The global heat transfer fluids market size is projected to reach USD 15.3 billion by 2027, according to a new report by Grand View Research, Inc., registering a 4.9% CAGR during the forecast period. Growing demand from the manufacturing and energy sectors is expected to drive global demand.
Thermal oils are typically formulated from petrochemicals and mineral oils, which eventually harm the environment in terms of recyclability, biodegradability, and aqueous toxicity. Due to multiple strict regulations laid down by governments across the globe, the growth of heat transfer fluids has taken a hit. Major innovators in the field are trying to bring imminent changes in the production process, such as usage of bio-based products, increased extraction efficiency, and enhanced solvent recovery.
Food grade heat transfer fluids are widely used for storage and refrigeration applications. With rising precision in temperature controlling in the processing of food and beverages, thermal fluid systems are gaining acceptance in upcoming food processing plants and facilities. These products are highly preferred due to lower maintenance costs and low-pressure requirements in the processing facility.
Asia Pacific is the fastest growing regional market backed by rising demand from China and Japan. Rapid industrialization and development of new machinery have increased the importance of heat transfer fluids. Investments in renewable energy initiatives such as CSP are expected to have a positive impact on the industry. China is aiming to take its installed CSP capacity to 3 GW by 2020.
Browse Details of Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-market
Key Takeaways from the report:
Request For Free Sample Report @ https://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-market/request/rs1
Grand View Research has segmented the global heat transfer fluids market on the basis of product, application, and region:
Heat Transfer Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Heat Transfer Fluids Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Heat Transfer Fluids Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Browse Related Reports :
Cyclohexanone Market Size, Share & Trends Analysis Report By Application (Adipic Acid, Caprolactam, Solvents), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 – 2027
https://www.grandviewresearch.com/industry-analysis/cyclohexanone-market
Chemical Distribution Market Size, Share & Trends Analysis Report By Product (Specialty Chemicals, Commodity Chemicals), By End Use, By Region, And Segment Forecasts, 2020 – 2027
https://www.grandviewresearch.com/industry-analysis/chemical-distribution-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-market