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The global heat transfer fluids market size is projected to reach USD 5,372.24 million by the end of 2027. The increasing investment in the research and development of efficient products will bode well for market growth. According to a report published by Fortune Business Insights, titled “Heat Transfer Fluids Market Size, Share & Industry Analysis, By Type (Silicone Fluids, Aromatic Fluids, Mineral Oils, Glycol Based Fluids, and Others), By Application (Oil & Gas, Chemical, Concentrated Solar Power, Food & Beverages, Plastics, Pharmaceutical, HVAC and Others), and Regional Forecast, 2020-2027,” the market was worth USD 3,477.90 million in 2019 and will exhibit a CAGR of 5.78% during the forecast period, 2020-2027.
Heat transfer fluids are liquids that are involved in heat transfer processes that act as a medium for transfer by cooling in one side of the process and heating and storing on the other side. These products are used in applications across diverse industry verticals, including oil and gas, plastics, food and beverage, healthcare, and several others. The ability of these products to operate at higher temperatures and unfavourable external conditions will lead to a wider product adoption across the world. The global market derives growth from the presence of several large scale companies that are operating across the world. The massive investment in research and development of efficient heat transfer fluids will allow a wider application scope; subsequently affecting the growth of the overall market in the coming years. Additionally, properties such as improved operational capabilities and higher efficacies will aid the growth of the market.
Avantherm Introduces New Products Based on Renewable Materials
The report highlights a few of the major strategies adopted by major companies across the world. It discusses the impact of these companies on the regional as well as global market. Furthermore, the report labels leading companies in the market and discusses the companies that are likely to emerge leading in the coming years. In July 2019, Avantherm announced the launch of new heat transfer fluids based on renewable materials. The company’s latest products derived through renewable raw materials are consequential to the increasing demand for use of sustainable energy sources. This will help replace fossil oils and chemicals with toxic-free products. These products will also cater to requirements for biodegradable materials. The Sweden-based company claims that it will look to suffice the efforts put in governments to establish itself as the first-ever fossil-free welfare state in the world.
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Rising Demand for Concentrated Solar Power Will Aid Growth
The increasing demand for concentrated solar power will lead to a wider adoption of heat transfer fluids across the world. Due to the increasing consumption of combustible fluids, the greenhouse gas emissions have risen over the past few decades. As a result, governments across the world are looking to adopt sustainable energy, with a bid to minimizing climate change. The efforts put in by major companies to maximize the use of solar energy will emerge in favor of the growth of the overall market in the coming years.
Mergers and Acquisitions are a Growing Trend Among Major Companies
The use of sustainable energy and the availability of these fluids at a low cost have created a healthy market competition. Accounting to the healthy competition, companies are looking to adopt newer strategies that will help them acquire a wider consumer base. The report discusses major strategies adopted by large scale companies with a bid to establishing a stronghold in the market. The market is a bit fragmented in nature due to the presence of several large scale companies.
List of companies profiled in the report:
This global market is segmented on the basis of:
Value (USD Million) and Volume (Kilo Tons)
By Application Area