Dublin, Aug. 09, 2019 (GLOBE NEWSWIRE) -- The "Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, & Others), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, HVACR, and Others), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The HTFs market size was USD 3,015 million in 2018 and is projected to reach USD 5,095 million at a CAGR of 9.3% between 2019 and 2024.

The HTFs market is diversified and competitive, with a large number of global as well as regional and local players. The key players in this market include The Dow Chemical Company (US), ExxonMobil Corporation (US), Eastman Chemical Company (US), Chevron Corporation (US), Paratherm (US), Schultz Canada Chemicals Ltd. (Canada), LANXESS AG (Germany), Huntsman Corporation (US), Royal Dutch Shell PLC (Netherlands), Clariant AG (Switzerland), and others. These players adopted various organic and inorganic strategies between 2015 and 2019.

New product launch and expansion were the key strategies adopted by players in the HTFs market to increase their product portfolio and global presence to cater to the growing demand. The companies invest in R&D to manufacture bio-based and biocompatible HTFs as per the applications and also introduce new products with innovative characteristics to create product differentiation and compete with major players.

The increasing need for energy conservation is expected to drive the overall HTFs market

The HTFs market is driven by various factors such as high demand from the chemical industry, increasing the need for energy conservation, and high performance of HTFs. However, fire and explosion hazards associated with the use of HTFs can hinder the growth of the market.

The synthetic fluids segment is expected to grow at the highest rate during the forecast period

Synthetic fluids are the fastest-growing segment of the HTFs market, by type. Synthetic fluids provide maximized oxidation resistance with minimized deposits, and they possess higher thermal stability, superior radiation resistance, and better durable properties compared to other types. They also provide enhanced lubricity at different temperatures. The glycols segment is also expected to grow during the forecast period due to its odorless property and high performance.

The chemical end-use industry is expected to account for the largest market share during the forecast period

The chemical industry involves various manufacturing processes that require maintaining specific temperatures during the processes. This specific temperature is achieved by using HTFs. HTFs are also used as an indirect heating source for various processes such as liquid and polymer treatments, drying and heating of bulk materials, energy recovery, low-pressure cogeneration, pipeline tracing, and gas processing. They provide enhanced system efficiency and optimized energy costs. The global demand for chemicals is increasing owing to increasing population, urbanization, and industrialization. This is expected to boost the chemical industry, which in turn, is likely to drive the HTFs market.

APAC is expected to record the highest growth rate during the forecast period

APAC is expected to have the highest growth rate during the forecast period, due to the increased need for energy conservation, population, and urbanization. The increasing developments related to chemical, automotive, oil & gas, CSP, bio-diesel production, and HVAC & refrigeration industries in China, India, Japan, and South Korea provide huge opportunities for the HTFs market. North America is projected to be the second-largest market during the forecast period.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the HTFs Market
4.2 HTFs Market, By Type
4.3 HTFs Market, By End-Use Industry
4.4 APAC HTFs Market, By End-Use Industry and Country
4.5 HTFs Market, By Key Countries

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 High Demand in the Chemical Industry
5.2.1.2 Increasing Need for Energy Conservation
5.2.1.3 Improved Performance of HTFs
5.2.2 Restraints
5.2.2.1 Fire and Explosion Hazards
5.2.3 Opportunities
5.2.3.1 High Growth Potential in the CSP Industry
5.2.3.2 High Potential for the Development of Bio-Based HTFs
5.2.4 Challenges
5.2.4.1 Fluctuating Raw Material Prices
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Buyers
5.3.4 Bargaining Power of Suppliers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Overview
5.4.1 Real GDP Growth Rate and Per Capita GDP of Major Economies
5.4.2 Trends of Automotive Industry
5.4.3 Trends of Renewable Energy Industry
5.4.4 Trends of Hvacr Industry
5.4.4.1 Demand for AC Units in North America
5.4.4.2 Demand for AC Units in Europe
5.4.4.3 Demand for AC Units in APAC

6 HTFs Market, By Type
6.1 Introduction
6.2 Mineral Oils
6.2.1 Low Price of Mineral Oils is Driving their Demand in the Market
6.3 Synthetic Fluids
6.3.1 Chemical/Synthetic Aromatics
6.3.1.1 Maximized Oxidation Resistance With Minimized Deposits Will Drive the Demand for Synthetic Aromatics
6.3.2 Synthetics (Paos and Silicones)
6.3.2.1 Non-Corrosive and Durable Properties are Likely to Spur the Demand for Synthetics-Based HTFs
6.4 Glycols
6.4.1 Reduced Wear and Maintenance, Solubility in Water and Low Freezing Points Lead to High Demand for Glycols in the Market
6.5 Others
6.5.1 Molten Salts
6.5.2 Nanofluids
6.5.3 Ionic Fluids
6.5.4 Bio-Based Fluids
6.5.5 Fluorinated Fluids

7 HTFs Market, By End-Use Industry
7.1 Introduction
7.2 Chemical
7.2.1 Waste Heat Recovery
7.2.1.1 Optimized Energy Costs and Reduced Pollution are Fueling the Market for HTFs
7.2.2 Plastic Processing
7.2.2.1 HTFs Ability to Control the Broad Range of Temperature are Fueling their Market
7.3 Oil & Gas
7.3.1 Need for Energy Saving is Expected to Boost the Demand for HTFs in the Oil & Gas Industry
7.4 Food & Beverage
7.4.1 Reduced Operating Costs and Efficient Production are Likely to Drive the Market in This Segment
7.5 Pharmaceuticals
7.5.1 Requirement of Precise Temperature Control Across Cooling and Heating Applications are Expected to Drive the Market in This End-Use Industry
7.6 Renewable Energy
7.6.1 CSP
7.6.1.1 Rising Demand for Clean Energy is Driving the CSP Industry, Which, in Turn, is Boosting the Demand for HTFs
7.6.2 Biodiesel Production
7.6.2.1 Temperature Control Capability Without Compromising the Product Quality Will Positively Influence the Demand for HTFs
7.6.3 Wind Turbine
7.6.3.1 Need for Energy Storage and Heat Transfer in Wind Turbines are Expected to Drive the HTFs Market
7.6.4 Geothermal
7.6.4.1 Heat Exchangers and Heat Pumps Demand HTFs on A Large Scale
7.7 Automotive
7.7.1 Excellent Heat Transfer Properties of HTFs Will Drive the Market in the Automotive Industry
7.8 Hvacr
7.8.1 Improved Performance & Longevity Along With Reduced Maintenance Costs of Equipment Due to the Use of HTFs Influence the Market Positively
7.9 Others

8 HTFs Market, By Region
8.1 Introduction
8.2 APAC
8.2.1 China
8.2.1.1 Industrial Growth in the Country is Driving the HTFs Market
8.2.2 India
8.2.2.1 Growing Industrialization to Propel the HTFs Demand
8.2.3 Japan
8.2.3.1 Highly Developed Industries in Japan Will Boost Market Growth
8.2.4 South Korea
8.2.4.1 Focus on Clean Energy Production is Driving the Renewable Energy Sector Thus Increasing the Demand for HTFs
8.2.5 Indonesia
8.2.5.1 Growth of the Manufacturing Sector in the Country is Anticipated to Spur the Demand for HTFs
8.2.6 Thailand
8.2.6.1 Developing Industries are Expected to Drive the HTFs Market in Thailand
8.2.7 Rest of APAC
8.3 Europe
8.3.1 Germany
8.3.1.1 Large Industrial Base is Likely to Drive the HTFs Market in Germany
8.3.2 Russia
8.3.2.1 Increasing Industrial Output, Large Export Base, and Urbanization are Estimated to Drive the HTFs Market
8.3.3 France
8.3.3.1 Well-Developed Industrial Infrastructure is Expected to Lead to Market Growth in France
8.3.4 UK
8.3.4.1 the Growth of the Industrial Sector is Expected to Spur the Demand for HTFs
8.3.5 Italy
8.3.5.1 Rapid Industrialization is Expected to Boost the Growth of the Market in the Country
8.3.6 Rest of Europe
8.4 North America
8.4.1 US
8.4.1.1 Advancement in Manufacturing and an Increase in Exports are Estimated to Drive the HTFs Market
8.4.2 Canada
8.4.2.1 Increasing Presence of Chemical and Renewable Energy Industries is Likely to Influence the Market in Canada Positively
8.4.3 Mexico
8.4.3.1 Growing Industrial Landscape in Mexico is Estimated to Drive the HTFs Market
8.5 Middle East & Africa
8.5.1 Saudi Arabia
8.5.1.1 Growing Industrialization is Expected to Spur the Demand for HTFs
8.5.2 UAE
8.5.2.1 Expansion of Renewable Energy Sector is Likely to Increase the Demand for HTFs
8.5.3 Rest of the Middle East & Africa
8.6 South America
8.6.1 Brazil
8.6.1.1 Strong Industrial Base in the Country Will Boost the Growth of the Market
8.6.2 Argentina
8.6.2.1 Growth of Renewable Energy is Expected to Spur the Demand for HTFs
8.6.3 Rest of South America

9 Competitive Landscape
9.1 Overview
9.2 Competitive Leadership Mapping, 2018
9.2.1 Dynamic Differentiators
9.2.2 Innovators
9.2.3 Visionary Leaders
9.2.4 Emerging Players
9.2.5 Strength of Product Portfolio
9.2.6 Business Strategy Excellence
9.3 Ranking of Key Players
9.4 Competitive Scenario
9.4.1 New Product Launch
9.4.2 Investment & Expansion
9.4.3 Merger & Acquisition

10 Company Profiles
10.1 The Dow Chemical Company
10.2 Exxonmobil
10.3 Eastman Chemical Company
10.4 Chevron
10.5 Huntsman Corporation
10.6 LANXESS
10.7 Royal Dutch Shell PLC
10.8 Paratherm
10.9 Schultz Canada Chemicals Ltd.
10.10 Clariant
10.11 Other Key Players
10.11.1 Sasol
10.11.2 Arkema
10.11.3 Global Heat Transfer Ltd.
10.11.4 BP
10.11.5 Dynalene Inc.
10.11.6 BASF
10.11.7 Isel
10.11.8 Phillips 66
10.11.9 Dalian Richfortune Chemicals
10.11.10 Hindustan Petroleum Corporation Ltd.
10.11.11 Indian Oil Corporation Ltd.
10.11.12 Radco Industries
10.11.13 Petro-Canada
10.11.14 Paras Lubricants Limited
10.11.15 Schaeffer Specialized Lubricants
10.11.16 DuPont Tate & Lyle
10.11.17 Solvay

For more information about this report visit https://www.researchandmarkets.com/r/ttbp03

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900