Heat transfer fluids: Key market research findings
- Stringent regulations drive market growth
- Silicones and aromatics account for a majority of the market’s revenue
- Key vendors – Dow Chemical, ExxonMobil, Eastman, Shell, and British Petroleum
Technavio’s market research analysts predict the global heat transfer fluids market to grow at a CAGR of around 6% between 2016 and 2020. The growth of this market can be accredited to the introduction of stringent environment regulations pertaining to the prevention of ozone depletion have made it problematic to use. Many fluids produced to substitute potentially toxic fluids are combustible or corrosive. Perfluorocarbon (PFC) fluids can be used as replacements, but these fluids have long atmospheric lifetimes and are more likely to contribute to global warming. During 2015, the global heat transfer fluid market was dominated by the APAC with a market share of around 37%. The expansion of the oil and gas industry accompanied by government initiatives for foreign investment in countries, such as China and India, will drive the growth of the heat transfer fluid market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of heat transfer fluid segments based on the product.
“Technological advances in heat transfer fluid product portfolio will reflect positively on the growth of this market in the coming years. Ternary, quaternary, or even quinary salt mixtures based on carbonates, nitrates, and chloride salts are being used as alternatives to nitrate salts in CSP plants to overcome temperature limitations. Furthermore, liquid metals such as sodium and lead and their alloys are also being considered as heat transfer fluid owing to their high thermal conductivity and low viscosity,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
By 2020, the silicones and aromatics segment will account for about 44% of the market revenue to continue its dominance as the key revenue generating vertical in the global market for heat transfer fluids. Silicones and aromatics heat transfer fluids are intended to function at very high temperature. They are widely used in the plastic, wood processing, food, and chemical industries. These heat transfer fluids display extreme resistance to oxidative and thermal deterioration.
The key vendors in the market include Dow Chemical, ExxonMobil, Eastman, Shell, and British Petroleum. The global heat transfer fluids market share is consolidated with top five players, accounting for over 75% of the total market share in 2015. Major products in the heat transfer segment include glycol (propylene and ethylene glycol) fluids and synthetic fluids. The market stakeholders are capitalizing heavily in R&D to develop bio-based thermic oils due to strict environmental guidelines regarding the synthetic heat transfer fluid. Companies have also been advancing to commercialize nanofluids with improved thermal properties and versatility in various applications.
A more detailed analysis is available in the Technavio report, Global Heat Transfer Fluid Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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