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High Anticipated Growth of Applications in the CSP and Pharmaceuticals Sectors Provides Lucrative Market Growth Opportunities
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Heat transfer fluids are integral to the smooth operations of equipment and systems in various end-industries including chemicals, oil & gas, and concentrated solar power (CSP). Fluids that are used to transfer heat from one point to another for either heating or cooling of components and parts of systems in these industries are collectively called heat transfer fluids in this study.The heat transfer fluids market in this study is analyzed for end-users including chemicals, oil & gas, plastics and rubber, automotive and transportation, pharmaceuticals, food and beverages, and CSP. The major product types considered include hydrocarbon oils (mineral oil and synthetic aromatic fluids), glycol (as low-temperature heat transfer fluids in other industries and anti-freeze/coolants in automotive and transportation), silicones, and others (CFCs, HCFC, molten salts, and other phase change materials). The market is analyzed for the demand for heat transfer fluids in major regions such as North America (United States and Canada), Europe (EU-28), India, Rest of Asia Pacific, Middle East, and Rest of World (ROW). Heat transfer fluids are selected for an application based on a variety of requirements such as operating temperature, durability, environmental sustainability, use on closed-loop versus open-loop systems, corrosion resistance, resistance to fuels and other chemicals, stability under various pressure conditions, and resistance to humidity. The requirements vary depending on the end application.Asia Pacific including India is the largest market for heat transfer fluids with high growth anticipated in China, India, and Southeast Asia for both first fill and refill markets. This is mainly owing to the significant growth of the various end-industries in this region with changing market dynamics. The heat transfer fluids market in Europe is slowing down owing to more established and standardized practices. North America is another high-growth region with significant demand growth anticipated from the oil & gas, chemicals, and plastics and rubber sectors. Middle East, along with few countries of Asia and Europe, has great potential for growth in the CSP market.The market for heat transfer fluids is greatly impacted by mega trends such as economic slowdown in key markets and countries and changing environmental regulations mandating the use of lower-toxicity heat transfer fluids, especially in applications where the probability of spillage is high or where there is an open-loop system. However, the market growth in the coming few years may benefit from the increasing use of advanced heat transfer fluids based on synthetic aromatics and silicones that are priced higher than the conventional fluids.The heat transfer fluids market is highly competitive and has the presence of large and global manufacturers. The competitive environment is highly skewed towards the larger participants who increasingly engage in mergers and acquisitions and joint ventures among themselves and other smaller companies to acquire new products, technologies and market shares due to which the market points towards further consolidation in the coming few years. Manufacturers engage in continuous product development activities based on the changing market needs and regulatory environments. By establishing long-term relationships with their customers, manufacturers try to ensure that they are equally proactive and reactive to the various requirements of this industry.Author: Christeena Thomas
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