The heat transfer fluid market size is estimated to grow from US$1.80 billion in 2015 to US$2.87 billion by 2021, at a CAGR of 8.2% during the forecast period, according to the report ‘Heat Transfer Fluid Market - Global Trends & Forecasts to 2021’, published by MarketsandMarkets.
The market is driven by the growing chemical industry and oil and gas developments, increasing concentrated solar power generation capacities, and the rise in technological advances in heat transfer fluid product portfolios.
In 2015, the oil and gas application segment is estimated to account for the largest market share among all the applications, in terms of value, followed by the chemical industry, manufacturing processes, and concentrated solar power applications. Concentrated solar power applications are estimated to grow at the highest CAGR between 2016 and 2021. The high growth can be attributed to the growing demand for sustainable power resources. Utilisation of waste heat energy from one process to another process in process industries has triggered the demand for heat transfer fluids.
Asia Pacific is currently the largest market for heat transfer fluids. China is the largest market for heat transfer fluids in the region. The following factors are the main driving forces for the heat transfer fluids market in the Asia Pacific region:
- High demand for heat transfer fluids in the region.
- Growing manufacturing processes industry.
- Growing chemicals and concentrated solar power industries in countries such as China and India.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/04042016/heat-transfer-fluid-market-to-witness-growth-2925/