Worldwide Heat Transfer Fluids Market is poised to accrue around US $4.56 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Surging demand for heat transfer fluids from a slew of industries is anticipated to boost the market growth for these products over the upcoming decade. As per the latest trends, the diverse manufacturing base worldwide augments product demand, which is likely to grow with the expansion of the manufacturing base.
Generally, the heat transfer fluids are eutectic mixtures comprising two stable compounds, and these products have the same vapor pressures due to which the composition is managed as a solitary compound. These products are not readily decomposable at high temperatures, and are used effectively either in liquid or vapor phase systems. The low viscosity of these products throughout the operating range leads to efficient heat transfer, minimizes pumping issues, and supports start-up. These fluids happen to be non-corrosive to metals and normal alloys. Therefore, the functional qualities of these fluids are likely to augment their demand over the forecast timeline.
Market researchers claim that nanofluid has emerged as a new kind of heat transfer medium that contains nanoparticles, which are distributed stably and uniformly in the base fluid. The nanoparticles that are distributed evenly in a metal or metal oxide, enhance the thermal conductivity of the nanofluid remarkably. These particles further increase the convection coefficients and the conduction that makes the heat transfer nanofluids suitable for various applications. However, no agreement is achieved until now on the potential benefits of applying these nanofluids in the applications of the heat transfer system.
In comparison to the conventional suspensions of solid or liquid for the heat transfer intensifications, the nanofluids, with the aptly dispersed nanoparticles, offer various other advantages. Furthermore, with these advantages as well as advancements in the raw materials required for manufacturing heat transfer fluids, the demand for these products is likely to increment in the coming years.
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The product spectrum of the heat transfer fluids market can be bifurcated into silicones & aromatics, mineral oils, glycol, and others. While, the end-user landscape of this market comprises oil & gas, chemical processing, food processing & packaging, renewable energy, pharmaceuticals, and others.
Speaking of the regional outlook, the Asia Pacific region is estimated to generate the highest demand for the heat transfer fluids in the coming years. The key propellers for the high demand in APAC are the growing industrialization in the region, specifically in India, Japan, Korea, and Australia. The report cites that Europe has been a potential market for these products in terms of consumption, but the industry has experienced slow growth over the past years, and the region largely relies on the import of these products.
The worldwide heat transfer fluids market is endowed with a highly competitive market scenario, with the key market players being Indian Oil, Hindustan Petroleum Corporation Ltd., Bharat Petroleum, Radco Industries, Dalian Richfortune Chemicals, Honeywell International, Phillips 66, Arkema, Paratherm, Dynalene Inc., Dow Chemicals, Zhongneng Chemical and Huntsman, Therminol, and Schultz Chemicals.
The report further analyses these market players, in the light of their strong points, business tactics, and market performance. The company profiles of these players are documented in the study, alongside their business overview, product benchmarking, financials, and recent developments.