11-May-2022 | Facts and Factors
According to the Facts & Factors report, the global heat transfer fluids market was worth about 3.8 (USD billion) in 2021 and is predicted to grow to around 6.5 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 9.5%.
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.
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
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.
Furthermore, the use of the oil and gas industry, the advancement of shale resources, and investment opportunities in R&D activities all have 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.
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.
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.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 3.8 Billion |
Projected Market Size in 2028 |
USD 6.5 Billion |
CAGR Growth Rate |
9.5% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
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 |
Key Segment |
By Product, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the key players in the global heat transfer fluids market are Chevron, Schultz Canada Chemicals Ltd., ExxonMobil, Sasol Limited, LANXESS, ArkemaEastman Chemical Company, Royal Dutch Shell Plc., DowDuopont Inc., Paratherm, Clariant, and Huntsman Corporation.
Recent Development
- 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.
The global heat transfer fluids market is segmented as follows;
By Product
- Glycol Fluids
- Mineral oils
- Silicones
- Aromatics
- Others
By Application
- Concentrated Solar Power
- Plastic Manufacturing
- Oil & Gas
- Food & Beverage
- Chemical Manufacturing
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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