Heat transfer fluids like heat transfer oils and coolents
store heat energy, which makes them crucial element in many industrial
applications. These fluids avoid overheating of thermal devices by transferring
the heat produced by the thermal device to the other parts. Growing
applications are driving the global heat transfer fluids market at a healthy
growth rate. Rising demand from different industrial verticals and innovative
applications of these products are also expected to play a crucial role in the
overall growth of the industry. Technological advancements are contributing to
the innovative applications of these fluids as well.
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Scope of Research –
Segmentation in the Market
In order to understand the growth prospects, challenges,
drivers, restraints and major competitors in the market, one needs to segment the
global market. Researchers segment this market on the basis of the types of
fluids, which include silicone and aromatics, mineral oils, glycol-based fluids
and PAG and such other products. Major applications of these products are
categorized into chemical industry, concentrating solar power, oil and gas,
pharmaceuticals, manufacturing processes, bio-diesel production and such other
applications. Based on the geographic regions, researchers segment the global
heat transfer fluids market into Europe, North America Asia Pacific and rest of
the world. The rest of the world region includes detailed analysis of the
regions like Middle East, Africa and Latin America.
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Drivers &
Restraints
According to the researchers, rising demand from different
application industries remain to the crucial driving factor for the heat
transfer market. This demand is also driven by varied applications of the
products available in the market. High growing Asia Pacific region is also a
significant contributing factor for the growth of this industry. Strong rise in
end-user applications and industrialization in the region is expected to help
the region to dominate this market in terms of growth rate, demand and business
opportunities as far as the future of the global industry is concerned. Despite
the dominance of European countries, Asia Pacific is expected to come out as an
influential geographic region for the global market.
Future Growth
As per the latest reports, heat transfer fluids market is
poised to witness a steady compound annual growth rate of over 6% from 2014 to
2019. At the estimated growth rate, the industry is projected to reach 641,218.19
tons in terms of volume by the end of the year 2019. Europe is currently
expected to dominate the global market. However, Asia Pacific region is poised
to witness impressive growth in the next few years to come. Silicone and
aromatics segment is expected to dominate the products segment to become the
fastest growing segment.
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