Heat transfer is a branch of thermal
engineering that deals with the use, exchange, generation, and conversion of
thermal energy and heat, especially for physical systems. Heat transfer is
classified into thermal convection, thermal conduction, thermal radiation, and
energy transfer as a result of phase change. Heat transfer fluid is a substance
that avoids overheating of any device or is used for storing thermal energy. In
order to perform this operation, the heat transfer fluid needs to be circulated
through its mechanical parts thereby transferring the heat from one device to
another. These heat transfer fluids have a wide range of applications in
chemical industries, automotives, petroleum processing, solar power plants, and
in manufacturing processes.
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The heat transfer fluids market is
classified based on the product type into mineral oils based products, PAG and
glycol based products, and silicone and aromatics based products. Based on
applications they are segmented into concentrating solar power, chemical
industries, oil and gas industry, plastics, manufacturing processes,
pharmaceuticals, bio-diesel production, and waste heat recovery.
One of the major factors driving the
growth in this market is its wide range of applications in the Concentrated
Solar Power (CSP) market. Europe holds the maximum market share which is
succeeded by the Asia-Pacific region. As China and India are emerging
economies, the heat transfer fluids market is expected to excel effectively.
Middle East is another growing market which is expected to retain its position
after Europe and Asia-Pacific regions. Better performance provided by heat
transfer fluids coupled with the growing number of applications in the
industrial sector are the crucial factors that are fuelling this market. The
fluctuating and ever increasing raw material prices are responsible for
restraining the growth of this market.
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