Transfer of heat is exchange of thermal energy between physical object depending on temperature and pressure. Transfer of heat works on the principle of “First Law of Thermodynamics”. The law states that the total energy of an isolated system is constant; energy can be transformed from one form to another but cannot be created or destroyed. Transfer of heat continues until the objects involved in the process reach a stage of thermal equilibrium (same temperature). Heat transfer fluid is used to avoid overheating of substances while the process of heat transfer is taking place. During heat transfer, the fluid is circulated through the mechanical parts of the object thereby transferring heat from higher temperature object to the lower temperature object.
Global heat transfer fluid market can be bifurcated on the bases of product types including mineral, silicone and aromatics, polyalkylene glycols (homopolymers of ethylene oxide or propylene oxide or co-polymers of ethylene oxide or propylene oxide) and glycol fluids. Heat transfer fluids are used for numerous applications in different industries such as oil and gas, concentrating solar power (CSP), pharmaceuticals, chemical and bio-diesel. These liquids are also used to reduce wastage of heat by various processing industries. Mineral oil has the major market share followed by silicone and aromatics. Mineral oil is expected to maintain its dominance where as silicone and aromatic is expected to witness highest growth rate in the coming years.
Europe has the largest market share for heat transfer fluid materials, followed by Asia-Pacific and North America. Europe accounted for more than one-third of global heat transfer fluid market. Spain and Germany are the major markets in Europe. Asia-Pacific region is expected to witness higher growth rate compared to other regions. Europe is expected to remain the market leader owing to growing industrial expansion in the region. Emerging market in China and India is expected to increase the market share of Asia-Pacific in the global heat transfer fluids market in coming future.
Increasing industrial expansion globally is driving the global heat transfer fluid market. Additionally, increased utilization of heat transfer fluid in the concentrated solar power and other end-user industries is expected to drive the global market. Industrial expansion in the emerging market of Asia-Pacific such as China and India might provide ample opportunity for the manufacturing companies to expand their market in these regions. Also, increasing investment in the chemical industry may further add on to the increasing demand of heat transfer fluid in global market. However, rising raw material price may hamper the growth of heat transfer fluid to some extent.
Global heat transfer fluid market is dominated by established companies. Some of the major companies operating in the global heat transfer fluid market are British Petroleum plc, The Dow Chemical Company, Royal Dutch Shell plc, Exxon Mobil Corporation., Eastman Chemical Company, BASF SA, Dynalene, Inc., Kost USA, Inc., Bharat Petroleum Corporation Limited, Honeywell International Inc, Indian Oil Corporation Ltd, Chevron Corporation and Huntsman Corporation.
Key points covered in the report
The report covers geographic segmentation