Heat Transfer Fluids Market to Grow at 6.8% CAGR till 2021: P&S Market Research

NEW YORK, Aug. 03, 2017 -- As per a new market research report titled “Global Heat Transfer Fluids Market Size, Share, Development, Growth and Demand Forecast to 2021 – Industry Insights by Type (Aromatics & Silicone, Mineral Oils, Glycols and Others), by End-User (Oil & Gas, Concentrating Solar Power, Chemical Industry, Manufacturing Processes, Bio-Diesel Production and Others)” published by P&S Market Research, the global heat transfer fluids market is projected to register 6.8% CAGR during 2016 – 2021.

The global heat transfer fluids (HTFs) market was valued at $2,811.0 million in 2015. However, the market is expected to increase notably, during the forecast period. The driving factors for the global HTF market include growth in several industries, such as petrochemical, chemical, and HVAC, increasing CSP activity in Europe and North America, and comparatively higher replacement rates of synthetic aromatic HTFs.

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Based on type, aromatics & silicone segment has been the largest contributor to the global market for HTFs in 2015. This segment is also expected to register the highest growth by 2021, witnessing a CAGR of 7.6% during the forecast period. On the other hand, oil & gas industry has been the largest end-user of HTFs. In 2015, this segment was estimated to have consumed 131.4 kilotons of HTFs. By 2021, this number is projected to reach 181.5 kilotons, as the oil & gas industry is likely to grow at a CAGR of 5.5% during the forecast period.

Geographically, Europe has been the major contributor to the global market for heat transfer fluids. The region accounted for 33.6% of the global HTFs consumption in 2015. During the forecast period, the market is expected to witness the fastest growth in Asia-Pacific. The regional market may touch $1,002.6 million by 2021, recording 8.8% CAGR during the forecast period. Intensifying manufacturing industry in Malaysia, India, Vietnam, Thailand and Indonesia has been driving the Asia-Pacific market for heat transfer fluids.

Majorly, growth in several industries, such as HVAC, chemical and petrochemical, has been acting as a driver for the market growth. In addition, the increasing concentrating solar power (CSP) activity in Europe and North America are driving the global market. Higher replacement rates of synthetic aromatic HTFs are also adding to the growth of the market.

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Constant endeavors to improve HTFs performance is acting as the major trend in the global heat transfer fluids market. HTFs market is a mature market with efficient technology, which has been evolving to fulfil the altering demands of industrial processes and environments wherein these are carried out. New variations have been introduced by different HTF manufacturing companies, which ensure high efficiency and long life. Also, these variations are in additive form, which helps in improving various properties of HTFs, including less degradation on higher temperatures, resistance to corrosion, improved operating temperature range, and fouling resistance.

Some among the major global heat transfer fluids market players include Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, Honeywell International Inc., Huntsman Corporation, The Dow Chemical Company, Chevron Corporation, BASF SE, ConocoPhillips, Hindustan Petroleum Corporation Limited, and Indian Oil Corporation Ltd.

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