A coolant or heat transfer fluid is an important substance that stores the heat energy. It plays the crucial role of preventing overheating of the thermal devices. it flows around the internal parts of a device and transfers the heat produced by it to other devices when possible. Heat transfer fluid is often both gaseous and liquid form and has a wide range of applications. The global heat transfer fluid market has great prospects in the industries where there is a great usage of devices with extreme temperature range. According to the experts, the global marketplace for this substance is ready to witness major advancements in terms of demands and business expansions.
Global heat transfer fluid market is largely driven by the concentrating solar power market or CSP. Growth in the CSP market has created numerous business opportunities in this industry. The strong performance and increased manufacturing standards of these products have positive effects on the overall conditions of the market. Segmentation of this industry is based on the types of fluids, applications and geographical demands for the same. Europe is the largest market for these substances. However, Asia Pacific regions and countries like India and China have greater future prospects.
Basic applications of heat transfer fluid are in the global industries such as chemicals, gas and oil, concentrating solar power, manufacturing process, pharmaceuticals, plastic, waste heat recovery and biodiesel production. As far as the types of heat transfer fluid are concerned, they comprise of mineral oils, PAG, silicon and aromatics and glycol based fluids. All these are important substances for the market, when it comes to the overall revenue and forecasting for growth are concerned. Automotives, chemicals and oil & gas industries have major expectations in terms of business opportunities.
As far as the forecasting reports for the market are concerned, it is expected to witness major shift in terms of revenue and overall market value. The heat transfer fluid market is estimated to grow at a CAGR of 6%. The revenue for this market is estimated to increased at the CAGR of over 7%. Going by these figures, it is estimated to reach $2,557.2 million by 2017. All these figures explain the astonishing growth and future prospects for this industry. Silicon, aromatics and mineral oils dominate the concerned global industrial area. The global demand for these products is expected to be strong even in the future.
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