In 2015, the global heat transfer fluids (HTFs) market stood at $2,811.0 million in 2015, which is projected to grow at a CAGR of 6.8% during the forecast period (2016–2021). The growing concentrated solar power (CSP) activities in Europe and North America; growth in chemical, petrochemical, and heating, ventilation, and air conditioning (HVAC) industries; and increasing substitution rates of synthetic aromatic HTFs are some of the major factors driving the growth of the market.
Major drift in the HTFs market is the enhancement at technological level in order to improve their performance to align with increasing demand for industrial processes and to adhere with environmental concerns. Manufacturing companies have launched new variants of HTFs in order to make them highly efficient and long lasting. Properties of HTFs have been improved by introducing various additives. These improvements are in the form of less deterioration on high temperatures, fouling resistance, high operating temperature range, and corrosion resistance.
On the basis of type, the synthetic aromatics and silicones category held the largest revenue share in 2015 in the HTFs market. The category is expected to demonstrate the fastest growth, with a CAGR of 7.6%, during the forecast period. Based on end user, the oil & gas industry is expected to hold the largest volume share in the market by 2021. The industry consumed 131.4 kilotons of HTFs in 2015, which is projected to reach 181.5 kilotons by 2021, with a CAGR of 5.5% during the forecast period.
Geographically, Asia-Pacific (APAC) is expected to witness the fastest growth, with a CAGR of 8.8%, during the forecast period, and is also projected to reach $1,002.6 million by 2021. This is due to the growth in the manufacturing industry in Indonesia, Malaysia, Thailand, Vietnam, and India.
Some leading players in the global HTFs market include The Dow Chemical Company, Honeywell International Inc., Chevron Corporation, ConocoPhillips, Indian Oil Corporation Ltd., BASF SE, Exxon Mobil Corporation, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, and Huntsman Corporation.
HTFS MARKET SEGMENTATION
By End User