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The heat transfer fluids market is estimated at USD 2.61 Billion in 2017 and is projected to reach USD 3.64 Billion by 2022, at a CAGR of 6.9% from 2017 to 2022. Growing demand for heat transfer fluids in high temperature applications due to increasing industrialization is the major driver for the market. Moreover, the growing chemical industry and need to improve energy efficiency are also driving the market

The report analyzes the key growth strategies adopted by leading market players between 2015 and 2017. Dow (US), Eastman (US), Exxon Mobil (US), Chevron (US), Paratherm (US), BASF (Germany), Lanxess (Germany), Huntsman (US), and Global Heat Transfer (UK) are the key players operating in the heat transfer fluids market. These companies adopted mergers & acquisitions and investments & expansions strategies to strengthen their presence in the heat transfer fluids market.  

The Dow Company leads in the silicones & aromatics market and has adopted new product launches and investments & expansions as its major strategies. Introduction of new products such as DOWCAL eGEO, DOWCAL pGEO, and DOWCAL 100 have strengthened the company’s product portfolio. The company recently merged with DuPont, and this is expected to benefit the company grow in the area of bio-based heat transfer fluids. In July 2015, Dow invested in its heat transfer solution service for power plants, namely, Noor I, Morocco, and Bokpoort in South Africa. It will also be supplying its heat transfer fluid, DOWTHERM to these plants. This development has expanded its market in the African region.

Eastman has adopted investments & expansions and mergers & acquisitions to grow in the heat transfer fluids market. In June 2015, the company started a production unit of Therminol 55 at Scandiflex, the manufacturing site in Mauá, Brazil. The expansion enabled the company to cater the demand for heat transfer fluids in the South America market. In July 2013, the company also expanded its production line in the UK, where Therminol 66 and other biphenyl based co-products are manufactured. This expansion is expected to strengthen the foothold of the company in the heat transfer fluids market in the country. In February 2012, Eastman acquired Solutia Inc., a performance materials and specialty chemicals company. Soluntia Inc. offers a wide range of products, such as heat transfer fluids and aviation hydraulic fluids. This expansion helped the company to increase revenues and profit margins by expanding in emerging markets.

Related Reports:

Heat Transfer Fluids Market by Type (Mineral Oils, Silicones & Aromatics, and Glycols), End-use Industry (Chemical Processing, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, and Food & Beverage), and Region - Global Forecast to 2022

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