Pune, India, July 27, 2021 (GLOBE NEWSWIRE) -- The global heat transfer fluids market size is projected to reach USD 5,372.24 million by the end of 2027. The increasing demand for concentrated solar power will aid the growth of the market in the coming years. 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.
The recent coronavirus outbreak has had an adverse impact on the majority of the businesses across the world. Accounting to the strict measures taken by governments of major countries, it has become increasingly difficult to carry out business operations. The report will include the impact of the Covid-19 pandemic on the global. It will also include the strategies that major companies are adopting to overcome the downfalls during this pandemic.
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List of top 15 companies profiled in the heat transfer fluids market report are:
- Element Solutions Inc (U.S.)
- Caldic B.V. (Netherlands)
- Eastman Chemical Company (U.S.)
- Schultz Chemicals (Canada)
- Arkema S.A. (France)
- Isel (Florida)
- FRAGOL AG (Germany)
- Clearco Products Co., Inc. (U.S.)
- Arteco (Belgium)
- Eastern Petroleum (North Carolina)
- Dynalene, Inc. (Pennsylvania)
- Honeywell International Inc. (U.S.)
- Exxon Mobil Corporation (U.S.)
- Chevron Corporation (U.S.)
- The Dow Chemical Company (U.S.)
- Huntsman Corporation (U.S.)
Heat transfer fluids are widely used in several industry verticals including oil and gas, healthcare, chemicals, pharmaceuticals, and others. These fluids are used to transfer heat over two objects or areas; wherein they cool one side of the process and heat and store on the other side. The presence of several large scale companies with a wider consumer base and excellent product portfolios will open up a huge potential for the growth of the market.
The massive investment in the research and development of efficient products will emerge in favor of market growth. The rising demand for concentrated solar power will contribute to the growing adoption for the product across the world. The increasing demand for the product will have a direct impact on the businesses of large scale enterprises as well as SMEs across the world.
Increasing Number of Company Mergers Will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on market growth. The massive investment put in by major companies for the development of efficient products will bode well for the growth of the market in the coming years.
In April 2019, Eastman Chemical announced that it has completed the acquisition of Marlotherm. The company possesses an attractive range of heat transfer fluids and intellectual property. The company also possesses proper formulations and a wider consumer base, in addition to the aforementioned factors. Through this acquisition, the company will look to expand its heat transfer fluids across the world. Eastman’s acquisition of Marlotherm will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years.
North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyzes ongoing market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge dominant in the coming years. The stringent regulations surrounding the overall carbon emissions will lead to a wider adoption of heat transfer fluids across this region.
Moreover, the high investment in product innovations will bode well for market growth. The market in North America will derive substantial growth from the presence of several large scale manufacturers in this region. As of 2019, the market in 2018 was worth USD 834.52 million and this value is projected to increase further in the coming years.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/heat-transfer-fluids-market-105543
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Heat Transfer Fluids Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Silicon Fluids
- Aromatic Fluids
- Mineral Oils
- Glycol Based Fluids
- Others
- Market Analysis, Insights and Forecast – By Application
- Oil & gas
- Chemical
- Concentrated Solar Power
- Food & Beverages
- Plastics
- Pharmaceutical
- HVAC
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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