislations passed by EPA(Environmental Protection Agency) to regulate product use. This has hindered the growth and demand of heat transfer fluid industry.
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Product Insights
Global industry is segmented into various products like glycol based products and aromatic & silicone products.
Glycol based products segment is predicted to register more than 6.5% of CAGR during forecast timeframe. Expansion of food & beverage sector and FDA approval are considered to be main aspects driving the product demand.
Aromatic & silicone segment was evaluated at more than $995.1 million for 2015. This product has exceptional thermal stability, good physical resistance property and its chemical composition can be altered under severe heat & cold conditions or during oxidation process.
Less proportion of volatility, non –corrosive nature and non-toxic feature of the segment were the key factors driving aromatic& silicone high transfer fluid (HTF) demand.
Application Insights
The industry is segmented into various applications like CSP application and oil & gas application.
CSP application segment is predicted to experience biggest growth with expected gains of more than 7.2% by end of forecast timeframe. High transfer fluid plays a main role in storing & transferring heat energy in CSP. Expansion of CSP sector assisted by favorable government policies to deploy solar power is anticipated to improve industry expansion in the segment.
Oil & gas application dominated the application segment and was evaluated at more than $470 million for 2015. Heat transfer fluids are utilized in offshore heating & cooling procedures in oil & gas utilities, LNG in degasification & liquefaction terminals and floating production divisions. Expanding oil & gas sector along with growing LNG terminals as well as offshore manufacturing facilities are the potential aspects driving industry growth in the segment.
Regional Insights
The industry is segmented into key geographical regions like Latin America, Europe, North America, APAC and MEA.
Europe was the biggest regional industry and contributed more than $700 million for 2015. Germany and UK heat transfer fluid(HTF) market were the biggest contributors of the region. Change in trend towards renewable power source like CSP along with initiatives taken by European Union to deploy solar energy generating systems in the region are the factors contributing to industry growth in the region.
APAC is anticipated to witness biggest rate of growth and is predicted to register more than 6.81% of CAGR during forecast timeframe. Growth in chemical industry, food & beverages sector and oil & gas sector in countries like Japan, China and India due to fast industrialization & supportive government policies are few of the factors contributing to the industry growth in the region.
Growing forecasts for heavy oil & gas exploration in countries like Kuwait, Saudi Arabia, Egypt and Nigeria owing to new inventions in proved oil fields are predicted to propel Middle East & Africa(MEA) industry expansion.
Browse key industry insights spread across 172 pages with 209 market data tables & 16 figures & charts from the report, “Heat Transfer Fluid (HTF) Market Size By Product (Glycol, Mineral Oils, Silicones & Aromatics), By Application (HVAC, Pharmaceuticals, Plastics, Food & Beverages, Concentrated Solar Power (CSP), Chemical Industry, Oil & Gas), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, China, India, Japan) Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/heat-transfer-fluid-market
Competitive Insights
Key industry players profiled in the report include ExxonMobil, Dow Chemical Company, Chevron Company, British Petroleum, Eastman Chemical Company, Hindustan Petroleum Corporation Limited, Royal Dutch Shell Plc, Huntsman Corporation, Indian Oil Corporation Limited, Phillips 66, BASF SE, Dynalene Incorporation, CFR Chemicals, KOST USA Incorporation and Inlet Petroleum Company.
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