DUBLIN--(BUSINESS WIRE)--The "Heat Transfer Fluids Market Size, Share & Trends Analysis Report By Application (Oil & Gas, Concentrated Solar Power), By Product (Aromatics, Mineral Oils, Silicone), And Segment Forecasts, 2019 - 2025" report has been added to ResearchAndMarkets.com's offering.
The global heat transfer fluid market size is projected to reach USD 3.24 billion by 2025, registering a 5.1% CAGR during the forecast period.
Increasing technological innovations in the industry by key global multinationals is a key driving force of the industry.
Key players such as DowDuPont, Eastman Company, ExxonMobil, Shell, and British Petroleum have integrated their business operations along the value chain to further strengthen their market position and sustain in the market. These companies have authorized resellers or third-party distributors across the globe, including Broughton Lubricants and Thermic Fluid Pvt. Ltd., to cater to local and regional demand.
Suppliers have been focusing on customer needs such as technical support and services in order to be truly customer-driven. With the evolution of e-commerce, suppliers are able to source and supply HTF with shorter lead-times and delivery products faster, along with being more accessible to the marketplace.
Mineral oil-based heat transfer fluid prices are highly affected by mineral oil prices, which showed high volatility over the period from 2010 to 2015 (March 2015). Increasing consumption has led to continuous increase in mineral oil prices from mid-2010 to mid-2011. In addition, widening of supply-demand gap of mineral oil led to an increase in prices during that period. All these factors have cumulatively affected demand and pricing structure of heat transfer fluids globally.
Concentrated solar power (CSP) is an advanced technology that is extensively used in recovery of solar energy. It requires thermal oils, which is responsible for collecting and transferring the generated heat from collectors to generators, thereby cooling the photovoltaic surface. These plants are observed to be increasingly gaining prospect across economies such as China, U.S., and France, which is likely to directly lead to increase in consumption of HTFs in these countries.
3.4.1 Heat transfer fluids for alternative energy technologies
18.104.22.168 Growing concentrated solar power industry globally
22.214.171.124 FDA Approval of food-grade heat transfer fluids
126.96.36.199 Growing natural gas production in GCC countries
4.2 Heat transfer fluids market estimates & forecast, by product
Chapter 5 Heat Transfer Fluids Application Outlook
5.2 Heat transfer fluids market estimates & forecast, by application
6.2 Heat Transfer Fluids market estimates & forecast, by region
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