[217+ Pages Report] According to a market research study published by Facts and Factors, the demand analysis of Global Heat Transfer Fluids Market size & share revenue was valued at around USD 3.8 billion in 2021 and is estimated to grow to about USD 6.5 billion by 2028, at a CAGR of approximately 9.5% between 2022 and 2028. The prominent vendors are listed in the report with their revenues, sales and strategies are Chevron, Schultz Canada Chemicals Ltd., ExxonMobil, Sasol Limited, LANXESS, ArkemaEastman Chemical Company, Royal Dutch Shell Plc., DowDuopont Inc., Paratherm, Clariant, and Huntsman Corporation, and others.
San Francisco, May 17, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Heat Transfer Fluids Market By Product (Glycol Fluids, Mineral Oils, Silicones, Aromatics, and Others), By Application (Concentrated Solar Power, Plastic Manufacturing, Oil & Gas, Food & Beverage, and Chemical Manufacturing), and By Region - Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022-2028” in its research database.
“According to the latest research study, the demand of global Heat Transfer Fluids Market size & share was worth approximately USD 3.8 billion in 2021and it is expected to surpass around USD 6.5 billion Mark, by 2028, at a compound annual growth rate (CAGR) of about 9.5% during the forecast period 2022 to 2028.”
What are Heat Transfer Fluids? How big is the Heat Transfer Fluids Industry?
Heat transfer fluids (HTFs) are liquids or gases that are specifically designed to transfer heat from one system to another. Highly processed petroleum, synthetically formulated siloxanes or hydrocarbons are used to make these fluids (silicone). They deliver high temperatures at low system pressures while also providing safety, minimal maintenance, and long operating lifetimes. This is expected to have an impact on the HTF market.
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Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
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Market Size in 2021
USD 3.8 Billion
Projected Market Size in 2028
USD 6.5 Billion
CAGR Growth Rate
Key Market Players
Chevron, Schultz Canada Chemicals Ltd., ExxonMobil, Sasol Limited, LANXESS, ArkemaEastman Chemical Company, Royal Dutch Shell Plc., DowDuopont Inc., Paratherm, Clariant, and Huntsman Corporation, among others
By Product, Application, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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Global Heat Transfer Fluids Market: Dynamics
Increased quality of heat transfer fluids
The use of heat transfer fluids, which are industrial products derived from petroleum, to prevent overheating and for thermal energy storage, as well as the rising demand for products with non-corrosive properties, low viscosity, diffusivity, high thermal conductivity, and extreme phase transition temperatures, are the key factors driving the global heat transfer fluids market. The crucial elements used to improve the effectiveness of concentrated solar power plants, their important role in collecting energy from the solar field and transporting it to energy storage systems, the expanding scope of CSP and its competitive advantages over other renewable energy sources all contribute to the market growth of heat transfer fluids. Manufacturers' captive consumption of these thermal oils, a shift toward bio-based thermal oils to comply with government regulations, and an increasing trend of CSP plants with the ability to add storage capacity all have an impact on the heat transfer fluids market.
Rising need for energy conservation to present market growth opportunities
The use of the oil and gas industry, the advancement of shale resources, and investment opportunities in R&D activities all has a positive impact on the market. On the other hand, rising concerns about fire & explosion hazards, as well as the implementation of severe restrictions, are expected to stymie the growth of the market. The shift in raw material prices is expected to pose a challenge to the heat transfer fluids market during the forecast period.
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Heat Transfer Fluids Market: COVID-19 Impact Analysis
During the COVID-19 pandemic, several countries throughout the world imposed a variety of legal and economic limitations, which had a significant negative effect on the global market for heat transfer fluids. As a consequence of the numerous restrictions that were imposed in different parts of the world due to the pandemic, the market experienced significant disruptions in terms of production, supply, and distribution.
For panic of the spread of the coronavirus, all activities, including people and goods, were prohibited. This had a huge influence on the heat transfer fluids business, since sales plunged resulting in reduced demand for heat transfer fluids.
Heat Transfer Fluids Market: Segmentation Analysis
The global heat transfer fluids market is segmented on the basis of product, application, and region. By product, the market is divided into glycol fluids, mineral oils, silicones, aromatics, and others. Because of their excellent antifreeze properties, glycol-based HTFs are the fastest-growing product category. The segment is expected to grow at a CAGR of 4.2% over the forecast period. By application, the market is divided into concentrated solar power, plastic manufacturing, oil & gas, food & beverage, and chemical manufacturing. The oil & gas segment had the highest revenue share in 2021, accounting for more than 23% of total revenue.
Browse the full “Heat Transfer Fluids Market By Product (Glycol Fluids, Mineral Oils, Silicones, Aromatics, and Others), By Application (Concentrated Solar Power, Plastic Manufacturing, Oil & Gas, Food & Beverage, and Chemical Manufacturing), and By Region - Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022-2028” Report at https://www.fnfresearch.com/heat-transfer-fluids-market
Some of the main competitors dominating the global Heat Transfer Fluids market include -
Schultz Canada Chemicals Ltd.
ArkemaEastman Chemical Company
Royal Dutch Shell Plc.
Key Insights from Primary Research:
According to the data that was provided by our research analyst, it is anticipated that the market for heat transfer fluids would expand at a CAGR of approximately 9.5% during the forecast period.
In term of revenue, the heat transfer fluids market was valued at around US$ 3.8 billion in 2021 and is projected to reach US$ 6.5 billion, by 2028.
By product, the Glycol-based HTFs are the fastest-growing product segment due to their strong antifreeze qualities. Over the forecast period, the segment is expected to develop at a CAGR of 4.2%.
By application, the oil & gas segment had the highest revenue share in 2021, accounting for more than 23% of total revenue.
On the basis of region, the North America holds a major share of the global heat transfer fluids market and on other hand Asia Pacific is currently the fastest-growing market due to rising demand from countries such as India, China, and Japan.
Key questions answered in this report:
What is the market size and growth rate forecast for Heat Transfer Fluids industry?
What are the main driving factors propelling the Heat Transfer Fluids Market forward?
What are the leading companies in the Heat Transfer Fluids Industry?
What segments does the Heat Transfer Fluids Market cover?
How can I receive a free copy of the Heat Transfer Fluids Market sample report and company profiles?
Market Size, Share, Demand & Forecast by Revenue | 2022−2028
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Product, Application, and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Asia Pacific region's heat transfer fluids market is the fastest and largest growing market, owing to the region's growing investments in the automotive industry, chemical industrial plants, and renewable energy sector. The rise of these industries in this region has been fueled by rising consumer purchasing power. Furthermore, countries such as India and China are expanding rapidly. During the forecast period, these factors are expected to increase demand for HTFs in the region.
April 2019: Eastman purchased the German production resources of Marlotherm HTFs from Sasol (South Africa), a global energy and chemical corporation. With this acquisition, the company was able to widen its heat transfer product lines to customers all over the world.
October 2020: In addition to its existing passenger car e-fluids, Royal Dutch Shell has introduced new e-fluids for heavy-duty, medium-duty, and light-duty electrified commercial vehicles. Transmission fluids, greases, and battery coolants are among the new fluids for battery and fuel-cell EVs.
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The global heat transfer fluids market is segmented as follows:
Concentrated Solar Power
Oil & Gas
Food & Beverage
Rest of North America
Rest of Europe
Rest of Asia Pacific
The Middle East & Africa
Rest of the Middle East & Africa
Rest of Latin America
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