Press release -
Heat transfer fluid market led by The Dow Chemical Company with a 30% share
The global heat transfer fluid market has been forecast to increase at a compound annual growth rate (CAGR) of 7.4% over the next five years, increasing from a valuation of $1,684.0 million in 2011, to hit a market value of $2,557.2 million by 2017.
The applications of heat transfer fluids cover almost all facets of industries ranging from CSP and oil and gas to pharmaceuticals and automotives. The demand for heat transfer fluids is expected to increase significantly owing to the growing end-user industries such as chemicals, manufacturing processes, etc.
They have exceptional thermal and oxidation stability and are widely used in open, vented heat transfer systems, chemical processing equipment, laminating and calendaring rolls, dies and moulds in the rubber and plastics industries, die-cast zinc, and aluminium alloys.
Key factors set to drive growth within the heat transfer fluid market include high growth in the CSP market, strong performance advantage offered by heat transfer fluids and increasing performance standards in the industrial sectors. New product launches, product and technological innovation, expansions and mergers & acquisitions are the fundamentals needed to survive in this market.
Europe currently dominates the heat transfer fluids market, accounting for 35% of global demand in 2011. However, Asia-Pacific is expected to become the fastest growing market in the near future owing to the rapid advancement and increasing demand from key countries such as China and India.
The market is dominated by The Dow Chemical Company (US), Solutia Inc. (US), ExxonMobil Corporation (US), BP (UK), and Shell (The Netherlands) which together accounted for 76% of the overall market in 2011.
These market participants are especially strongest in the US, Europe, and Asia-Pacific markets, where they have significant market presence. The Dow Chemical Company leads the industry and accounted for 30% of the overall market in 2011.
For more information on the heat transfer fluid market, see the latest research: Heat Transfer Fluid Market
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