Rising thermal fluids demand is mainly associated with its temperature control properties and cost savings operation compared to its counterpart including steam and electric. (HTF) Heat Transfer Fluid Market size is estimated to surpass USD 3.5 billion by 2023; according to this report.
Increase in oil & gas production, chemical & metal processing industries expansion accompanied by favorable environment regulations will drive the heat transfer fluid market growth.
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HTF has wide application scope in automotive, food processing and pharmaceutical industries.
Increasing manufacturing capacities in China, Brazil and India owing to lucrative Foreign Direct Investment (FDI) schemes will further escalate the heat transfer fluid market growth.
Increased natural gas production in GCC countries owing to shifting preference towards sustainable resources promoting the biodiesel and CSP usage will facilitate heat transfer fluid demand. Glycol application is set to witness gains at over 7% up to 2023, in revenue terms.
2015 Silicon & aromatics HTF market was more than USD 950 million. Superior thermal stability, physical & chemical resistance to change when exposed to extreme temperatures along with oxidation conditions are key technical advantages.
The product also exhibit low volatility, non-toxic, non-corrosive and inert properties. Rising toxicity, biodegradability and recyclability concerns along with stringent regulations on mineral oil and petrochemical formulation may impact heat transfer fluid market price trend.
Global heat transfer fluid market is set to witness over 6% CAGR. Increased application scope in oil& gas and concentrated solar power has enhanced the industry growth.
FDA approval to use antifreeze for food & beverages will support product penetration in this industry.
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Concentrated Solar Power (CSP) application will register growth over 7.5%. Increasing usage for thermal energy storage and transfer accompanied by regulatory compliances associated with solar power installation will fuel growth.
O&G was one of the leading applications and valued at more than USD 450 million for 2015. Increasing floating production units and LNG terminals along with growth in offshore thermal processes will stimulate heat transfer fluid market growth.
Europe heat transfer fluid market will observe growth over 5%. Shifting preference towards sustainable energy and sustainable products along with attractive EU monetary schemes on CSP installations will trigger the regional industry growth.
Germany food & beverage application will generate over USD 60 million.
Asia Pacific heat transfer fluid market is set to observe over 7% CAGR by 2023. Manufacturing capacities expansion in O&G and chemical industry due to resource availability and increased energy consumption has driven the regional demand.
China mineral oil market is foreseen to be valued over USD 130 million, with growth over 8%.
Global heat transfer fluid market is consolidated and competitive in nature with Eastman, Dow Chemicals, British Petroleum, ExxonMobil, and Shell being the key industry participants. Dynalene, IOC, Inlet Petroleum, Hindustan Petroleum, Huntsman, BASF, Chevron, Phillips 66, KOST USA and CFR Chemicals are the other notable industry players.
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