New York
City, 30 January 2019: The global Heat Transfer Fluids Market is anticipated to reach USD 4.56
billion by 2026. Rising demand for a wide range of heat transfer fluids from an
assortment of industrial sectors is expected to drive the market over the next
decade. The industrial trends of these products show that the highest increase
in demand has been from the diverse manufacturing base globally and it tends to
grow with increase in the expansion of it.
These fluids are eutectic mixtures that
contain two stable compounds. These products practically have identical vapor
pressures, so that the mixture or composition can be managed as a solitary
compound. These types of fluids are mainly used in those systems that employ
either liquid vapor phase heating. These products are stable and are readily
not decomposable at high temperatures. These fluids are used effectively either
in vapor or liquid phase systems. Their low viscosity that remains throughout
the operating range eventually results in an efficient transfer of heat;
start-up and also problems related to pumping are minimized. These fluids are
noncorrosive to normal alloys and metals. The functional qualities of these
products are expected to boost demand over the forecast period.
Nanofluid has emerged as a novel type
for heat transfer medium. It contains nanoparticles (around 1–100 nm) that are
stably and uniformly distributed in the base fluid. These nanoparticles that
remain distributed, generally in a metal oxide or metal significantly enhance
the nanofluid’s thermal conductivity. It increases the convection coefficients
and conduction that allows for additional heat transfer nanofluids to be
applicable for applications such as the advanced heat transfer fluids. However,
owing to a wide variety and complexity of these nanofluid systems, no such
agreement is yet achieved on its magnitude of the potential benefits of
applying nanofluids for the heat transfer systems applications. Compared to the
conventional suspensions of solid–liquid for heat/thermal transfer
intensifications, nanofluids with properly dispersed nanoparticles come with
several other advantages. Hence, with such advantages and advancements in raw
materials for manufacturing heat transfer fluids, demand for these products are
expected to increase further in the near future.
Competitive Landscape and Key Vendors:
Asia Pacific Heat Transfer Fluids
Market is expected to account for the maximum demand for these products in the
next eight years. With increasing industrialization in the region especially in
Japan, India, Korea and even Australia demand for these products are
anticipated to grow even higher. Europe was also a potential market in terms of
consumption, but the industry has been experiencing a sluggish growth since few
years and the region is primarily dependent on import of these products.
Consumption of these products have been increasing slightly on a yearly basis.
The few of the leading industry
participants currently operating in a worldwide scale include Dalian
Richfortune Chemicals, Hindustan Petroleum Corporation Ltd., Lytron Inc.,
Honeywell International, Radco Industries, Arkema, Phillips 66, Bharat Petroleum,
Indian Oil, Zhongneng Chemical and Huntsman, Dow Chemicals, Paratherm, Schultz
Chemicals, Dynalene, Inc. and Therminol.
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