Heat transfer oil is stable paraffinic oil with high boiling point. It is used in closed as well as open heat transfer systems. Demand for heat transfer oil is high in industrial applications and household equipment, including chemical plants, textile producers, process industry, and oil filled radiators, as it offers properties such as good thermal stability, low viscosity, good heat transfer, ease of waste oil disposal, and high flash point. Heat transfer oil is also used to prevent rusting in circulating oil systems. Its exceptional stability helps prevent deposit formation inside piping and guarantees minimal thermal cracking at high temperatures.
The global heat transfer oil market can be segmented based on end-use industry and region. In terms of end-use industry, the heat transfer oil market can be divided into chemical, textile, cement, asphalt, concentrated solar power, and oil & gas. The chemical industry is the major end-use industry of heat transfer oil. The oil is used to maintain equipment and furnace temperature in batch processes. Heat transfer oil is primarily employed for tank heating and line tracing applications in the asphalt industry. Heat transfer oil is used to heat columns and reboilers in the oil & gas industry for the purification of oil. The oil is usually employed in enclosed circulated heat transfer systems in the textile industry.
The heat transfer oil market is anticipated to expand significantly during the forecast period owing to the increase in demand for the oil in the chemical industry. Rise in demand for heat transfer oil in concentrated solar power is estimated to drive the market for heat transfer oil during the forecast period. Growth in the oil & gas industry is also projected to propel the market for heat transfer oil in the near future. Demand for heat transfer oil is high in the cement market due to its characteristics of good conductivity and low volatility. This has been boosting the heat transfer oil market. Rapid growth in the asphalt market is also one of the key factors augmenting the heat transfer oil market. However, volatility in raw material prices is likely to hamper market growth. Furthermore, implementation of stringent government regulations, particularly in developed countries, is expected to adversely affect the heat transfer oil market during the forecast period.
Based on region, the heat transfer oil market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is anticipated to dominate the global heat transfer oil market, followed by Asia Pacific and North America, during the forecast period. Rise in demand for heat transfer oil in concentrated solar power in Europe is projected to boost the market for heat transfer oil. Growth in the chemical industry in Asia Pacific is likely to drive the market for heat transfer oil in the region. The heat transfer oil market in Middle East & Africa and Latin America is also estimated to expand substantially during the next few years.
Companies are adopting merger and acquisition strategies to expand their market share. They are also shifting their production facilities to emerging economies in Asia Pacific and Latin America due to the easy availability of land, cheap labor, and governmental subsidies in these regions. Key players operating in heat transfer oil market are Royal Dutch Shell plc, Chevron Corporation, Schaeffer Manufacturing Co., Millers Oils Ltd, The Maxol Group, Total Group, and Global Heat Transfer.
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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