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(Medical-NewsWire.com, February 05, 2016 ) The heat transfer fluids have several applications in oil and gas, chemical industry, pharmaceutical industry, biorefineries, concentrating solar power, and industrial manufacturing processes. The distinct governments across the globe are framing regulations for industrial waste heat recovery, thus fueling the growth of the global heat transfer fluid market. Industrial waste heat refers to the heat generated through different industrial processes with no productive use. Heat transfer fluids are required to efficiently transfer heat from one system to another in industrial processes. During 2012 - 2015, oil and gas was the largest application segment in the global heat transfer fluids market, and it is expected to retain its dominance during the forecast period. Owing to the increasing demand for renewable source of energy, the different countries across the globe have significantly increased their solar power capacity. Heat transfer fluids are used to carry heat through solar collectors and heat exchangers for solar water heating.
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The high demand for heat transfer fluids in the emerging economies of Asia-Pacific, Latin America, and Africa are creating ample opportunities for the growth of the global market during the forecast period. The increasing research and development activities to significantly increase the thermal conductivity of heat transfer fluids is a key trend witnessed in the global market.
A heat transfer fluid refers to any synthetically manufactured gas or liquid used for transferring heat from one system to another. The heat transfer fluids are used as coolants to prevent the overheating of devices; for heating of different systems; and for heat recovery from various devices and equipment. The several types of heat transfer fluids include petroleum and synthetic fluids derived from mineral oils, paraffinic oils, synthetic aromatics, and silicones and water-based heat transfer fluids, formulated primarily with ethylene glycol and propylene glycol.
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Geographically, Europe was the largest consumer in the global heat transfer fluids market during 2012 - 2015. The high demand of heat transfer fluids in oil and gas industry, and solar industry is driving the growth of the European market. The consumption of heat transfer fluids is anticipated to increase in Asia-Pacific during the forecast period. The region is expected to witness the highest growth in the global heat transfer fluids market, in terms of value and volume.
Global Heat Transfer Fluids Market Segmentation By Type
Mineral Oil
Silicone & Aromatics
Polyalkylene Glycol (PAG) and Glycol-Based Fluids
Others
By Application
Oil & Gas
Chemical Processing
Concentrating Solar Power
Manufacturing Processes
Pharmaceutical Processing
Biodiesel Production
Others
By Region
North America
o The U.S.
o Canada
o Rest of North America
Europe
o Germany
o Spain
o Italy
o France
o Rest of Europe
Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
Latin America
o Brazil
o Rest of Latin America
Middle East and Africa
o Saudi Arabia
o Rest of Middle East and Africa
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