Heat transfer is basically exchange of thermal energy between different objects, where energy is transformed from one form to another but is neither created nor destroyed. Thermal convection, thermal conduction, thermal radiation and energy transfer are the types of heat transfer that can occur due to phase change. Heat transfer fluids are used to avoid overheating of substances while the process of heat transfer takes place. They have a wide range of applications in automotive, oil and gas processing, manufacturing processes and solar power plants, to name a few.
The heat transfer fluids market can be classified based on its types such as, alcohols & glycols, hydrocarbon oils, mineral oils, silicones and salt based. Mineral oil has the major market share in terms of consumption and volume both followed by silicone and hydrocarbon oils. Mineral oil is projected to maintain its dominance whereas silicone and hydrocarbon oil is expected to witness highest growth rate in the coming years. Based on their applications, heat transfer fluids can be segmented as geothermal energy, food and beverage processing, pharmaceutical & chemicals, refrigeration, manufacturing processes, CSP generation and Oil & Gas applications.
Concentrated solar power (CSP) market will be one of the major drivers for the market globally. Europe and Asia-Pacific are the top market share holders for this market followed by North America. Upcoming regions such as South America, Middle East and Africa will witness rapid growth rates in the heat transfer fluids market. Emerging markets such as China and India are expected to increase their market share in this market leading to a higher growth rate in Asia-Pacific as compared to any other region.
Competitive landscape for each type of heat transfer fluid is highlighted and key market players are profiled with attributes of business overview, financials, business strategies, product portfolio and recent developments pertaining to these fluids. Market shares of the key players for 2015 are also provided. The report encompasses the most detailed and in-depth segmentation and analysis of the Heat Transfer Fluids Market for the period 2014 – 2020.
Most players in the global heat transfer fluids market are based in the U.S. and Germany.
The key market players include:
- The Dow Chemical Company,
- Exxon Mobil Corporation,
- BASF SE,
- Chevron Corporation
- Royal Dutch Shell PLC.