The global heat transfer fluids market size isprojected to reach USD 5,372.24 million by the end of 2027. The increasing
demand for concentrated solar power will aid the growth of the market in the
coming years. According to a report published by Fortune Business Insights,
titled “Heat Transfer Fluids Market Size, Share & Industry Analysis, By
Type (Silicone Fluids, Aromatic Fluids, Mineral Oils, Glycol Based Fluids, and
Others), By Application (Oil & Gas, Chemical, Concentrated Solar Power,
Food & Beverages, Plastics, Pharmaceutical, HVAC and Others), and Regional
Forecast, 2020-2027,” the market was worth USD 3,477.90 million in 2019 and
will exhibit a CAGR of 5.78% during the forecast period, 2020-2027.
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Heat transfer fluids are widely used inseveral industry verticals including oil and gas, healthcare, chemicals,
pharmaceuticals, and others. These fluids are used to transfer heat over two
objects or areas; wherein they cool one side of the process and heat and store
on the other side. The presence of several large scale companies with a wider
consumer base and excellent product portfolios will open up a huge potential
for the growth of the market.
The massive investment in the researchand development of efficient products will emerge in favor of market growth.
The rising demand for concentrated solar power will contribute to the growing
adoption for the product across the world. The increasing demand for the
product will have a direct impact on the businesses of large scale enterprises
as well as SMEs across the world.
Increasing Number of Company MergersWill Emerge in Favor of Market Growth
The report encompasses several factorsthat have contributed to the growth of the overall market in recent years.
Among all factors, the increasing number of company mergers and acquisitions
has made the highest impact on market growth.
