Dublin, Aug. 27, 2020 (GLOBE NEWSWIRE) -- The "Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical, Food & Beverage, HVACR, and Others) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global HTFs market was valued at USD 3,205.7 million in 2019 and is projected to reach USD 4,882.1 million, at a CAGR of 9.9% between 2020 and 2025.
Increasing need for energy conservation is expected to drive the overall growth of HTFs market
The HTFs market is driven by various factors, such as high demand from the chemical industry, growing CSP industry, and improved performance of HTFs. However, fire and explosion hazards of HTFs can hinder the growth of the market.
The synthetic fluids segment is expected to grow at a higher CAGR during the forecast period
The synthetic fluids segment is the fastest-growing in the HTFs market. The HTFs market has been categorized as mineral oils, synthetic fluids, glycols, and others. Synthetic fluids provide maximized oxidation resistance with minimized deposits, and they possess high thermal stability, excellent radiation resistance, and good durable properties compared to other types. They also provide enhanced lubricity at different temperatures. Apart from synthetic fluids, glycols in one segment will be growing at the highest CAGR during the forecast period. Odorless property and high performance of glycol-based HTFs will drive the glycols market during the forecast period.
The chemical end-use industry is expected to hold the largest market share during the forecast period
The chemical industry involves various manufacturing processes that require to maintain specific temperatures during the processes. This specific temperature is achieved by using HTFs. HTFs are also used as an indirect heating source for various processes such as liquids and polymers treatments, drying and heating of bulk materials, energy recovery, low-pressure cogeneration, pipeline tracing, gas processing, and many others. They provide enhanced system efficiency and optimized energy costs. The global demand for chemicals is increasing owing to increasing population, urbanization, and industrialization. This will boost the growth of the chemical industry, which, in turn, drives the HTFs market.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to have the highest growth rate during the forecast period, due to the increased need for energy conservation, population, and urbanization. The increasing developments related to chemical, automotive, oil & gas, CSP, bio-diesel production, and HVACR industries in China, India, Japan, and South Korea provide huge opportunities for the HTFs market. Meanwhile, North America is projected to hold the second-largest market size during the forecast period.
Research Coverage
The market study covers the HTFs market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as provider, application, organization size, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Heat Transfer Fluids Market
4.2 Heat Transfer Fluids Market, by Type
4.3 Heat Transfer Fluids Market, by End-use Industry
4.4 Heat Transfer Fluids Market, by Key Countries
4.5 APAC Heat Transfer Fluids Market, by End-use Industry and Country, 2019
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growth of Global CSP Industry
5.2.1.2 Improved Performance of HTFs
5.2.2 Restraints
5.2.2.1 Fire and Explosion Hazards
5.2.3 Opportunities
5.2.3.1 Increasing Need for Energy Conservation
5.2.3.2 High Growth Potential of Bio-Based HTFs
5.2.4 Challenges
5.2.4.1 Volatility in Raw Material Prices
5.3 Impact of Global COVID-19 Pandemic on Heat Transfer Fluids Market
5.4 Average Selling Price Analysis
5.5 Value Chain Analysis
5.6 Porter's Five Forces Analysis
5.7 Macroeconomic Indicators
5.7.1 Global GDP Trends and Forecasts
5.7.2 Trends of Renewable Energy Industry
6 Heat Transfer Fluids Market, by Type
6.1 Introduction
6.2 Mineral Oils
6.3 Synthetic Fluids
6.4 Glycols
6.5 Others
7 Molten Salts
7.1 Introduction
7.2 Characteristics of Molten Salts
7.3 Cost of Molten Salts
7.4 Applications of Molten Salts
7.5 Companies in the Market
7.6 Power Generation Through CSP
8 Heat Transfer Fluids Market, by End-use Industry
8.1 Introduction
8.2 Chemical
8.3 Oil & Gas
8.4 Automotive
8.5 Renewable Energy
8.6 Pharmaceutical
8.7 Food & Beverage
8.8 HVACR
8.9 Others
9 Heat Transfer Fluids Market, by Region
9.1 Introduction
9.2 APAC
9.3 Europe
9.4 North America
9.5 Middle East & Africa
9.6 South America
10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping, 2019
10.2.1 Visionary Leaders
10.2.2 Innovators
10.2.3 Dynamic Differentiators
10.2.4 Emerging Companies
10.3 Competitive Benchmarking
10.3.1 Strength of Product Portfolio
10.3.2 Business Strategy Excellence
10.4 Ranking of Key Players
10.4.1 The Dow Chemical Company
10.4.2 Eastman Chemical Company
10.4.3 ExxonMobil
10.4.4 Chevron
10.4.5 Huntsman Corporation
10.5 Competitive Scenario
10.5.1 New Product Launches
10.5.2 Investments & Expansions
10.5.3 Mergers & Acquisitions
11 Company Profiles
11.1 The Dow Chemical Company
11.2 Eastman Chemical Company
11.3 ExxonMobil
11.4 Chevron
11.5 Huntsman Corporation
11.6 Royal Dutch Shell
11.7 Lanxess
11.8 Paratherm
11.9 Clariant
11.10 Schultz Canada Chemicals
11.11 Other Companies
11.11.1 Arkema
11.11.2 BASF
11.11.3 British Petroleum
11.11.4 Dalian Richfortune Chemicals
11.11.5 DuPont Tate and Lyle
11.11.6 Dynalene
11.11.7 Global Heat Transfer
11.11.8 Hindustan Petroleum Corporation
11.11.9 Indian Oil Corporation
11.11.10 ISEL
11.11.11 Paras Lubricants Limited
11.11.12 Petro-Canada
11.11.13 Phillips 66
11.11.14 Radco Industries
11.11.15 Sasol
11.11.16 Schaeffer Specialized Lubricants
11.11.17 Solvay
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