The Europe heat transfer fluid market forecast is expected to gain substantial revenue from the current trends such as the increased preference for solar water heating systems and the rising production of HVAC systems, rubbers, plastics, and petrochemicals in the light of Industry 4.0. Heat transfer fluids enable heat transfer by functioning as a for a variety of operations including heating, cooling, storing, and transporting energy.
Synthetic or oil heat transfer fluids are utilized across high temperature applications owing to their lower vapor pressure. These fluids possess a high boiling point, and therefore permit the transfer of vast amounts of energy via small amount of fluid across numerous heat transfer applications, fueling the Europe heat transfer fluid market size.
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In terms of application, the Europe heat transfer fluid market share has been categorized into food & beverages, pharmaceuticals, concentrated solar power (CSP), oil & gas, HVAC, plastics, and chemical industry, amongst others. The concentrated solar energy or CSP segment is expanding rapidly in the recent times, promoted by the growing investments in the renewable energy sector.
During 2019, the CSP segment in the Europe heat transfer fluid market forecast was valued at $250 million and is anticipated to retain its growth pace through 2026. CSP systems utilize troughs or mirror panels for concentrating sunlight and producing electricity through heat. The European governments have been supporting the industry growth through their initiatives toward the adoption of renewable energy in the wake of the growing environmental concerns.
Several alternatives such as water, air glycerol, glycol, synthetic fluids, and other heat transfer fluids can be used in CSP systems for transferring heat for power production. As the focus on the adoption of solar energy has been increasing currently, the expanding volume of investments in the sector is likely to benefit the Europe heat transfer fluid market expansion.
The heating, ventilation, and air conditioning or HVAC systems have also been demonstrating an augmented deployment across both the commercial as well as residential sectors, over the last few years due to the impact of climatic changes. The segment is expected to accrue a considerable revenue share, growing at a 3% CAGR through 2026. Ethylene glycol particularly is increasingly being leveraged in these systems as an industrial coolant.
The silicone & aromatics segment in the Europe heat transfer fluid market has been exhibiting a robust growth, on account of the multiple advantageous properties of silicon-based fluids. The low temperature resistance, low specific heat, and high heat resistance of these fluids render them useful for several industrial operations.
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The high demand for drugs and medications witnessed across the pharmaceutical industry, alongside the growing use of these fluids in the plastic industry has been accelerating the Europe heat transfer fluid market outlook. Moreover, a marked rise in the production output of rubber and plastic products has been observed in the European region. This trend, alongside the escalating demand for flexible packaging solutions has been enabling market expansion recently.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Market assumptions & forecast parameters
1.3 Appendix
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
Chapter 2 Executive Summary
2.1 Europe Heat Transfer Fluid industry summary, 2015 - 2026
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Country trends
Chapter 3 Europe Heat Transfer Fluid Industry Insights
3.1 Industry segmentation
3.2 Industry outlook, 2015 - 2026
3.3 Value Chain
3.4 Regulatory overview
3.5 Market factor analysis
3.5.1 Growth drivers
3.5.2 Growth restraints
3.6 Competition review
3.7 Porter’s analysis
3.8 PESTEL analysis
3.9 Impact of COVID-19 on heat transfer fluid demand by application
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