Allied Market Research published a report, titled, "Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others) and End-Use Industry (Chemical, Oil & Gas, Food & Beverages, Pharmaceutical, Renewable Energy, Automotive, HVAC & Refrigeration, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global heat transfer fluids industry generated $1.5 billion in 2019, and is expected to generate $2.0 billion by 2027, witnessing a CAGR of 4.8% from 2020 to 2027.
Drivers, restraints, and
opportunities
Rise of the concentrated solar
power industry across the globe, FDA approvals for food-grade heat transfer
fluids (HTFs), and increase in natural gas production in GCC countries drive
the growth of the global heat transfer fluids market. However, fire &
explosion hazards and fluctuations in raw material prices hinder the market
growth. On the other hand, rise in need for conservation of energy and
potential of bio-based HTFs create new opportunities in the coming years.
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Covid-19 Scenario
·
The demand for heat transfer fluids has
experienced a significant decline as the day-to-day operations in the
industrial and manufacturing sectors have been shut down amid the lockdown.
·
Manufacturing activities have been halted due to
closedown of heat transfer fluids factories due to lockdown imposed in many
countries. In addition, the supply chain is disrupted. This, in turn, affected
the distribution to many end-use industries.
·
However, many countries have lifted the lockdown
restriction and the industrial and manufacturing sectors have been coming back
to normal working conditions. This would raise the demand steadily.
The mineral oils segment to
continue its leadership status during the forecast period
Based on type, the mineral oils
segment accounted for the highest market share in 2019, accounting for more
than two-fifths of the global heat transfer fluids market, and is estimated to
continue its leadership status during the forecast period. This is due to
mineral oils have lesser cost as compared to synthetic liquids and wide
adoption from the APAC and MEA regions. However, the synthetic fluids segment
is expected to manifest the highest CAGR of 5.5% from 2020 to 2027, owing to
rise in its demand from various end-use industries for its enhanced lubricity
and high thermal stability.
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Transfer Fluids Market @ https://www.alliedmarketresearch.com/request-for-customization/6113?reqfor=covid
The chemical segment to
continue its dominance throughout the forecast period
Based on the end-use industry,
the chemical segment contributed to the highest market share, holding more than
one-fifth of the global heat transfer fluids market in 2019, and is projected
to continue its dominance throughout the forecast period. This is due to surge
in demand for indirect heating of liquids & polymer processing, single fluid
batch processing, pipeline tracing, and other purposes. However, the renewable
energy segment would portray the highest CAGR of 6.0% from 2020 to
2027. This is attributed to governments of various developed and developing
countries, such as the U.S., Spain, China, and India, have
invested heavily to set up solar power plants to meet the growing energy
requirements of their countries,
Asia-Pacific, followed
by North America, to grow at the fastest growth rate
Based on
region, Asia-Pacific, followed by North America, is projected to grow
at the highest CAGR of 5.8% during the forecast period. This is due to rise in
installation of solar power projects and rapid growth of the chemical and
processing industry along with increase in urbanization. However, Europe held
the highest market share in terms of revenue with nearly one-third of the
global heat transfer fluids market in 2019, and is estimated to maintain its
dominant position by 2027. This is attributed to the growth of the power and
energy sector, ongoing construction activities of solar plants, and demand from
the industrial sectors including automotive and metal processing.
Key Market Players
·
Indian Oil Corporation Ltd.
·
Hindustan Petroleum Corporation Ltd.
·
Eastman Chemical Company
·
The Dow Chemical Company
·
BP p.l.c
·
Clariant International Ltd.
·
Royal Dutch Shell plc
·
Phillips 66
·
Chevron Corporation
·
Exxon Mobil Corporation
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