Heat Transfer Fluids Market Sustains with Emerging Applications

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.

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.

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.

Summary: Heat transfer fluids market will steadily grow with demand from Asia Pacific, demand for silicone and aromatics & innovative applications of coolents & fluids.