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Heat Transfer Fluid Market Size to gain remarkable traction from oil and gas applications

Author : Ronak Bora | Published Date : 2019-08-08 

Heat transfer fluid market 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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One of the pivotal factors responsible for the massive growth of heat transfer fluid market is its widespread end-use spectrum. Practically almost in every industrial process ranging from food & beverage and plastics to pharmaceuticals and oil & gas sectors, the requirement of highly efficient heat transfer is quite profound. While heat transfer efficiency can be improved by several methods including incorporation of vibration in heat transfer surfaces, deployment of microchannels, and utilization of extended surfaces, increasing the thermal conductivity of working fluid is claimed to be the most pronounced approach that wins a mass popularity.

Say for instance, advancements in nanotechnology has led to emergence of a new class of engineered fluids, that are mainly produced by the amalgamation of nanomaterials in conventional heat transfer fluids. The so dubbed nanofluid, took heat transfer fluid industry space by storm when its unrivaled combination of unique benefits came to light. The nanoparticles that are uniformly distributed in the base fluid are claimed to improve the thermal conductivity by increasing the convection and conduction coefficients, thereby ensuring a more efficient heat transfer.

Rising demand for precise application based on HTF for optimal energy efficiency is projected to propel industry growth. Implementation of Concentrated Solar Power (CSP) amenities in several industrialized countries for promoting renewable energy will fuel heat transfer fluid market development.

Recent technological developments in the manufacturing sectors including, metal processing and plastics will significantly benefit the industry. In addition, increasing exploration activities in oil & gas industry, particularly in Europe and Asia Pacific will also support improved raw material availability over the projected timeframe. Thus, driving the heat transfer fluid market expansion.

Asia Pacific is anticipated to observe gains at a rate of 7% up to 2024. 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.

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.

Glimpse of Table of Content (ToC)

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.   Market estimates and forecast, by region, 2013 – 2024

4.4. Glycol

4.4.1.   Market estimates and forecast, 2013 - 2024

4.4.2.   Market estimates and forecast, by region, 2013 – 2024

4.5. Others

4.5.1.   Market estimates and forecast, 2013 - 2024

4.5.2.   Market estimates and forecast, by region, 2013 – 2024

Chapter 5. Heat Transfer Fluid Market, By Application

5.1. Global heat transfer fluid market share by application, 2016 & 2024

5.2. Oil & gas

5.2.1.    Market estimates and forecast, 2013 - 2024

5.2.2.    Market estimates and forecast, by region, 2013–2024

5.3. Chemical industry

5.3.1.   Market estimates and forecast, 2013 - 2024

5.3.2.   Market estimates and forecast, by region, 2013 – 2024

5.4. Concentrated Solar Power (CSP)

5.4.1.   Market estimates and forecast, 2013 - 2024

5.4.2.   Market estimates and forecast, by region, 2013 – 2024

5.5. Food & beverages

5.5.1.   Market estimates and forecast, 2013 - 2024

5.5.2.   Market estimates and forecast, by region, 2013 – 2024

5.6. Plastics

5.6.1.   Market estimates and forecast, 2013 - 2024

5.6.2.   Market estimates and forecast, by region, 2013 – 2024

5.7. Pharmaceuticals

5.7.1.   Market estimates and forecast, 2013 - 2024

5.7.2.   Market estimates and forecast, by region, 2013 – 2024

5.8. Heating, Ventilation & Air Conditioning (HVAC)

5.8.1.   Market estimates and forecast, 2013 - 2024

5.8.2.   Market estimates and forecast, by region, 2013 – 2024

5.9. Others

5.9.1.   Market estimates and forecast, 2013 - 2024

5.9.2.   Market estimates and forecast, by region, 2013 – 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/heat-transfer-fluid-market

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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