In terms of revenue, the Global Heat Transfer Fluids Market is expected to reach USD 5,539.8 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 9.1% from 2022 to 2028.
Significant demand in the oil and gas, chemical, and renewable energy end-user industries and increasing energy conservation awareness drive the growth of the Heat Transfer Fluids market. Additionally, the demand for transportation services is expected to rise in tandem with the global economy. Thus, there will be a higher demand for heat transfer fluids (HTFs). The rising cost of energy and the requirement for improved thermal management are also contributing to the expansion of the Heat Transfer Fluids market.
Furthermore, the rise in demand for concentrated solar power (CSP) contributes significantly to their booming demand, and Heat Transfer Fluids plays an essential part in CSP. In CSP, they are the most preferred fluid as water may prove unstable plus challenging to manage at high pressure and temperature.
Key Highlights from Report:
· Based on Product Type, the synthetic segment dominates the Heat Transfer Fluids market with the maximum market share and will continue its dominance in the forecast period. This can be attributed to the superior properties of synthetic fluids such as low freezing point, high boiling point, and low pour point.
· Among End-Use Industries, the Chemical Processing segment accounted for the highest CAGR (Compound Annual Growth Rate) in the forecast period owing to increased chemical demand as the world’s population, industrialization, and urbanization augments. The chemical sector’s growth is fuelling the Heat Transfer Fluids market development.
· In terms of region, North America holds the significant market share within the Heat Transfer Fluids market. This is due to the occurrence of numerous manufacturers in this region. Also, the ongoing Research and Development (R&D)activities for new and inventive solutions and the stringent regulations regarding carbon emission drive the demand for the product, which contributes to this region’s growth.
The Heat Transfer Fluids market growth is driven by the increased usage of Heat Transfer Fluids in concentrated solar power and other end-user industries like gas processing, distillation, batch reactors, etc. In addition, the expansion of the chemical processing industry, the rising demand for temperature control in end-user industries, and the accelerated development of emerging economies all contributed to the expansion of the market. Large-scale concentrated solar power facilities are also being produced in response to the growing demand for clean energy around the world. This is likely to increase demand and foster market growth.
Global industrial expansion is propelling the overall heat transfer fluid market. The high investments in the chemical industry from the automotive industry, electronics, energy and resources, consumer products, construction, and others are also responsible for the increased demand for Heat Transfer Fluids in the global industry. Furthermore, major market participants are investing continuously heavily in research and development activities to develop innovative products, which will provide favorable market prospects.
Geographically, North America market is anticipated to witness significant market growth with the highest growth rate during the forecast period. The region’s market growth is attributable to the increasing adoption of Heat Transfer Fluids in the regional market and stringent regulatory policies to lower carbon emissions. The United States and Canada are significant contributors to this regional market. Moreover, continuous product innovation and government initiatives are expected to fuel the market development in North America. In addition, the chemical and processing sectors are expected for the largest revenue share in the Heat Transfer Fluids market, which is likely to fuel the regional market's growth in the future.
The Global Heat Transfer Fluids Market is Segmented as follows:
- Product Type
- Mineral Oils
- Synthetic Fluids
- Glycol-based Fluids
- Other Product Types
- End Use
- Chemical & Petrochemical
- Oil & Gas
- Renewable Energy
- Other End Uses
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Heat Transfer Fluids Market is:
Dow (U.S.), Eastman (U.S.), Exxon Mobil (U.S.), Chevron (U.S.), Paratherm (U.S.), BASF (Germany), Lanxess (Germany), Huntsman (U.S.), Global Heat Transfer (U.K.), Royal Dutch Shell PLC (Netherlands), Phillips 66 (U.S.), Arkema (France), Schultz Canada Chemicals Ltd. (Canada), Radco Industries (U.S.)
The Global Heat Transfer Fluids Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|