The global heat transfer fluids (HTFs) market was valued at an estimated $2,811.0 million in 2015, in terms of value; and it is expected to grow at a CAGR of 6.8% during 2016-2021. The factors driving the growth of the global market include growing chemical, petrochemical, and HVAC industries; expanding CSP activity in North America and Europe, and relatively higher replacement rates of synthetic aromatic HTFs. The key trend witnessed in the global market is the continuous effort to enhance the performance of HTFs. Although the HTF market is a mature industry with well-proven technology, it is evolving in order to meet the ever-changing demands of industrial processes and the environments in which they have to work. HTF manufacturing companies have introduced new variations that make them extremely efficient and long lasting. These variations are in form of additives that help to enhance one or more specific properties of HTFs, such as enhanced operating temperature range, less degradation on higher temperatures, fouling resistance, and corrosion resistance.
Among the various HTF types, the aromatics & silicone segment is estimated to hold the largest share in the global HTFs market in terms of value in 2015; and it is also anticipated to witness the highest growth at 7.6% CAGR during the forecast period. Based on end-user, the oil & gas industry (the largest end-user segment in the global market) was estimated to consume 131.4 kilotons of HTFs in 2015. The HTFs consumption in the oil & gas industry is anticipated to reach 181.5 kilotons by 2021, growing at a CAGR of 5.5% during 2016 – 2021.
Europe was the largest market for heat transfer fluids in 2015, with a share of about 33.6%, in terms of HTFs consumption. Asia-Pacific is anticipated to be the fastest growing market for HTFs. The Asia-Pacific market is anticipated to reach $1,002.6 million by 2021, growing at a CAGR of 8.8% during the forecast period. The major reason behind the growth of the heat transfer fluids market in the region is the growth in intensity of manufacturing industry in India, Malaysia, Vietnam, Indonesia, and Thailand.
Some of the major players operating in the global heat transfer fluids market are Honeywell International Inc., Exxon Mobil Corporation, Chevron Corporation, BASF SE, Bharat Petroleum Corporation Limited, The Dow Chemical Company, Hindustan Petroleum Corporation Limited, ConocoPhillips, Indian Oil Corporation Ltd., and Huntsman Corporation.
News Courtesy: P&S Market Research