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Heat Transfer Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025

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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.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Note : All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Transparency Market Research.

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