European Heat Transfer Fluid Market size is anticipated to exceed USD 1.4 billion by 2026, according to a latest forecast report by Graphical Research.
Increasing utilization of heat transfer fuels in chemicals and oil and gas sector should stimulate the market growth. Rising investment in expanding solar power generation should drive the demand for heat transfer fluids for solar power applications.
Based on products, the silicone and aromatics segment is estimated to witness over 3% CAGR between 2020 and 2026. Silicon based fluids are used as heat transfer fluids as these are high heat resistance, low temperature resistance, and low specific heat. Synthetic or aromatic heat transfer fluids include benzene-based structures and have higher thermal stability.
Many aromatic heat transfer fluids available in the market can be used in both vapor as well as liquid phases. These are mainly utilized in heat transfer applications owing to their excellent stability at elevated temperatures and high efficiency. Rising production levels in manufacturing industries like chemical, pharmaceutical, rubber, and plastics has also propelled the utilization of heat transfer systems. The chemical sales in Europe have increased from nearly USD 580 billion in 2016 to approximately USD 660 billion in 2019.
Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
Heat transfer fluids are of key importance in oil and gas processing as it is used in various phases of oil and gas explorations such as crude oil extraction, transportation, and refining. Heat transfer fluids are utilized in oil and gas industry glycol regeneration, distillation facilities, heating facilities, oil pipelines, and pumping stations. However, the demand for heat transfer fluids from oil and gas industry is expected to be affected by decreasing production on oil and gas in Europe. The crude oil production in Europe in 2018 was nearly 20 million tons and was above 40 million tons of oil equivalent in 2004. This decrease in the oil and gas production is mainly attributed to growing emphasize on sustainability and increasing use of renewable sources for energy production.
Industrial production in Europe has been increasing at a steady rate owing to growth in industries like pharmaceutical, chemicals, rubber and plastic, and food and beverage. The pharmaceutical production in Europe has augmented steady owing to rising demand for medicines and increasing focus on improving quality of life.
There has been increase in the production output of plastic and rubber pertaining to rising demand for plastic in flexible packaging applications and consumer goods. Such rise in the production of pharmaceutical and plastic industries may accelerate the use of heat transfer fluids in production processes.
Major players in the Europe HTF market include Huntsman Corporation, Eastman Chemical Company, Royal Dutch Shell Plc, Exxon Mobil, BASF SE, Dow Chemical Company, Chevron Co., CFR Chemicals, Dynalene, Inc., Indian Oil Corporation Ltd. (IOCL), KOST USA, Inc., and Inlet Petroleum Company (IPC).
The European heat transfer fluid market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2015 to 2026 for the following segments:
Europe Market, By Material
- Silicones & aromatics
- Mineral oils
- Others (Molten salts, HFPE and PFPE)
Europe Market, By Product
- Oil & gas
- Concentrated Solar Power (CSP)
- Food & beverages
- Heating, Ventilation & Air Conditioning (HVAC)
- Others (Transportation, biodiesel and waste heat recovery)
The above information has been provided for the following countries: