San Francisco, Nov. 19, 2015 (GLOBE NEWSWIRE) -- Global Heat Transfer Fluids Market size is likely to be valued at USD 3.7 billion by 2020; as per a new research report by Radiant Insights, Inc. Increasing demand for for heat recovery management in industries such as metal processing, pharmaceuticals and automotive is anticipated to drive market. Increasing number of CSP (concentrated solar plants) installations in countries such as the U.S., France and China are anticipated to drive demand. Growing synthetic fluid demand for application in gas production particularly in GCC markets is likely to favor growth.
USDA approval for its application in food & beverages applications is likely to positively influence growth. Raw material deficit coupled with stringent regulations by REACH and EPA governing environmental norms may hinder heat transfer fluids market growth.
Silicone & aromatic based thermic oil dominated the product segment and accounted for more than 42% of the total demand in 2014. Growth of industries such as chemical and oil & gas is likely to drive the demand. Glycol fluids are likely to witness highest gains, with an estimated CAGR of 6.8% from 2015 to 2022.
Browse Full Research Report With TOC On "Heat Transfer Fluids Market Size, Global Industry Report 2022" at: http://www.radiantinsights.com/research/heat-transfer-fluids-market
Key report insights suggest:
- Global heat transfer fluids market size was estimated 465.9 kilo tons in 2013 and may register 745.3 kilo tons by 2022 growing with an estimated CAGR of 6.1% from 2015 to 2022.
- Oil & gas dominated the application segment and accounted for 23.58% of the total demand in 2014. Growing heating oil usage in offshore heating & cooling processes is likely to drive demand for oil & gas applications. CSP is anticipated to witness highest gains with an estimated CAGR of 7.5% from 2015 to 2022.
- Europe dominated the regional demand and accounted for 31.9% of the total volume in 2014. Recent solar power plant installations in countries such as France and Germany are likely to favor market growth. Presence of large scale automobile industry is anticipated to drive thermic fluids and coolants demand.
- Asia Pacific is likely to witness highest gains, at an estimated CAGR of 7.0% up to 2022. Presence of large scale industries such as chemical, food & beverages and automobile in China & India is likely to drive demand.
- Heat transfer fluids market share is consolidated and top five companies account for 75% of the share 2014. Major companies include BASF, Shell, Dow Chemicals, ExxonMobil, Eastman Company, Chevron and Huntsman Corporation.
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Global Heat Transfer Fluids Product Overview (Kilo Tons; Revenue, USD Million, 2012 – 2022)
- Silicone & Aromatics
- Mineral Oils
- Glycol-Based Fluids
Global Heat Transfer Fluids Application Overview (Kilo Tons; Revenue, USD Million, 2012 – 2022)
- Oil & Gas
- Concentrated Solar Power (CSP)
- Food & Beverages
- Heating, Ventilating & Air Conditioning (HVAC)
Global Heat Transfer Fluids Regional Overview (Kilo Tons; Revenue, USD Million, 2012 – 2022)
- North America
- Asia Pacific
- Middle East & Africa
- Central & South America
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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy.Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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Source: Radiant Insights