CHICAGO, Aug. 2, 2019 /PRNewswire/ -- According to the new market research report "Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, HVACR, and Others), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Heat Transfer Fluids (HTFs) market is expected to grow from USD 3.2 billion in 2019 to USD 5.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. The major factors driving the HTFs market include high demand from the chemical industry, increasing need for energy conservation, and excellent properties of heat transfer fluids.
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The synthetic fluids segment accounted for the largest share in the global HTFs market, in terms of value, in 2018.
The HTFs market has been segmented on the basis of type into four categories: mineral oils, synthetic fluids, glycols, and others. Among these types, the synthetic fluids segment accounted for the largest market share in 2018. Synthetic fluids are superior to other types and offer high thermal stability. The synthetic fluids segment is also projected to be the fastest-growing segment of the overall HTFs market during the forecast period as they offer enhanced lubricity at different temperatures and high thermal stability.
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The renewable energy end-use industry is projected to register the highest CAGR in the global HTFs market during the forecast period.
The renewable energy end-use industry is growing rapidly owing to the rising demand for clean energy production. HTFs are used to store energy, control temperature, transfer heat, and cooling during various processes in this industry. They also offer excellent oxidation resistance, enhance system efficiency and provide high thermal stability in these processes. With the increasing demand for renewable energy, the HTFs market has high growth prospects in this end-use segment.
APAC is the leading HTFs market.
APAC is the largest market for heat transfer fluids. The countries in APAC region are expanding their production capacities and investing in new projects to decrease dependence on imports, and thereby boosting regional energy security and autonomy. The increasing population, urbanization, and improving standard of living in the region and growing industrialization are, in turn, leading to the growth of the HTFs market. Some of the major end-use industries with high growth potential for the HTFs market in the region are renewable energy, HVACR, chemical, and automotive.
Major vendors in the Heat Transfer Fluids Market include The Dow Chemical Company (US), ExxonMobil (US), Eastman Chemical Company (US), Chevron (US), Huntsman Corporation (US), LANXESS (Germany), Royal Dutch Shell Plc. (Netherlands), Schultz Canada Chemicals Ltd. (Canada), Paratherm (US), Clariant (Switzerland), Sasol Limited (South Africa), Arkema (France), Global Heat Transfer Ltd. (UK), British Petroleum (UK), Dynalene, Inc. (US), Isel (US), Phillips 66 (US), Dalian Richfortune Chemicals Ltd. (China), Hindustan Petroleum Corporation Ltd. (India), Solvay (Belgium), Indian Oil Corporation Ltd. (India), Radco Industries Inc. (US), DuPont Tate & Lyle (UK), Petro-canada (Canada), BASF (Germany), Paras Lubricants Limited (India), and Schaeffer Manufacturing Co. (US).
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