According to Our latest research report on “Heat Transfer Fluids Market ” highlights the substantial global expansion occurring within this sector. The report encompasses projections for the years leading up to 2031, accompanied by a comprehensive analysis of the market’s current size, prevailing trends, market share, and economic insights.
The global heat transfer fluids (HTFs) market was valued at $1.5 billion in 2019, and is projected to reach $2.0 billion by 2027, growing at a CAGR of 4.8% from 2020 to 2027. Heat transfer involves exchange of thermal energy between different objects, where energy is transformed from one form to another, but is neither created nor destroyed. Thermal convection, thermal conduction, thermal radiation, and energy transfer are the types of heat transfer that can occur due to phase change. Heat transfer fluids are used to avoid overheating of substances while the process of heat transfer takes place. They have a wide range of applications in automotive, oil & gas processing, manufacturing processes, and solar power plants.
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In order to be able to fulfill rising demand, the chemical industry invests billions of dollars each year in new and sustaining capital. Chemicals and materials are omnipresent in contemporary life, therefore major changes will be required for chemical makers to function in a changing geopolitical environment on a global scale, either proactively or reactively. Chemical firms will probably need to prepare for difficulties in the upcoming year, such as global inflation and oil price instability.
The global heat transfer fluids market is driven by the rise in natural gas production in Gulf countries. Heat transfer fluids play an important role in the processing, refining, and transportation of natural gas. They are used in offshore applications, such as regeneration of glycols, and facilitate heating to remove water from processed natural gas. Heat transfer fluids offer excellent temperature control and ensure safety. Compared with other thermal media, HTFs are low maintenance and economical. Therefore, these factors are expected to increase the demand for heat transfer fluids from the oil & gas industry during the forecast period.
However, factors, such as fire & explosion hazards posed by heat transfer fluids and volatility in raw material prices, are expected to hinder the growth of the heat transfer fluids market. In addition, energy scarcity and environmental safety regulations have surged the need for energy conservation. Therefore, the adoption of energy transfer devices, such as heat exchangers and heat pumps, has increased significantly. This is expected to provide lucrative opportunities for the heat transfer fluids market to grow in the near future.
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The global heat transfer fluids market is segmented on the basis of type, end-use industry, and region. On the basis of type, the market is categorized into mineral oils, synthetic fluids, glycols, and others. By end-use industry, it is divided into chemical, oil & gas, food & beverages, pharmaceutical, renewable energy, automotive, HVAC & refrigeration, and others. Region-wise, the heat transfer fluids market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major key players operating in the heat transfer fluids industry include Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd., Eastman Chemical Company, The Dow Chemical Company, BP p.l.c, Clariant International Ltd., Royal Dutch Shell plc, Phillips 66, Chevron Corporation, and Exxon Mobil Corporation.
COVID-19 Analysis:
– The demand for smart polymers is expected to experience a downfall due to decline in production activities of the end-use industries, due to disrupted supply chain amid the COVID-19 pandemic lockdown.
– The production of heat transfer fluids is also estimated to hamper during and after the lockdown due to non-availability of workers. According to the United Nations Industrial Development Organization (UNIDO), 30%-70% of pre-COVID-19 workforce of HTFs manufacturing companies has migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This non-availability or less availability of workforce is expected to directly affect the annual production of HTFs.
Key benefits for stakeholders
– Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
– The report outlines the current trends and future scenario of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
– Major countries in the region have been mapped according to their individual revenue contribution to the regional market.
– The key drivers, restraints, & opportunities and their detailed impact analysis are explained in the study.
– The profiles of key players and with their key strategic developments are enlisted in the report.
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Key market segments
– By Type
– Mineral Oils
– Synthetic Fluids
– Glycols
– Others (Molten Salts, Nanofluids, Ionic Fluids, Hydrocarbons, and Fluorinated Fluids)
– By End-Use Industry
– Chemical
– Oil & Gas
– Food & Beverages
– Pharmaceutical
– Renewable Energy
– Automotive
– HVAC & Refrigeration
– Others (Electronics and Aerospace)
– By Region
– North America
o U.S.
o Canada
o Mexico
– Europe
o Germany
o France
o Italy
o Spain
o UK
o Rest of Europe
– Asia-Pacific
o China
o Japan
o South Korea
o India
o Australia
o Rest of Asia-Pacific
– LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA
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Table of Contents:
- Introduction and Scope
- Definition and Forecast Parameters
- Methodology and Forecast Parameters
- Information Sources
- Latest Trends Summary
- Regional Trends
- Product Trends
- End-Use Trends
- Business Trends
- Industry Insights
- Industry Fragmentation
- Industry Landscape
- Vendor Matrix
- Technological and Innovative Landscape
- Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Company Profiles
- Company Overview
- Financial Elements
- Product Landscape
- SWOT Analysis
- Systematic Outlook
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