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Heat transfer fluids Market: Introduction
Heat transfer fluids market deals with fluids that are used to transfer heat from one system to another. The heat transfer fluids limit the overheating of devices by circulating the fluid within the mechanical parts of the devices. These fluids find huge application across a wide range of industries including manufacturing, solar power plants, petroleum processing and others. The global heat transfer fluids market is expected to foray ahead with a considerable CAGR over the forecast period of 2018-2028. The growing manufacturing output across the globe has been considered as one of the key trends that is supplementing the global heat transfer fluids market growth. As per United Nations Industrial Development Organization (UNIDO), the global manufacturing value added (MVA) is likely to showcase a growth rate of 3.9% in 2018. Furthermore, owing to various factors such as increasing population, industrialization etc. the manufacturing output is expected to increase till 2028 that is augmenting the heat transfer fluids market growth. Moreover, advancements in heat transfer fluids, high demand from the application industries coupled with innovative product offerings from the market players and growing application industries are some of the factors providing traction to the heat transfer fluids market growth.
High demand of heat transfer fluids from application industries is poised to drive market growth over the forecast period
High demand of heat transfer fluids specifically from automotive and chemical industry is leveraging huge adoption opportunities for the market. As per OICA (International Organization of Motor Vehicle Manufacturers), Paris, the total cars and commercial vehicle production in 2016 was recorded to be around 72.1 million that further escalated up to 73.4 million in 2017. The automotive industry in particular calls for high adoption of heat transfer fluids across various applications including radiators, HVAC systems and many more. In addition, rise in concentrated solar power projects is also expected to drive the demand for heat transfer fluids. As per SolarPACES, NREL, 23 countries including China, United States, India, South Africa and others have various CSP projects. Hence, inclination towards renewable energy across the globe supplements the CSP projects that in turn provides traction to the heat transfer fluids market growth.
Segmentation analysis of Heat transfer fluids Market
The global heat transfer fluids market is bifurcated into two major segments that are product type and application.
On the basis of product type, the global heat transfer fluids market is divided into:
On the basis of application, the global heat transfer fluids market is divided into:
Based on region, the global heat transfer fluids market is segmented as:
Heat transfer fluids Market: Regional Outlook
The global heat transfer fluids market is segmented into seven regions: North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA. Among the above-mentioned regions, Europe is expected to contribute a majority of the market share in 2018 in terms of value owing to high adoption of heat transfer fluids across various industries including pharmaceutical, oil & gas, automotive, chemical and others. South Asia and East Asia are expected to show high growth rates due to increasing output from the manufacturing industry. In addition, initiatives such as “Make in India”, “Made in China 2025”etc. tend to drive the manufacturing industries of the countries that signifies high adoption of heat transfer fluids across the end user industries. Positive government stance for manufacturing industry also drives the heat transfer fluids market region. India is one of the key emerging markets for heat transfer fluids in the region. Moreover, Middle East is also one of the region growing at a high rate sowing to oil & gas industry backed up by increasing population estimates. Oceania and Latin America account for a substantial market share in terms of heat transfer fluids demand.
Key players of Heat transfer fluids Market
Prominent players in the global Heat transfer fluids market are Royal Dutch Shell, Sasol, Eastman, BASF, DowDuPont, ExxonMobil etc. The heat transfer fluids market consists of well-diversified global and regional players with global vendors ruling the market.
The research report presents a comprehensive assessment of the Heat transfer fluids market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Heat transfer fluids market report provides analysis and information, according to market segments such as geographies, type and industry.
The Heat transfer fluids Market Report Covers Exhaustive Analysis On:
The Heat transfer fluids Market Regional Analysis Includes:
The Heat transfer fluids report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The Heat transfer fluids report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The Heat transfer fluids report also maps the qualitative impact of various market factors on market segments and geographies.
The Heat transfer fluids Market Report Highlights: