Category: Petrochemicals

Transformer Oil Market Segment Analysis By Product, Rating, End-Use, Region And Forecast Till 2030: Grand View Research Inc.

San Francisco, 30 Aug 2023: The Report Transformer Oil Market Size, Share & Trends Analysis Report By Product (Mineral-based, Silicone-based), By Rating, By End-use (Utilities, Industrial), By Region, And Segment Forecasts, 2023 – 2030

The global transformer oil market size is expected to reach USD 6.1 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.1% from 2023 to 2030. The growth is driven by the high utilization of transformer oil in the power generation sector along with an increase in demand for electric grids in emerging economies.

The product is used to insulate high-voltage electrical transformers. It is developed to operate at very high temperatures. Transformer oil surrounds the windings and the core of transformers to prevent their wiring and cellulose-based insulation from corroding and oxidizing.

Recent market expansion is driven by technological development and rising R&D activities by key industry players. For instance, Cargill received an award from the U.S. Environmental Protection Agency, for developing transformer oil through natural esters. Market players are also focusing on manufacturing bio-based products to dominate the market.

Crude oil is the major raw material utilized for manufacturing transformer oil. Key industry participants involved in the production of this raw material are Saudi Aramco, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Shell Plc., and others. Some of the leading market players such as Exxon Mobil Corporation, China Petroleum & Chemical Corporation, and others are integrated across the value chain to produce crude oil, base oil, and transformer oil which increases their profitability margin.

Access Research Report of Transformer Oil Market @ https://www.grandviewresearch.com/industry-analysis/transformer-oil-market

Transformer Oil Market Report Highlights

  • By product, the bio-based segment is expected to register the fastest CAGR of 14.8% over the forecast period in terms of revenue due to growing regulations that are focused on reducing carbon emissions and increasing energy conservation
  • By end-use, the residential segment is expected to register the fastest CAGR of 12.7% in terms of revenue over the forecast period owing to the growing population across the globe leading to an increase in the residential sector
  • Asia Pacific is expected to register the fastest CAGR of 13.8% in terms of revenue over the forecast period owing to rapid industrialization in rural areas and investments by foreign bodies in the developing economies
  • There is a significant demand for silicone-based products because of their capacity to extinguish themselves, making them acceptable for high-risk areas with possible fire threats. Due to their durability and lack of major maintenance requirements, silicones also contribute to longer transformer life
  • In developing countries, the replacement of outdated transformers with new ones and technological advancements are anticipated to create numerous attractive job opportunities
  • The U.S. Environmental Protection Agency, the Electricity & Cogeneration Regulatory Authority, and other federal agencies have adopted strict restrictions surrounding energy waste, and this has fueled demand for oil to reduce emissions and electricity waste

Transformer Oil Market Report Scope

Report AttributeDetails
Market size value in 2023USD 2.7 billion
Revenue forecast in 2030USD 6.1 billion
Growth rateCAGR of 12.1% from 2023 to 2030
Base year for estimation2022
Historical data2018 – 2021
Forecast period2023 – 2030

List of Key Players in the Transformer Oil Market

  • China Petroleum & Chemical Corporation
  • Cargill Inc.
  • Shell Plc.
  • Nynas AB
  • Ergon, Inc.
  • Engen Petroleum Ltd.

Access Press Release of Transformer Oil Market @ https://www.grandviewresearch.com/press-release/global-transformer-oil-market

Benzene Market Segment Analysis By End-Use, Production Process, Region And Forecast Till 2030: Grand View Research Inc.

San Francisco, 27 July 2023: The Report Benzene Market Size, Share & Trends Analysis Report Derivative By End-use, By Production Process (Catalytic Reforming), By Region, And Segment Forecasts, 2022 – 2030

The global benzene market size is expected to reach USD 74.32 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2022 to 2030. The industry growth is majorly driven by the growing chemical industry and increasing demand for polymers, polyester fibers, increasing consumption of household cleaning products, and other derivatives of benzene in end-use industries such as automobile, textile, pharmaceutical, packaging, personal care, and others.

Benzene is an essential feedstock that is used to further manufacture various chemicals and derivatives for serving different industries. These industries use benzene to manufacture other chemicals which are then further used to make plastic, nylon, resins, and synthetic fibers. It is also used to make rubbers, dyes, pesticides, lubricants, drugs, and detergents.

The growing consumption of benzene derivatives in the automotive industry for the manufacturing of synthetic rubber to be used in tires and several other parts of the car has resulted in an increase in demand for benzene worldwide. This demand is further expected to grow due to the continuous growth of the automotive industry.

The outbreak of COVID-19 has also had a negative impact on the benzene market as the shutting down of the economy due to the lockdown had a detrimental effect on the petrochemical industry. China which accounted for a significant market share in the production of petrochemicals was the epicenter of the pandemic which resulted in hugely impacting the production capacity of the country due to the lockdown. This reduction in production capacity has sent shockwaves throughout the supply chain, thus affecting the industries which relied on Chinese imports.

During the early stage of the pandemic, crude oil prices plummeted putting oil producers such as Middle East and North America at a disadvantage. On the other hand, this price drop has provided oil-importing countries such as India, China, and South Korea the advantage to build crude oil reserves for their petrochemical industries. However, with the uplifting of lockdown and opening up of economies, the demand for benzene has again started to increase.

Access Research Report of Benzene Market @ https://www.grandviewresearch.com/industry-analysis/benzene-market-report

Benzene Market Report Highlights

  • The global market is estimated to advance with a growth rate at a CAGR of 6.1% from 2022 to 2030. This is attributed to the wide range of uses of the product in industries such as automobile, personal care, pharmaceuticals, packaging, and others
  • Asia Pacific dominated the global market in 2022 with a revenue share of over 45.20%. This is owed to increasing demand for home appliances, automobiles, packaging in food & beverages and pharmaceutical, and personal care in the region
  • The increasing demand for benzene in the Asia Pacific has also resulted in several companies increasing their production capacities. For instance, Hengyi Petrochemical of china has set up a naphtha cracker plant in 2021 which will increase its production capacity of benzene by 80,000 TPA. Additionally, Reliance industries one of the major producers of benzene in India has increased its production capacity to 1400KTA
  • Ethylbenzene dominated the derivative segment with a revenue share of 53.69% in 2022. This growth is attributed to the fact that a major portion of ethylbenzene goes into the production of styrene which has its demand in several major industries such as rubber, packaging, and automobiles
  • Automobile application in the ethylbenzene derivative by end-use segment held a revenue share of 43.53%. This is due to the fact that styrene produced from ethylbenzene finds its major usage in automobile parts and tires due to its unique properties of low rolling friction, abrasion resistance, and high traction during braking
  • Catalytic reforming in the production process dominated the global market with a revenue share of 49.32% in 2022. This is attributed to the fact that this method gives high yield and is useful for the production of benzene in large quantity

Benzene Market Report Scope

Report AttributeDetails
Market size value in 2022USD 46.27 billion
Revenue forecast in 2030USD 74.32 billion
Growth RateCAGR of 6.1% from 2022 to 2030
Base year for estimation2022
Historical data2018 – 2021
Forecast period2023 – 2030

List of Key Players in Benzene Market

  • Dow
  • INEOS Group
  • LyondellBasell Industries Holdings B.V.
  • BASF SE
  • Royal Dutch Shell Plc
  • Reliance Industries Limited
  • Chevron Phillips Chemical Company LLC
  • China Petrochemical Corporation
  • Marathon Petroleum Corporation
  • LG Chem

Access Press Release of Benzene Market @ https://www.grandviewresearch.com/press-release/global-benzene-market

Lubricants Market Expected To Witness A Substantial Growth Of USD 167.48 Billion By 2028: Grand View Research Inc.

San Francisco, 23 Aug 2021: The Report Lubricants Market Size, Share & Trends Analysis Report By Application (Industrial, Marine, Automotive, Aerospace), By Region (Asia Pacific, North America, Europe, MEA), And Segment Forecasts, 2021 – 2028

The global lubricants market size is expected to reach USD 167.48 billion by 2028, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 3.7% from 2021 to 2028. Growth in demand for biobased lubes, as they are eco-friendly, is estimated to augment the market growth over the coming years. Furthermore, the manufacturers are shifting and expanding their production units in developing nations owing to various factors, such as availability of raw material and reduced costs of infrastructure and labor. This, in turn, is anticipated to boost the market growth over the forecast period.

Typical oil manufacturers use crude oil, CBM, tight oil, and other additives to formulate all types of lubricants. Technological advancements have led to the reduction of combustion engine-based vehicles; and countries, such as Norway and the Netherlands, have imposed strict regulations against the approval of any combustion engine-based vehicles. Major companies, such as Shell, Total, Chevron, ExxonMobil, BP, and Sinopec, have integrated their business operations globally.

Increasing passenger car sales in emerging markets of Asia Pacific and Latin America is expected to be a major factor driving consumer automotive lubricants demand over the forecast period. Growing sales of consumer automotive, such as trucks, buses, and other forms of passenger transport, are expected to drive commercial automotive oil product demand. Economic growth in emerging markets, such as China, India, and Brazil, has led to betterment in public transportation in these regions. This trend is expected to further strengthen commercial automotive lubricant demand.

The Asia Pacific automotive industry is anticipated to witness a high growth rate over the forecast period owing to rapid economic development, mega construction projects, and introduction of various favorable policies by the government, such as 100% FDI and “Smart Cities”. The rapid industrial development and growing demand for high-performance luxurious passenger cars have also attracted heavy investments from international automobile companies.

Companies, such as ExxonMobil & Chevron, are directly involved in the production of lubricants for specific applications, these companies are further involved in supply agreements with major end-users to ensure steady product sales. Companies, such as Total, Shell, Amsoil, and Castrol, have entered into exclusive supply agreements with Tata Motors & Vestas Wind Systems to supply their products.

Access Research Report of Lubricants Market @ https://www.grandviewresearch.com/industry-analysis/lubricants-market

Lubricants Market Report Highlights

  • Bio-based lube formulations are widely used since several regulations have been formulated by authorities, such as the EPA, to reduce the vehicular emissions
  • These products have high price fluctuations as they depend on the costs of petroleum products, such as crude oil
  • In terms of volume, the automotive application segment accounted for a prominent share in the market in 2020 and is further expected to witness steady growth over the forecast period
  • Asia Pacific accounted for the highest revenue share in 2020 and will expand further at the fastest CAGR from 2021 to 2028
  • An increasing number of consumers are demanding advanced technological products with superior performance characteristics, which are conducive to market growth
  • Global as well as regional players are developing direct sales channels, especially for the automotive sector, at their local service centers
  • Some companies also participate in annual events of their end-users and showcase their products at discounted prices

List of Key Players of Lubricants Market

  • ExxonMobil Corp.
  • Pennzoil
  • Quaker Chemical Corp.
  • Royal Dutch Shell Co.
  • JX Nippon Oil & Energy Corp.
  • British Petroleum
  • Lukoil
  • Total S.A
  • Chevron Corp.
  • Philips 66 Company
  • Sinopec Corp.

Access Press Release of Lubricants Market @ https://www.grandviewresearch.com/press-release/global-lubricants-market

Specialty Gas Market Size Is Poised To Reach USD 18.22 Billion By 2028: Grand View Research Inc.

San Francisco, 23 Aug 2021: The Report Specialty Gas Market Size, Share & Trends Analysis Report By Product (Noble, Carbon, Ultra-high Purity, Halogen), By Application (Manufacturing, Electronics, Healthcare), And Segment Forecasts, 2021 – 2028

The global specialty gas market size is expected to reach USD 18.22 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.8% from 2021 to 2028. Increased preference for specialty gases in the healthcare sector owing to an increased rate of applicability in medical applications is a driving factor for the strong market growth.

Increased rate of applicability in key applications such as manufacturing (welding and cutting, lighting, laser, chemicals), healthcare (medical devices, pharmaceutical drugs manufacturing, anesthetic), electronics (flat panel displays, semiconductor devices), and analytical and calibration instruments are expected to drive market growth.

The manufacturing and electronics industries are flourishing at an increased rate in emerging economies of Asia Pacific. Government initiatives to strengthen analytical testing capabilities, growing expenditure on drugs and medical devices by public health organizations, technological advancement, and government investments in the healthcare and electronics industries are increasing the demand for specialty gas.

Prevailing energy and environment-friendly practices coupled with growing societal awareness towards green products and solutions are anticipated to develop more stringent environmental and emission norms over the forecasted period. Furthermore, key players such as Air Liquide, Praxair, Inc., Linde AG, etc. are developing clean technologies and introducing innovative solutions that will lower emissions and pollutants.

Access Research Report of Specialty Gas Market @ https://www.grandviewresearch.com/industry-analysis/specialty-gas-market

Specialty Gas Market Report Highlights

  • Carbon gases was the largest segment by product capturing over 26% of the market share in 2020. Carbon gases are obtained from various natural sources and used by end-use industries such as chemicals, oil, food and beverages, etc. Majorly carbon dioxide and carbon monoxide have an increasing demand in the market owing to the high applicability rate in many industrial applications
  • The healthcare segment is anticipated to reach USD 4.66 billion in 2027. Specialty gases are used on large scale in devices such as nuclear magnetic resource imaging, magnetic resonance imaging, and ophthalmology, etc.
  • Asia Pacific region captured the largest regional segment in 2020 accounting for USD 4.20 billion owing to steady capacity expansions by surgical instruments, defense equipment, electronics, cotton, textiles industries, and a growing number of new applications of specialty gases is expected to drive market growth
  • The market is competitive with key participants involved in R&D and constant innovation done by the vendors has become one of the most important factors for companies to perform in this industry. Key manufactures include Air Liquide S.A., Air Products and Chemicals, Inc., Iwatani Corporation, Linde plc, and Messer Group GmbH.

List of Key Players of Specialty Gas Market

  • Linde plc
  • Air Liquide International S.A.
  • Messer Group GmbH
  • Air Products and Chemicals, Inc.
  • Weldstar, Inc.
  • Mesa Specialty Gases & Equipment
  • Norco Inc.
  • Taiyo Nippon Sanso Corporation
  • Showa Denko K.K.

Access Press Release of Specialty Gas Market @ https://www.grandviewresearch.com/press-release/global-specialty-gas-market

Industrial Gases Market Size Is Poised To Reach USD 147.1 Billion By 2028: Grand View Research Inc.

San Francisco, 26 April 2021: The Report Industrial Gases Market Size, Share & Trends Analysis Report By Product (Oxygen, Nitrogen), By Application (Manufacturing, Healthcare), By Distribution (Cylinder, On-site), By Region, And Segment Forecasts, 2021 – 2028

The global industrial gases market size is expected to reach USD 147.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2021 to 2028. The use of industrial gas in the electronics (photovoltaic) industry for the manufacturing of semiconductors, solar, displays, LED solid-state lighting, wafers, and polysilicon compel the growth prospects for this market. Clean energy, predominantly solar PV, is evolving as an eminent source of clean energy generation, thereby attracting investments globally. These gases substantially reduce the manufacturing costs, which is poised to increase their implementation over the forecast period.

Major end-use industry segments such as medical and pharmaceuticals, food and beverages, petroleum refining, petrochemicals, and aerospace prefer acquiring these gases directly from the manufacturing/distribution companies. Companies operating in these end-use segments usually require large quantities of gases, and therefore opt for bulk or onsite form of distribution.

The healthcare industry consumes substantial amounts of industrial gases in analytical and imaging equipment, diagnostics, home and institutional respiratory therapies, instrument and equipment sterilization, dental and general surgical anesthesia, imaging contrasts, and many other applications. Continuing research in new applications improves the growth in demand for industrial gas by the healthcare sector.

Industrial gases are used for a wide range of applications in the food and beverage industry. In the food industry, industrial gases are employed for numerous applications, including modified atmospheric packaging (MAP), chilling and freezing, and controlling the temperature of products during transportation and storage. It is majorly used to maintain the quality and increase the shelf life of food products.

Access Research Report of Industrial Gases Market @ https://www.grandviewresearch.com/industry-analysis/industrial-gases-market

Industrial Gases Market Report Highlights

  • North America is expected to witness significant growth over the forecast period. The growing healthcare and electronic industries across the region are likely to promote market growth in North America
  • By product, nitrogen is expected to witness the highest growth over the forecast period. It is an inert gas that finds numerous applications in the field of heat treatment for establishing a neutral atmosphere. Nitrogen is used to eliminate air from mines contaminated with methane to avoid break out of fire
  • Based on application, the manufacturing segment accounted for the largest revenue share in 2020 owing to increasing demand for industrial gases, such as nitrogen, oxygen, carbon dioxide, and hydrogen, in the manufacturing industry
  • The presence of a large number of players in the market has resulted in tough competition. New and multifunctional product developments, superior quality, and efficient pricing are the only strategies companies can adapt to survive in this highly competitive global market

List of Key Players of Industrial Gases Market

  • Air Liquide
  • Air Products & Chemicals
  • Messer Group
  • Taiyo Nippon Sanso
  • The Linde Group

Access Press Release of Industrial Gases Market @ https://www.grandviewresearch.com/press-release/global-industrial-gases-market

Oxidized Polyethylene Wax Market Size Is Projected To Reach USD 1.04 Billion By 2028: Grand View Research Inc.

San Francisco, 6 April 2021: The Report Oxidized Polyethylene Wax Market Size, Share & Trends Analysis Report By Application (Paints & Coatings, Printing Inks), By Product (Low-, High-density), By Region (Europe, North America, APAC), And Segment Forecasts, 2021 – 2028

The global oxidized polyethylene wax market size is expected to reach USD 1.04 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a compound annual growth rate of 4.8% over the forecast period. The global market is expected to witness substantial growth over the forecast period owing to the increase in the demand from end-use applications, such as plastics, coatings, hot melt adhesives, rubber processing, and printing. Nontoxic nature, high thermal stability, and excellent dispersion have increased product consumption in the aforementioned segments.

It is used in masterbatches in other applications including polymer processing, leather, textile, metalworking industries, and tire manufacturing. The market growth is also driven by rising product demand in the coatings and rubber processing industries. The rising usage of hot melt adhesives in various consumer goods applications, such as furniture making, shoe manufacturing, packaging, baby diapers, and cigarettes, is expected to be one of the major drivers. Moreover, the rise in demand for paperboard & paper and building boards is likely to contribute to the market development.

Ethylene and petrochemical waxes are the main raw materials used in the manufacturing of polyethylene (PE) wax, which is further oxidized to manufacture the product. The major demand for printing ink across the globe arises from printed packaging products, followed by newspaper printing and printed advertisements. Solvent, water, and oil-based inks are used along with wax in digital printing, offset printing, and flexo printing processes. Furthermore, with the high penetration of print manufacturing companies globally, such as DIC India, Toyo Ink, Wikoff Color, and Ruco, the demand is likely to rise over the coming years.

Asia Pacific is one of the largest plastic manufacturing regions globally. The high demand for commodity plastics in the region, such as PVC, PE, and PU, has boosted the application of PE waxes. The demand for products that have applications in the infrastructure and industrial sectors is growing rapidly. The paints and coatings industry is expected to be the major contributor to the regional market growth, owing to the presence of a large number of emerging economies making significant investments in infrastructure development.

Access Research Report of Oxidized Polyethylene Wax Market @ https://www.grandviewresearch.com/industry-analysis/oxidized-polyethylene-wax-market

Oxidized Polyethylene Wax Market Report Highlights

  • The unstable price of crude oil, from which petroleum wax is derived, significantly affects the stability of PE wax production across the globe
  • In terms of volume, the high-density product segment accounted for the largest share of the market in 2020 and is expected to retain its lead throughout the forecast period
  • The paints & coatings application segment dominated the global market and accounted for more than 21% of the overall revenue share in 2020
  • Asia Pacific accounted for more than 12% of the global share, in terms of volume, in 2020. Increasing consumption of the product in the industrial and infrastructural industries is assisting the market growth in the region
  • In April 2020, Lubrizol Corp. joined hands with Nike, Inc. by donating Thermoplastic Polyurethane (TPU) polymers, an essential element in PPE kits, to produce and donate Powered Air-Purifying Respirator (PAPR) lenses and full-face shields for frontline healthcare workers during the COVID-19 pandemic

List of Key Players of Oxidized Polyethylene Wax Market

  • Baerlocher GmbH
  • The Lubrizol Corp.
  • SCG Chemicals Co., Ltd.
  • Marcus Oil
  • Deurex AG
  • Munzing Chemie GmbH
  • Honeywell International Inc.

Access Press Release of Oxidized Polyethylene Wax Market @ https://www.grandviewresearch.com/press-release/global-oxidized-polyethylene-wax-market

Industrial Gases Market Expected To Witness A Substantial Growth Of USD 147.1 Billion By 2028: Grand View Research Inc.

San Francisco, 10 March 2021: The Report Industrial Gases Market Size, Share & Trends Analysis Report By Product (Oxygen, Nitrogen), By Application (Manufacturing, Healthcare), By Distribution (Cylinder, On-site), By Region, And Segment Forecasts, 2021 – 2028

The global industrial gases market size is expected to reach USD 147.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2021 to 2028. The use of industrial gas in the electronics (photovoltaic) industry for the manufacturing of semiconductors, solar, displays, LED solid-state lighting, wafers, and polysilicon compel the growth prospects for this market. Clean energy, predominantly solar PV, is evolving as an eminent source of clean energy generation, thereby attracting investments globally. These gases substantially reduce the manufacturing costs, which is poised to increase their implementation over the forecast period.

Major end-use industry segments such as medical and pharmaceuticals, food and beverages, petroleum refining, petrochemicals, and aerospace prefer acquiring these gases directly from the manufacturing/distribution companies. Companies operating in these end-use segments usually require large quantities of gases, and therefore opt for bulk or onsite form of distribution.

The healthcare industry consumes substantial amounts of industrial gases in analytical and imaging equipment, diagnostics, home and institutional respiratory therapies, instrument and equipment sterilization, dental and general surgical anesthesia, imaging contrasts, and many other applications. Continuing research in new applications improves the growth in demand for industrial gas by the healthcare sector.

Industrial gases are used for a wide range of applications in the food and beverage industry. In the food industry, industrial gases are employed for numerous applications, including modified atmospheric packaging (MAP), chilling and freezing, and controlling the temperature of products during transportation and storage. It is majorly used to maintain the quality and increase the shelf life of food products.

Access Research Report of Industrial Gases Market @ https://www.grandviewresearch.com/industry-analysis/industrial-gases-market

Industrial Gases Market Report Highlights

  • North America is expected to witness significant growth over the forecast period. The growing healthcare and electronic industries across the region are likely to promote market growth in North America
  • By product, nitrogen is expected to witness the highest growth over the forecast period. It is an inert gas that finds numerous applications in the field of heat treatment for establishing a neutral atmosphere. Nitrogen is used to eliminate air from mines contaminated with methane to avoid break out of fire
  • Based on application, the manufacturing segment accounted for the largest revenue share in 2020 owing to increasing demand for industrial gases, such as nitrogen, oxygen, carbon dioxide, and hydrogen, in the manufacturing industry
  • The presence of a large number of players in the market has resulted in tough competition. New and multifunctional product developments, superior quality, and efficient pricing are the only strategies companies can adapt to survive in this highly competitive global market

List of Key Players of Industrial Gases Market

  • Air Liquide
  • Air Products & Chemicals
  • Messer Group
  • Taiyo Nippon Sanso
  • The Linde Group

Access Press Release of Industrial Gases Market @ https://www.grandviewresearch.com/press-release/global-industrial-gases-market

Heat Transfer Fluids Market Size Is Poised To Reach USD 15.3 Billion By 2027: Grand View Research Inc.

Heat Transfer Fluids Market

San Francisco, 31 Aug 2020: The Report Heat Transfer Fluids Market Size, Share & Trends Analysis Report By Application (Oil & Gas, Concentrated Solar Power), By Product (Aromatics, Glycols, Silicone), By Region, And Segment Forecasts, 2020 – 2027

The global heat transfer fluids market size is projected to reach USD 15.3 billion by 2027, according to a new report by Grand View Research, Inc., registering a 4.9% CAGR during the forecast period. Growing demand from the manufacturing and energy sectors is expected to drive global demand.

Thermal oils are typically formulated from petrochemicals and mineral oils, which eventually harm the environment in terms of recyclability, biodegradability, and aqueous toxicity. Due to multiple strict regulations laid down by governments across the globe, the growth of heat transfer fluids has taken a hit. Major innovators in the field are trying to bring imminent changes in the production process, such as usage of bio-based products, increased extraction efficiency, and enhanced solvent recovery.

Food grade heat transfer fluids are widely used for storage and refrigeration applications. With rising precision in temperature controlling in the processing of food and beverages, thermal fluid systems are gaining acceptance in upcoming food processing plants and facilities. These products are highly preferred due to lower maintenance costs and low-pressure requirements in the processing facility.

Asia Pacific is the fastest growing regional market backed by rising demand from China and Japan. Rapid industrialization and development of new machinery have increased the importance of heat transfer fluids. Investments in renewable energy initiatives such as CSP are expected to have a positive impact on the industry. China is aiming to take its installed CSP capacity to 3 GW by 2020.

Access Research Report of Heat Transfer Fluids Market @ https://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-market

Heat Transfer Fluids Market Report Highlights

  • Silicone-based products are anticipated to exhibit a CAGR of 3.8% from 2020 to 2027 owing to rising application in oil and gas and chemical manufacturing
  • The consumption of heat transfer fluids in pharmaceuticals accounted for a market share of 9.2% in 2019, backed by application in extraction and crystallization processes
  • The demand for monoethyl based glycols in HVAC application is expected to exhibit a CAGR of 4.2% from 2020 to 2027 owing to their compatibility across wide temperature ranges
  • Asia Pacific dominated the heat transfer fluids market, in terms of revenue, with a share of 47.1% in 2019. Rising demand from emerging countries such as India, Indonesia, and Thailand is likely to drive the consumption over the forecast period
  • The Central and South America market is expected to register a revenue-based CAGR of 1.5% from 2020 to 2027 owing to changing political dynamics. Rising automobile production in the region is expected to drive product demand
  • Major industry participants include Eastman, Royal Dutch Shell, Sasol, Dow Chemicals and BASF.

Browse more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives

Grand View Research has segmented the global heat transfer fluids market on the basis of product, application, and region:

Heat Transfer Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Silicone fluids
    • Oil & Gas
    • Chemical Industry
    • CSP
    • Food & Beverages
    • Plastics
    • Pharmaceuticals
    • HVAC
    • Others
  • Aromatic fluids
    • Oil & Gas
    • Chemical Industry
    • CSP
    • Food & Beverages
    • Plastics
    • Pharmaceuticals
    • HVAC
    • Others
  • Mineral oils
  • Glycol based fluids
  • Other (including molten salts & HFPE)

Heat Transfer Fluids Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Oil & Gas
  • Chemical Industry
  • CSP
  • Food & Beverages
  • Plastics
  • Pharmaceuticals
  • HVAC
  • Others

Heat Transfer Fluids Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

Access Press Release of Heat Transfer Fluids Market @ https://www.grandviewresearch.com/press-release/global-heat-transfer-fluids-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

Paraffin Wax Market Expanding At A CAGR Of 4.1% For The Forecast Period From 2019 To 2025: Grand View Research Inc.

PENTAX Image

San Francisco, 26 Aug 2020: The Report Paraffin Wax Market Size, Share & Trends Analysis Report By Application (Candles, Packaging, Cosmetics, Hotmelts, Board Sizing, Rubber), By Region, And Segment Forecasts, 2018 – 2025

The global paraffin wax market size is expected to reach USD 7.27 billion by 2025, according to a new report published by Grand View Research, Inc. Increasing demand for paraffin waxes in flexible packaging, candle manufacturing, rubber, and cosmetics is expected to aid in market expansion over the next nine years. Rising consumption of these products as a rheology modifier, electrical insulator, friction reducer, plasticizer, and flame retardant is expected to increase market size over the forecast period.

Paraffin waxes are used in flexible packaging as they provide an excellent barrier against odor and gas transmission. The growing food & beverage sector in developing countries including China, Japan, India, South Korea, South Africa, and Brazil is expected to stimulate packaging growth, which in turn will drive product demand over the upcoming years.

Access Research Report of Paraffin Wax Market @ https://www.grandviewresearch.com/industry-analysis/paraffin-wax-market

Further key findings from the report suggest:

  • The global market demand was 3,461.8 kilo tons in 2015 and is expected to grow substantially on account of increasing demand for home fragrance products in countries including China, the UK, India, and the U.S.
  • The cosmetic application segment is projected to show volume grow at a CAGR of 4.2% from 2016 to 2025. Increasing usage of these products as body moisturizers in dermatology is likely to fuel growth.
  • Rising demand for creams, lipsticks, ointments, and personal care products is expected to drive industry growth. Developing the personal care industry in countries including the U.S., India, France, China, Brazil, Argentina, Russia, Indonesia, South Africa, Thailand, Saudi Arabia, and UAE is further expected to create growth opportunities for the product over the upcoming years.
  • Asia Pacific was the leading market in 2015 and is projected to foresee rapid revenue growth at a CAGR of 4.4% from 2016 to 2025. The increase is attributed to the rapid development of packaging, personal care, and adhesives industries in the region. Growing utilization of these waxes in hot melt adhesives mainly in China, South Korea, Australia, India, and Taiwan will spur industry expansion over the next nine years.
  • The industry is highly competitive with a large number of participants in China, the U.S., India, and South Africa. Key players include ExxonMobil, PetroChina Company Limited, Sinopec, International Group Inc., Repsol, IOCL, and Sasol.
  • ExxonMobil provides semi-refined paraffin wax which finds applications in packaging and adhesives and complies with Food and Drug Administration (FDA) specifications
  • Companies such as Sasol provide non-toxic paraffin wax which is produced by environment-friendly technology, i.e., high-pressure hydrogenation. This innovation, in turn, will create new opportunities for growth over the next nine years.

Grand View Research has segmented the global paraffin wax market on the basis of application and region:

Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014-2025)

  • Candles
  • Packaging
  • Cosmetics
  • Hotmelts
  • Board Sizing
  • Rubber
  • Others

Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014-2025)

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • MEA

Access Press Release of Paraffin Wax Market @ https://www.grandviewresearch.com/press-release/global-paraffin-wax-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

Oilfield Chemicals Market Expected To Fuel Industry Growth With USD 28.48 Billion By 2025: Grand View Research Inc.

Oilfield Chemicals Market

San Francisco, 26 Aug 2020: The Report Oilfield Chemicals Market Size, Share & Trends Analysis Report By Product (Inhibitors, Demulsifiers, Rheology Modifiers, Friction Reducers, Biocides, Surfactants, Foamers), By Application, By Location, And Segment Forecasts, 2018 – 2025

The global oilfield chemicals market size is expected to reach USD 28.48 billion by 2025, growing at a CAGR of 4.3%, according to a new report by Grand View Research, Inc. The increasing demand for crude oil is likely to steer the oilfield chemicals industry growth over the projection period. 

The global industry is anticipated to observe a linear growth trend over the projection period owing to the shift in inclination towards exploiting the unconventional hydrocarbon resources. Their application in operations including drilling, production, cementing, and workover & completion is expected to drive the oilfield chemicals demand.

The rheology modifiers product segment accounted for over 20% of the total oil field chemicals market share in 2016. These formulations are used to enhance crude oil properties such as thickening, emulsification, stabilization, and conditioning. Various R&D activities have been taken up by some of the companies to introduce eco-friendly rheology modifiers which can further increase the demand for specialty chemicals.

Access Research Report of Oilfield Chemicals Market @ https://www.grandviewresearch.com/industry-analysis/oilfield-chemicals-market

Further key findings from the report suggest:

  • Workover and completion segment accounted for over 35% of revenue share in 2016 and is expected to gain a higher penetration over the forecast period. The need for maximizing the production capacity of oil and gas from several basins globally is expected to steer the global oil field chemicals industry
  • The global drilling chemicals market value is estimated to reach a total revenue exceeding USD 5.60 billion by 2025
  • North America emerged as the largest consumer of oilfield chemicals and the regional industry was valued over USD 6.80 billion in 2016 and is anticipated to witness steady growth over the next eight years
  • The inhibitor formulations demand in the U.S. was valued at USD 910.8 million in 2016 and is expected to grow at a CAGR of 4.5% over the projected period
  • Asia Pacific is likely to emerge the fastest growing regional segment while accounting for over 17% of the total revenue by 2025
  • The specialty product demand in the petroleum production sector in China was pegged at USD 427.8 million in 2016
  • The Middle East & Africa is expected to witness steady growth at a CAGR of 4.5% from 2017 to 2025
  • Key players operating in the global oil field chemicals market include BASF, The Dow Chemical Company, Solvay, Halliburton, Baker Huges, and Schlumberger.

Browse more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives

Grand View Research has segmented the global oil field chemicals market on the basis of product, application, location and region:

Oil Field Chemicals Product Outlook (Revenue, USD Million, 2014 – 2025)

  • Inhibitors
  • Demulsifiers
  • Rheology Modifiers
  • Friction Reducers
  • Biocides,
  • Surfactants
  • Foamers
  • Others

Oil Field Chemicals Application Outlook (Revenue, USD Million, 2014 – 2025)

  • Drilling
  • Production
  • Cementing
  • Workover & completion

Oil Field Chemicals Location Outlook (Revenue, USD Million, 2014 – 2025)

  • Onshore
  • Offshore

Oil Field Chemicals Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America
  • Europe
  • Asia Pacific
  • Central and South America
  • Middle East and Africa

Access Press Release of Oilfield Chemicals Market @ https://www.grandviewresearch.com/press-release/global-oilfield-chemicals-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

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