LONDON–(BUSINESS WIRE)–Technavio has announced the top five leading vendors in their recent global heat transfer fluids market report until 2020. This research report also lists 11 other prominent vendors that are expected to impact the market during the forecast period.

High demand for HVAC equipment in developing economies to drive market growth

The demand for heating, ventilation, and air conditioning (HVAC) equipment is growing in developing economies, which is mainly driven by increasing urbanization. The market for heat exchangers is anticipated to benefit from growing demand for replacement applications, and this will also propel the market of heat transfer fluid during the forecast period.

In the HVAC segment, the heat transfer fluids maintain the temperature of processing machines and carry additional heat produced during the process. In a water-based HVAC system, the preliminary investment for a heat transfer fluid is significantly less than the cost of installing piping, pumps, chillers, and other system machinery.

Competitive vendor landscape

The global heat transfer fluids market share is consolidated with top five players including Dow Chemical, ExxonMobil, Eastman, Shell Chemicals, and British Petroleum accounting for over 75% in 2015. The Dow Chemical Company was the industry leader with a share of more than 25% of the total industry revenue in 2015. The company offers thermal fluids for a varied range of industries such as pharmaceutical, chemical, energy and water, and industrial. Major products in the heat transfer segment include glycol (propylene and ethylene glycol) fluids and synthetic fluids.

According to Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on metals and minerals, “The market stakeholders are capitalizing heavily in R&D to develop bio-based thermic oils due to strict environmental guidelines regarding the synthetic heat transfer fluid. Companies have also been advancing to commercialize nanofluids with improved thermal properties and versatility in various applications.”

These players have a vast geographical existence with production units situated worldwide. There are few number of small regional vendors in the market. The strong competition and the decreasing profit margins create significant risk factors in the vendors’ operations. Thus, to survive and flourish in the intensely competitive environment, it becomes imperative for the vendors in the market to differentiate their product and service offerings through a clear and exceptional value proposition.

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About the top five heat transfer fluids market vendors

British Petroleum

British Petroleum was incorporated in 1909 and is headquartered in London, UK. The company is one of the largest oil and gas companies in the world. It focuses on offshore and onshore exploration, transportation, and marketing of oil and gas and their substitutes across the world. It operates through three segments, namely, upstream, downstream, and other businesses and corporate. In FY2015, the company reported a revenue of USD 222.9 billion.

Dow Chemical

Dow Chemical was incorporated in 1947 and is headquartered in Midland, Michigan, US. The company provides solutions like clean water, increased agricultural productivity, and clean energy generation and conservation. Its portfolio includes advanced materials, specialty chemicals, and agrosciences.

In FY2015, the company reported a revenue of USD 48.77 billion and invested USD 1.59 billion in R&D. As of December 31, 2015, it held 4,651 active US patents and 19,541 active foreign patents.

Eastman

Eastman was founded in 1920. It is headquartered in Kingsport, Tennessee, US. The company is a specialty chemical company. It focuses on the production of advanced materials, chemicals, and fibers. It offers technology-based solutions.

The company operates through the following business segments: additives and functional products, adhesives and plasticizers, advanced materials, fibers, and specialty fluids and intermediates.

ExxonMobil

Founded in 1999, the company is headquartered in Texas, US. It is engaged in energy; exploration and the production of crude oil and natural gas; manufacture of petroleum products; and transportation and sale of crude oil, natural gas, and petroleum products such as olefins, aromatics, polyethylene, and polypropylene plastics and a wide variety of specialty products. The company operates in three segments of products and services, namely, upstream, downstream, and chemicals.

Shell Chemicals

Shell Chemicals was founded in 1929 and is headquartered in Houston, Texas, US. It is one of the leading producers of petrochemical products in bulk in the world. The company operates as a subsidiary of Royal Dutch Shell.

The company also produces and supplies styrene monomer. Added to this, it also produces plastic and rubber products such as polystyrene, expandable polystyrene, acrylonitrile butadiene styrene, styrene acrylonitrile, styrene butadiene rubber, and unsaturated polyester resins.

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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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