Heat transfer fluids transfer heat from one place to another in a machine or system. Excess heat can damage any system and the heat has to be distributed evenly for the proper functioning of the system. These heat transfer fluids have applications in oil and gas, energy production, processing industries and others. There is high scope for the Heat Transfer Fluids Market in various regions across the globe during 2015-2020.
Scope and Regional Forecast of the Heat Transfer Fluids Market:
According to the IndustryARC market research analysis on the Heat Transfer Fluids Market, Asia Pacific and Europe are the major markets followed by North America for heat transfer fluids in industrial applications during 2015-2020.
The major markets in Asia Pacific, Europe and North America are the US, Canada, Germany, France, China, India and Japan respectively. Rise in industrialization and investment by companies are the major factors driving the Heat Transfer Fluids Market during 2015-2020.
CSP generation is the major application of the Heat Transfer Fluids Market and expected to have the largest segment of revenue compared to others as per the IndustryARC analytics during 2015-2020. Rise in industrialization is pushing the scope of this market through 2020.
The Heat Transfer Fluids Market is a growing market with increasing utilization of thermal fluids for industrial and machine use in various end user verticals across the globe. This market is anticipated to witness high growth owing to the increasing investment for R&D in heat transfer engineering, growing demand for heat transfer products to avoid over heating in machineries in industries and production of thermal heat transfer by companies in various regions across the globe during 2015-2020.
Segmentation and Key Players of the Heat Transfer Fluids Market:
The Heat Transfer Fluids Market is segmented into various categories in the IndustryARC market research report by type, by application and by geography.
By type: water, alcohols and glycols, hydrocarbon oils, mineral oils, silicones, salt based, refrigerants or phase change fluids.
By application: geothermal energy, food and beverage processing, pharmaceuticals & chemicals, refrigeration, manufacturing processes, concentrating solar power (CSP) generation, oil & gas and others
By geography: North America, South America, Europe, Asia Pacific and ROW
According to the IndustryARC market research report, some of the noteworthy key players in the Heat Transfer Fluids Market are as follows:
- The Dow Chemical Company
- ExxonMobil Corporation
- BASF SE
- Chevron Corporation
- Royal Dutch Shell PLC
The thermal oil demand is anticipated to rise in various regions due to the increasing industrial activities and demand for properties of heat transfer in fluids for avoiding heat damage during 2015-2020.
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