Industry Overview
Global heat transfer fluids market size is expected to reach 745.3
kilo tons by 2022, growing at a CAGR of 6.1% from 2015 to 2022.
Growing demand to be used as a heating utility coupled with heat
recovery management in industries such as pharmaceuticals, metal
processing, food processing and automotive is anticipated to drive the
heat transfer fluids market growth.
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Increasing concentrated solar power (CSP) plants installations in
countries such as the U.S., China and France are anticipated to drive
heat transfer Fluids industry. Global CSP capacity was 436.0 MW in 2008
which increased to 3320 MW in 2014 and witnessed CAGR of 40.1% in the
duration period. Thermic fluids play a significant role in improving
efficiency of CSP plants. Owing to enhanced thermal properties of these
fluids, they have high heat storage capabilities which in turn increases
the overall power generation capacity of the plant.
The U.S. and Spain are leading regional markets and are estimated to
witness significant growth with rapid development of existing CSP
projects. Spain has advantages of localized resources and along with
favorable policy framework it is expected to reach a capacity of 4.0 GW
by 2015.
Growing gas production in GCC is anticipated to fuel synthetic
lubricants demand in the form of heat transfer fluids over the next
seven years. GCC natural gas production was 207.5 BCM in 2005 and it
reached 369.2 BCM by 2012. Application growth in construction,
automotive, personal care and food & beverage industries in emerging
economies of Middle East countries such as Qatar, Saudi Arabia, and
UAE, has shifted the national governments’ focus towards natural gas
development
Approval of using thermic fluids in food & beverages applications
by various regulatory bodies is likely to favor its demand. The
ingredients of food grade heat transfer fluid are now approved by USDA
by HT1 applications (thermic fluids with incidental food contact). These
fluids comply with all the requirements of FDA 178.3570.
Stringent environmental regulations by EPA and REACH coupled with
tight raw material supply situation (base oil, crude oil) are
anticipated to hinder industry growth. Increasing investments to develop
water based or bio based heat transfer fluid is likely to provide
growth opportunities.
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Product Overview
Silicon & aromatics was the dominant product segment and
amounted to over USD 900 million in 2014. Growth of oil & gas and
chemical industries are expected to drive the product demand. They are
widely preferred in industries such as plastics, wood processes spin
& weave, food and chemical.
Mineral oils accounted to over 40% of the total volume in 2014 and
are anticipated to witness gains at CAGR above 5.5% from 2015 to 2022.
Growing food & beverage and cosmetics industry in Europe and Asia
Pacific is anticipated to drive growth over the forecast period.
Application Overview
Oil & gas applications were the largest with a valuation of
over USD 450 million in 2014. Thermic fluids are used in offshore
heating and cooling processes in oil and gas platform utilities and
floating production units. They are used in LNG in liquefaction and
re-gasification terminals.
CSP applications accounted for over 15% of the total volume in 2014
and are anticipated to witness highest gains at an estimated CAGR of
over 7% from 2015 to 2022. Thermic fluid is circulated to the solar
field through a heat exchanger, resulting in conventional steam cycle.
Growing CSP industry in Asia Pacific and Europe is likely to drive the
demand.
Regional Overview
Europe heat transfer fluids market was the dominant region with
revenue generation estimated over USD 650 million in 2014. Recent
developments observed in new solar plants coupled with surging energy
demand are expected to drive the heat transfer fluid demand in Europe.
Increasing requirement in utilizing excessive heat coupled with energy
dissipated from major industries which includes HVAC, chemical, CSP
plants is likely to drive regional demand.
Asia Pacific heat transfer fluids market is likely to witness highest
gains at an estimated CAGR of over 6.5% from 2015 to 2022. Growing
chemical, food & beverage and oil & gas industry in the region
is likely to drive the product demand. Emerging economies such as India,
China and Japan are expected to have rapid growth in the product
application industries which is anticipated to steer the demand.
Competitive Market Share
Global heat transfer fluids market share is consolidated with top
five companies accounting for over 75% of the market volume in 2014. The
Dow Chemical Company dominated the market with a share of over 28% of
the total revenue generated in 2014. Major products offered by the
company include synthetic fluids and inhibited glycol (ethylene or
propylene glycol) fluids.
Major companies involved in this market include Eastman Company,
ExxonMobil, Bp and Shell Companies are also investing to develop
nanofluids accompanied with superior thermal properties and
multi-utility for numerous industrial applications.
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