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Heat Transfer Fluids Market | 7.21% CAGR | Strategic Analysis | Industry Data | 2019-2025 | OGAnalysis

Heat Tranfer Fluids Market growth forecast till 2025

Heat Tranfer Fluids Market growth forecast till 2025

Global Heat Transfer Fluids Market Growth at CAGR of 7.21%, 2019-2025 | Dow Chemical Company, ExxonMobil, Eastman Chemical, Chevron, Huntsman, LANXESS

SOUTHLAKE, TX, UNITED STATES, October 23, 2019 /EINPresswire.com/ -- Heat Transfer Fluids Market is set to emerge amid many lubricant additives market across automotive and industrial machinery sectors with a market growth of 7.21% CAGR between 2019 and 2025. The heat transfer fluids market value is set to reach maxim levels to cater needs of heavy industrial machinery and automation systems.

In order, to prevent overheating, heat transfer fluids are used to vent heat out of the system or device. Rise in awareness regarding energy conservation and global warming is pushing key OEMs to innovate their product line across distinctive end-user industries. Accordingly, in 2019, CPI introduced Icematic aimed at providing heat transfer lubricant technology solutions for refrigeration and A/C applications using low global warming potential (GWP) approach.

The mineral oils segment leads heat transfer fluids market growth, in terms of volume because of their low price, high demand in chemical reactors, food processing and electric temperature control systems.

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Key players are launching customized websites to narrow the search for mineral oil heat transfer fluid type that meets specific user needs. For example, Eastman Chemical Company owns the website Eastman Therminol® heat transfer fluids(www.therminol.com) to serve the product line of pure white mineral oil Therminol XP heat transfer fluid to deliver exceptional heat transfer performance.

Further, growing consumption of petroleum-based products along with offshore oil & gas production and the rising number of LNG terminals is set to expand the heat transfer fluids market size during the estimated period.

However, stringent environmental regulations by EPA and REACH along with a slump in the raw material supply are among factors challenging the heat transfer fluids market growth.

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Asia Pacific is set to project market growth in terms of consumption across emerging end-users

Large consumption of heat transfer fluids is observed across key end-use industries of Asian countries ranging from textile, pharmaceutical, chemical processing industries to facilities equipped with direct or secondary heating systems to keep operations running safely and efficiently.

Further, the heat transfer fluids market growth across Asia Pacific is positively impacted by improved production capacities and investments in new projects to reach energy consumption targets. Accordingly, regional energy security and autonomy of governments are initiating such projects. For instance, the joint project of NITI Aayopg and Institute of Energy Economics, Japan (IEEJ) is set to install 175 GW capacity of renewable energy by 2022.

Renewable energy investors are set to boost the heat transfer fluids market value during the forecast

Renewable energy end-use industry is projected to register with high CAGR across the global Heat Transfer Fluids market during the forecast period.

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In view of this, in 2019, Vast Solar raised funding for the development of 50 MW CSP, PV hybrid project which uses sodium as a heat transfer fluid to capture concentrated solar energy that can then be stored and used on-demand on the utility-scale. In addition, Vast Solar earned an international award for dispatchable renewable energy technology.

Key market players are focusing on new products and expanding production capabilities

Key players are announcing a new product line of heat transfer fluid to serve distinct needs of the expanding number of electric vehicles. For instance, in September 2019, Valvoline introduced Valvoline EV Performance Fluids. The global product line includes Valvoline EV Heat Transfer Fluid, Drive System Fluid, Brake Fluid, and Grease.

Further, key OEMs are increasing production capabilities of raw material which in turn boosts the market growth by production. For instance, in 2019, the EQUATE Group announced the start-up of the MEGlobal Oyster Creek Site’s commercial production of glycol products used in a number of market applications including deicing fluids, heat transfer fluids, and construction materials.

Major market players observed to market strong market growth include The Dow Chemical Company, ExxonMobil, Eastman Chemical Company, Chevron, Huntsman Corporation, LANXESS, Royal Dutch Shell Plc., Schultz Canada Chemicals Ltd, and Paratherm, Clariant.

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