Heat transfer fluids are used in a variety of industries and the application areas are oil and gas, concentrating solar power, chemicals, manufacturing processes, pharmaceuticals and biodiesel production. The oil and gas and concentrating solar markets are no doubt, the major applications for heat transfer fluids and serve an array of industries for their various properties and performance advantages, silicone and aromatics is an emerging market and demand for the same is growing at a pace.
Europe is currently the biggest market place for heat transfer fluids as it consumes nearly one third of the total global demand. The Asia Pacific is however, the fastest growing demand market. There is a great deal of scope in the region due to strong and even growing manufacturing and industrial base, which are the major end consumers of heat transfer fluids. Also, need for high performance materials for high temperature applications is increasing the demand. The continuing emergence of technological developments and innovations in the region is also helping the demand for heat transfer fluids.
Even though oil and gas and solar are already the biggest markets for heat transfer fluids, the new report says that demand from these industries is still increasing around the world. The oil and gas industry is strong in all regions, while chemical processing demand is traditional and dominant. Modifying heat transfer fluids for a specific application is now also being seen as a major opportunity in the market, and technological innovations are being identified to help capitalise on this.
The report estimates the global demand for heat transfer fluids and the market value for 2013 as well as projecting the expected demand and market value by 2019. The study looks at the market by form, application and end industry as well as country levels and market estimations, also to 2019. The report looks particularly at the demand in the US, Canada, Spain, Germany, Italy, France, China, India, Japan and Saudi Arabia.
Finally, companies who use heat transfer fluids are profiled, particularly Honeywell, BASF SE, Chevron and ExxonMobil.
Adapted by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/21072014/heat-transfer-fluids-market/