Global Heat Transfer Fluids Market Gain A Huge Momentum Growth During The Forecast Period (2019 To 2026)

(MENAFN- Straits Research) The implementation of CSP (Concentrated Solar Power) services in emerging economies to encourage renewable energy has been driving the heat transfer fluids market growth. Complimentary thermal properties combined with the high temperature holding properties of heat transfer fluids have been driving their adoption across industry verticals. The shifting preference from steam or traditional water systems to heat transfer fluid systems in various industries is further expected to positively influence market growth in the coming years properties of heat transfer fluids, such as environmental safety, high-temperature control, low maintenance, and production efficiency are among the key drivers for heat transfer fluids market growth.
Increasing demand from the construction industry has also been driving heat transfer fluids market growth, globally. The ever-increasing demand for energy is also a key driver accelerating the demand for heat transfer fluids. Apart from this, thermic fluids find a wide range of applications in solar power plants, chemical processing, manufacturing processes, automotive, and petroleum processing.
Regional Landscape:
Asia Pacific is expected to hold the largest share in the heat transfer fluids market. Increasing investments in chemical manufacturing units, renewable energy projects, automobile manufacturing, and growth of the chemicals market are among the most prominent factors providing impetus to market growth in the region. Moreover, it is difficult to maintain operative procedures of systems with negligible heat loss, and thus, heat transfer fluids play a vital role in holding heat in such applications. In Asia Pacific, China and India are pegged to be the fastest growing regions, owing to the rapid growth of the chemical industry in these countries. Furthermore, increasing production capacity and new project investments to reduce dependency on imports are enhancing regional economy and energy security. Adding to this, the increasing demand for thermal management together with advancement of renewable energy in China and Japan are estimated to boost the demand for heat transfer fluids.
Europe is likely to witness major share in the global heat transfer fluids market, owing to the growing industrial manufacturing processes in the region. Growing population along with increasing energy demand drive the power sector. Moreover, construction of new solar plants and increasing demand from the industrial sector, such as metal processing and automotive, are projected to drive the heat transfer fluids market in the region.
North America is a key region for glycol-based as well as silicone-based heat transfer fluids, owing to their growing application across numerous industries such as chemical, spin and weave, food & beverage, wood processing, and plastics.
Increasing gas production in GCC is expected to fuel the demand for synthetic lubricants in the form of thermic fluids over the forecast period. Rapid growth in construction, automotive, personal care and food & beverage industries in emerging economies of Middle East such as Qatar, Saudi Arabia, and UAE, has shifted the governments' focus towards natural gas development.
Latin America has been witnessing significant investments in renewable energy, which is expected to drive market growth in the region to an extent.
Market Segmentation:
The global heat transfer fluids market can be segmented by type and end-use industry.
By type, heat transfer fluids market can be segmented into mineral oil, silicon & aromatics, and glycols. The silicon & aromatics segment holds the largest market share, owing to the fact that these heat transfer fluids exhibit excellent thermal stability and high resistance to weathering and many chemicals. Furthermore, these fluids are used in environments with extremely high temperatures and own consistent molecular structure and tough bonding strength, making them the ideal choice for renewable energy, pharmaceutical, and chemical processing end-use industries.
By end-use industry, heat transfer fluids market can be segmented into chemical processing, automotive, oil & gas, renewable energy, pharmaceuticals, and food & beverages. The chemical processing segment holds the largest market share, owing to the growing demand for all forms of heat transfer fluids, including silicones & aromatics, mineral oils, glycols, and others. Moreover, increasing production of plastics, basic chemicals, and specialty chemicals worldwide has accelerated the use of heat transfer fluids in chemical processing.
Heat Transfer Fluids Market Segmentation:
By Type

Mineral Oil
Silicon & Aromatics
Glycols

By End-Use Industry

Chemical Processing
Automotive
Oil & Gas
Renewable Energy
Pharmaceutical
Food and Beverage

By Region

North America

U.S.
Canada
Mexico


Europe

Germany
France
U.K
Italy
Spain
Rest of Europe


Asia Pacific

Japan
India
China
South Korea
Australia
Rest of Asia Pacific


Latin America

Brazil
Argentina
Colombia
Rest of Latin America


MEA

Saudi Arabia
South Africa
Kuwait
Rest of MEA

MENAFN05062024004597010339ID1108298052