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Europe Heat Transfer Fluid Market Size By Application (Oil & gas, Chemical industry, Concentrated Solar Power (CSP), Food & Beverages, Plastics, Pharmaceuticals, HVAC, Others), By Product (Silicone & Aromatics, Mineral oils, Glycol, Others), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026
Published Date: March 2021 | Publisher: Graphical Research Report ID: GR1702 | Delivery : PDF  Request Free Sample

Europe Heat Transfer Fluid Market size crossed USD 920 million in 2019 and is predicted to register a growth of over 6% from 2020 to 2026.

Heat transfer fluids engage in heat transfer by acting as an intermediate medium for cooling, heating, transporting, and storing energy. Heat transfer fluids are used in a wide range of applications such as industrial production of plastic, rubbers, and petrochemicals, oil and gas production, and solar water heating systems.

Oil or synthetic heat transfer fluids are used for higher temperature applications as these fluids offer lower vapor pressure. Fluids with high boiling point can also be used for heat transfer applications as it allows the fluid to transfer large amount of energy in small among of fluid. Heat transfer fluids are utilized in a wide range of industries such as chemicals, oil and gas, rubber, plastic, HVAC, food and beverage, and pharmaceuticals.

European Market, By Product

Based on products, the glycol based HTF segment is expected to gather considerable gains of over 7.5% between 2020 and 2026. The glycol based HTF segment was valued at over USD 350 million revenue 2019. Glycol is an organic alcohol is primarily utilized in manufacturing of polyester fibres and as coolant in various heat transfer applications.

Ethylene and propylene glycol are commonly used as heat transfer fluids in residential as well as commercial HVAC systems owing to their anti-freeze characteristics, higher viscosity, and low heat transfer properties. Many companies use glycol over water for heat transfer applications as glycol as it can be function in a wide temperature range. Ethylene glycol is utilized as industrial coolants for compressors, HVAC systems, and automotive engines. The demand for heating, ventilation, and air conditioning systems has soared in Europe pertaining to increase in the number of industrial and commercial complexes and growing deployment of HVAC systems in households.

The heating, ventilation, and air conditioning (HVAC) systems has shown robust demand in recent few years owing to change in climatic condition are attributing towards market growth and is projected to register exponential growth of 3% till 2026.

European Market, By Application

In terms of applications, the concentrated solar power (CSP) segment surpassed over USD 250 million revenue in 2019. Concentrated solar power (CSP) systems concentrates sunlight using mirror panels or troughs for producing electricity using heat. A wide range of heat transfer fluids such as air, water, glycols, glycerol, and synthetic fluids are utilized in concentrated solar power systems and are of key importance in CSP systems as these transfer heat required for power production.

New investment in expanding CSP systems may drive the demand for heat transfer fluids for CSP applications. Growing focus on energy production from renewable energy sources has accelerated the investment in solar power plants, which should drive the demand for CSP systems in Europe.

Competitive Industry Landscape

Europe heat transfer fluid market share is significantly competitive with major players including Huntsman Corporation, Eastman Chemical Company, Royal Dutch Shell Plc, Exxon Mobil, BASF SE, Dow Chemical Company, Chevron Co., CFR Chemicals, Dynalene, Inc., Babcock Wanson, Indian Oil Corporation Ltd. (IOCL), KOST USA, Inc., and Inlet Petroleum Company (IPC).

Companies operating in the global market are focusing on establishing partnerships and joint ventures for products and sales channel expansion in the region. Companies may also focus on expanding their product offerings for catering demands from emerging sectors such as solar power and pharmaceuticals.
 

Frequently Asked Question(FAQ) :

The market for heat transfer fluid in Europe was valued at over USD 920 million in 2019 and is anticipated to witness a steady 6% CAGR up to 2026.
Glycol based heat transfer fluid market share in Europe will expand at 7.5% CAGR between 2020-2026 with high demand for HVAC systems in commercial and residential sectors.
The market share from concentrated solar power (CSP) application segment in Europe had reached more than USD 250 million in revenue during 2019 and will expand through 2026.
The major producers in the region are BASF SE, Chevron Co., Royal Dutch Shell Plc, Dynalene, Inc., Eastman Chemical Company, Dow Chemical Company, among some others.

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