HOME › Research Insight › Key Strategies adopted by Industry players to achieve growth in the Heat Transfer Fluids Market
Key Strategies adopted by Industry players to achieve growth in the Heat Transfer Fluids Market
Heat transfer fluids industry is a fast growing market. The material is commercially available in four widely classified type’s namely mineral oil, silicone & aromatics, PAG & glycol based fluids, and others. The market demand for heat transfer fluids is growing considerably due to the growing penetration with emerging concentrating solar power industry application and growing demand in Asia-Pacific due to continuous industrial expansions. Currently, the demand for heat transfer fluids is driven by its increasing applicability in Concentrating Solar Power (CSP), oil & gas, and chemical industry applications that require fluids with specific properties. Properties such as high viscosity indexes, chemical & thermal stability, good water solubility, and excellent shear resistance makes heat transfer fluids a preferred fluid in these industries.
New product launches, expansions, and new technology developments were the key strategies adopted by industry players to achieve growth in the heat transfer fluids market between 2012 and 2016. Increasing industrial advancements, technological advances, operational cost savings, and the demand for efficient use of energy have led various end-use industries to focus on energy saving, thus leading to an increase in the demand for heat transfer fluid. These aspects have encouraged companies to adopt strategies, such as new product launches, expansions, new technology developments, and agreements. Some of the major players, such as ExxonMobil Corporation (U.S.), The Dow Chemical Company (U.S.), BASF SE (Germany), Huntsman Corporation (U.S.), and Global Heat Transfer (U.K.) have adopted these strategies to develop their businesses globally. Besides new product launches and expansions, the companies have adopted new technology developments and agreements to expand their market share and distribution network.
Key players of heat transfer fluid market:
The Dow Chemical Company (U.S.) develops and manufactures high quality heat transfer fluids and provides wide range of heat transfer reliable solutions for heat transfer applications. It offers heat transfer fluids such as, inhibited glycol and synthetic organic/silicone with wide range of operating temperature. The company follows strategies, including new product launches, new technology developments, and expansions to increase its global market share. The company through its R&D aims to improvise its product portfolio and provide quality enhanced services to its end-users. In 2015, the company launched two new products to its line of glycol-based heat transfer fluids in the European region and expanded its solution service for power plants in the African region. The company also came up with new technology developments, which gave an additional advantage over other competitors. Its products are designed for applications requiring high energy recover efficiency and increased thermal performance.
BASF SE (Germany) offers heat transfer fluids under its performance product segments. The company manufacturers heat transfer fluids, which possess advanced characteristics such as, thermal stability across a broad temperature range, optimum compatibility with all materials in the system, excellent protection against corrosion in the system, and maximum reliability ensured with stringent quality management. The company has a huge geographic reach and serves international markets and clients through its subsidiaries. The company majorly follows expansion strategy to increase its services to the current customer base and optimize its production network. The company plans to add new polyalkylene glycol manufacturing unit in its Ludwigshafen plant to meet the growing demand of polyalkylene glycol-based heat transfer fluids in Germany and also introduced a new type of molten salt technology for the thermal power plant in Spain.
Apart from the above-mentioned market players, Exxon Mobil Corporation (U.S.), Chevron Corporation (U.S.), Phillips 66 (U.S.), Indian Oil Corporation Ltd. (India), Huntsman Corporation (U.S.), Bharat Petroleum Corporation Ltd. (India), Hindustan Petroleum Corporation Ltd. (India), Global Heat Transfer (U.K.), and Paratherm Corporation (U.S.) are the other most active players in the heat transfer fluids market.
Heat Transfer Fluid Market by Type (Mineral oils, Silicone & Aromatics , and PAG & Glycol-based Fluids), Application (Oil & Gas, Chemical, Concentrated Solar Power, Manufacturing Process, Pharmaceuticals, Biodiesel Production, and Others), and Region - Global Trends & Forecasts to 2021
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India