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 majorly driven by the increasing development in emerging countries especially in Asia Pacific region, where there is an increase in chemical processing, automotive manufacturing and renewable energy based energy generation. Also, there is an increased need to maintain temperatures in end-use industries, which can result in enhanced process effectiveness and reduced operating costs. The market is restrained by stringent regulations surrounding the heat transfer fluids as there are severe environmental and safety concerns. The global heat transfer fluid market is segmented on the basis of type and by end-use industries.
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Based on application, the heat transfer fluid market is segmented as oil & gas, chemicals & processing, renewable energy, pharmaceuticals, food and beverage and automotive applications. The market for heat transfer fluids is expected to rise with increasing oil and gas operations in onshore and offshore production processes across North America and Europe. The chemical & processing applications are also expected to contribute to the heat transfer fluid market as energy recovery and heat recovery plays an increasing role in the chemical industry operations. Furthermore, in renewable energy applications, heat transfer fluids are driven by the increasing installations of solar thermal energy systems and solar power plants such as CSP plants.
Top Key Players:-
- Huntsman Corporation
- and Global Heat Transfer Ltd.
- Royal Dutch Shell plc
- Phillips 66
List Of Tables
Table 1 Global Heat Transfer Fluid Market: By Region, 2018-2023
Table 2 North America Heat Transfer Fluid Market: By Country, 2018-2023
Table 3 Europe Heat Transfer Fluid Market: By Country, 2018-2023
Table 4 Asia-Pacific Heat Transfer Fluid Market: By Country, 2018-2023
Table 5 RoW Heat Transfer Fluid Market: By Country, 2018-2023
Table 6 Global Heat Transfer Fluid Market, By Type, By Regions, 2018-2023
Table 7 North America Heat Transfer Fluid Market, By Type, By Country, 2018-2023
Table 8 Europe Heat Transfer Fluid Market, By Resin Type, By Country, 2018-2023
Table 9 Asia-Pacific Heat Transfer Fluid Market By Type, By Country, 2018-2023
Table 10 RoW Heat Transfer Fluid Market By Type, By Country, 2018-2023
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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.