Asia Pacific Heat Transfer Fluid Market revenue is expected to witness significant growth in the forecast timeframe. Rising demand for the thermal management along with increasing recognition of renewal energy among consumers in developed countries including Japan and China is expected to drive the HTF landscape.
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Heat Transfer Fluid Market has been gaining an edge successfully in terms of revenue streams and profitability quotient, given the increasing penetration of concentrated solar power in the renewable energy matrix. In fact, it would not be overstated to assert that the key to success of any CSP plant majorly grounds on the quality of heat transfer fluids that are being utilized in running the plant, pertaining to the fact these fluids transfer heat from one component to another and finally to the power block, where the heat energy is converted into electricity.
Global concentrated solar power installed capacity has witnessed a growth of 1.56% over 2015-2016, reaching almost 5017 MW by the end of 2016, claims CSPPLAZA research center, China. Not to mention, the aforementioned statistic has left a perpetual influence on the demand curve of heat transfer fluid market, with CSP having chronicled the title of the most lucrative revenue ground for the overall business fraternity. As per estimates, heat transfer fluid industry from CSP application is slated to record a CAGR of 7% over 2017-2024.
Glycol product segment was valued over USD 300 million in 2016. Extensive usage in food & beverage industry coupled with FDA approval are primary factors for the growth of the segment. Moreover, surge in number of food processing services coupled with enhanced capacities for medical operations will boost glycol demand.
Oil & gas application segment is expected to reach over USD 880 million by 2024. Rising application for oil heating for offshore thermal processes is expected to propel heat transfer fluid market share over forecast time frame. Additionally, setting up of new terminals of LNG is expected to fuel product demand.
HVAC application segment will witness gains at over 6% up to 2024. Low initial investment compared to the cost of chillers, pumps, piping and other system components is projected to drive the heat transfer fluid market growth. However, system’s performance, longevity, and long-term maintenance costs depends on the type of product that is used in the process.
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Table Of Content For This Research Report:
Chapter 4. Heat Transfer Fluid Market, By Product
4.1. Global heat transfer fluid market share by product, 2016 & 2024
4.2. Silicones & aromatics
4.2.1. Market estimates and forecast, 2013 – 2024
4.2.2. Market estimates and forecast, by region, 2013–2024
4.3. Mineral oils
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. heat transfer fluid market estimates and forecast, by region, 2013 – 2024
4.4.1. Market estimates and forecast, 2013 – 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
4.5.1. Market estimates and forecast, 2013 – 2024
4.5.2. heat transfer fluid market estimates and forecast, by region, 2013 – 2024
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Global heat transfer fluid market share is highly consolidated due to the presence of few key players in the industry. Dow Chemicals, Huntsman Corporation, BASF, Dynalene, KOST USA, Shin-Etsu and Duratherm are among the major industry participants.
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