Heat Transfer Fluids Market is expected to gain 5.8% CAGR during the forecast period of 2019-2023. Severe Environmental and Safety Concerns to Drive Global Heat Transfer Fluids Market. Low-Cost of Transportation and Low-Cost of Transportation to Cause fast Market Growth. Global Heat Transfer Fluids Market Research Report Categories by Type (Mineral Oils, Silicones & Aromatics, Glycols), End-Use industries (Oil & gas, Chemicals & Processing, Renewable energy, Pharmaceuticals, Food & Beverage, Automotive) and Region Forecast to 2023.
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Key Players Analyzed in This Report:
Some of the prominent players in the Heat Transfer Fluids market include Exxonmobil (U.S), DOW (U.S), Paratherm (U.S), Chevron (U.S), Lanxess (Germany), BASF (Germany), Global Heat Transfer Ltd. (Canada), Huntsman Corporation (U.S), Phillips 66 (U.S), Royal Dutch Shell plc (Netherlands), Schultz Canada Chemicals Ltd. (Canada), Arkema (France), and Radco Industries (U.S).
Heat Transfer Fluids Market Overview:
The global Heat Transfer Fluids market is anticipated to demonstrate a CAGR of 5.8% during the forecast period (2018-2023), Market Research Future (MRFR) reveals in a detailed report. Heat Transfer Fluidss are generally used to carry heat from thermal systems to heat storage tanks. The growth in Heat Transfer Fluids market is highly encouraged by technological innovations carried out by global multinationals.
The global Heat Transfer Fluids market is likely to be driven in the future is backed by some important factors playing a constructive part. The increased use of Heat Transfer Fluids transport industry has elevated the growth of the global market. There has been rapid development in emerging economies, especially in automotive, metal processing, chemical and oil & gas sectors is driving Heat Transfer Fluids market growth in splendid ways. The Heat Transfer Fluids market is likely to experience a healthy growth due to the constant developments in regions like the Asia Pacific, where there is a growth in automotive manufacturing, chemical processing, and renewable energy-based energy generation. Low cost of transportation and raw materials is likely to boost the growth of the market.
Conversely, government regulations across emerging as well as developed economies coupled with the Environment Protection Act is projected to offset market growth over the next decade.
Segmentation Analysis
The Heat Transfer Fluids market is segmented based on type, fuel, portability, end-use, and region.
Detailed Regional Analysis:
According to the MRFR report, the Heat Transfer Fluids Market has been regionally segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). Asia Pacific region is witnessing increasing installations of solar power projects such as CSP. Also, there has been rising chemical and processing industry in Asia-Pacific, which is leading the market with positive pull. The continuous proliferation of population in Asia Pacific with demand for energy from renewable energy sources is making the Heat Transfer Fluids market to rise at a higher CAGR in recent times. APAC is one of the major contributors owing to the multiple levels of legal and political reforms in Singapore and India. With the initiation of Make in India, the country has witnessed the rapid expansion of the domestic manufacturing industry. This has further resulted in increased consumption of HTFs in automotive, pharmaceuticals, and other end-use industries.
North America has reflected a significant growth over the past few years, in terms of ongoing solar projects. The surging needs to use energy and heat dissipated from the CSP plants and chemical industries are likely to promote to the market growth.
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Table of Contents
1.Executive Summary
2.Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3.Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat of New Entrants
3.1.2. Bargaining Power of Buyers
3.1.3. Threat of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power of Buyers
3.2. Value Chain/Supply Chain Analysis
Continued…
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