Next-Generation Fluid Formulations to Advance Global Heat Transfer Fluids Market Toward $10 Billion by 2025
Manufacturers should adopt regulatory-compliant and environmentally sustainable product portfolios to harness lucrative growth prospects in an evolving ecosystem, finds Frost & Sullivan
SANTA CLARA, Calif., Nov. 5, 2019 /CNW/ -- Frost & Sullivan's latest research, Analysis of the Global Heat Transfer Fluids Market, Forecast to 2025, reveals that the global heat transfer fluids market is expected to advance at a moderate to high rate during the forecast period due to the exponential development of larger end-use industries. Heightened growth of the concentrated solar power (CSP) sector, coupled with increased adoption of higher-end heat transfer fluids, will augment growth prospects and propel profitable revenues through 2025. To harness lucrative opportunities, manufacturers should adopt environmentally sustainable and regulatory-compliant product portfolios. Frost & Sullivan expects the global heat transfer fluids market to reach $10.53 billion by 2025.
"Increased development and commercialization of more environmentally sustainable and durable heat transfer fluid formulations using higher-priced chemistries such as silicones and aromatics is expected to contribute significantly to the overall revenue growth of the market and ignite fresh prospects," said Christeena Thomas, Industry Analyst, Chemicals, Materials & Nutrition, Frost & Sullivan.
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From a regional perspective, Asia-Pacific, including India, is the largest market for heat transfer fluids with high growth anticipated in China, India, and Southeast Asia for both first fill and refill markets. Growth in these regions is fueled by changing market dynamics and significant end-industry development. North America is another high-growth region with an uptick in demand anticipated from the oil & gas, chemicals, and plastics and rubber sectors. The heat transfer fluids market in Europe, however, is slowing down due to more established and standardized practices.
"Recovering economies of Latin America, such as Brazil, Mexico, and Argentina, along with the high-growth markets of China, Southeast Asia and the Middle East, are expected to provide rewarding possibilities for heat transfer fluids," noted Thomas.
Strategies players can adopt to ensure success include:
- Targeting promotion of products with wider operating range and greater high-temperature stability to cater to the needs of the high-growth CSP end-use sector.
- Companies improving their portfolio with products that can be customized based on end-user specifications.
- Improving compatibility of product development with various operating conditions with better stability, durability, and fuel and chemical resistance.
- Manufacturers forging strong relationships and interactions with end users through trade fairs, symposia, and other events.
- Manufacturers introducing newer formulations based on silicones that are low in toxic content and more ecofriendly.
"Although there are many prospects in this market, concerns regarding toxicity issues of synthetic aromatics are expected to restrain growth in specific industries," observed Thomas. "Manufacturers are currently investing in innovative technologies that inhibit the toxicity of these chemicals without compromising their performance characteristics."
Frost & Sullivan's Analysis of the Global Heat Transfer Fluids Market, Forecast to 2025 research presents an assessment of the current status and future prospects within the global heat transfer fluids market and the challenges that lie ahead. Vertical markets, such as oil & gas, chemicals, automotive and transportation, food and beverage, concentrated solar power, plastics and rubbers, and pharmaceuticals are assessed on revenues, trends, product type, and volume shipment by region.
Analysis of the Global Heat Transfer Fluids Market, Forecast to 2025 is part of Frost & Sullivan's global Future of Chemicals in Infrastructure and Mobility Growth Partnership Service program.
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Analysis of the Global Heat Transfer Fluids Market, Forecast to 2025
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