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Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, HVACR, and Others), and Region - Global Forecast to 2024

Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, HVACR, and Others), and Region - Global Forecast to 2024

Increasing need for energy conservation is expected to drive the overall HTFs market.

The heat transfer fluids (HTFs) market size is expected to grow from USD 3.2 billion in 2019 to USD 5.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. The HTFs market is driven by various factors such as high demand from chemical industry, increasing need for energy conservation, and high performance of HTFs. However, fire and explosion hazards associated with the use of HTFs can hinder the growth of the market.

The synthetic fluids segment is expected to grow at the highest rate during the forecast period.

Synthetic fluids is the fastest growing segment of the HTFs market, by type. Synthetic fluids provide maximized oxidation resistance with minimized deposits, and they possess higher thermal stability, superior radiation resistance, and better durable properties compared to other types. They also provide enhanced lubricity at different temperatures. The glycols segment is also expected to grow during the forecast period due to their odorless property and high performance.

The chemical end-use industry is expected to account for the largest market share during the forecast period.

The chemical industry involves various manufacturing processes that require maintaining specific temperatures during the processes. This specific temperature is achieved by using HTFs. HTFs are also used as an indirect heating source for various processes such as liquid and polymer treatments, drying and heating of bulk materials, energy recovery, low-pressure cogeneration, pipeline tracing, and gas processing. They provide enhanced system efficiency and optimized energy costs. The global demand for chemicals is increasing owing to increasing population, urbanization, and industrialization. This is expected to boost the chemical industry, which in turn, is likely to drive the HTFs market.

APAC is expected to record the highest growth rate during the forecast period.

APAC is expected to have the highest growth rate during the forecast period, due to the increased need for energy conservation, population, and urbanization. The increasing developments related to chemical, automotive, oil & gas, CSP, bio-diesel production, and HVAC & refrigeration industries in China, India, Japan, and South Korea provide huge opportunities for the HTFs market. North America is projected to be the second-largest market during the forecast period.

In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the HTFs market.

By Company Type - Tier 1: 30%, Tier: 40%, and Tier 3: 30%
By Designation - C Level: 30%, Managers: 50%, Others: 20%
By Region – APAC: 40%, Europe: 30%, North America: 10%, Middle East & Africa: 10%, and South America: 10%

The HTFs market comprises major players such as The Dow Chemical Company (US), ExxonMobil (US), Eastman Chemical Company (US), Chevron (US), Huntsman Corporation (US), LANXESS (Germany), Royal Dutch Shell Plc. (Netherlands), Schultz Canada Chemicals Ltd. (Canada), Paratherm (US), Clariant (Switzerland), Sasol Limited (South Africa), Arkema (France), Global Heat Transfer Ltd. (UK), British Petroleum (UK), Dynalene, Inc. (US), Isel (US), Phillips 66 (US), Dalian Richfortune Chemicals Ltd. (China), Hindustan Petroleum Corporation Ltd. (India), Solvay (Belgium), Indian Oil Corporation Ltd. (India), Radco Industries Inc. (US), DuPont Tate & Lyle (UK), Petro-canada (Canada), BASF (Germany), Paras Lubricants Limited (India), and Schaeffer Manufacturing Co. (US). The study includes in-depth competitive analysis of these key players in the HTFs market, with their company profiles, recent developments, and key market strategies.

Research Coverage:

The market study covers the HTFs market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as providers, applications, organization size, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall HTFs market and the sub-segments. The stakeholders will be able to understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. It will also help stakeholders comprehend the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • MARKET DEFINITION
    • MARKET SCOPE
      • MARKET SEGMENTATION
      • REGIONS COVERED
      • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY
    • UNIT CONSIDERED
    • LIMITATIONS
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET SIZE ESTIMATION
      • BOTTOM-UP APPROACH
      • TOP-DOWN APPROACH
    • DATA TRIANGULATION
    • LIMITATIONS
    • ASSUMPTIONS
  • EXECUTIVE SUMMARY
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES IN THE HTFS MARKET
    • HTFS MARKET, BY TYPE
    • HTFS MARKET, BY END-USE INDUSTRY
    • APAC HTFS MARKET, BY END-USE INDUSTRY AND COUNTRY
    • HTFS MARKET, BY KEY COUNTRIES
  • MARKET OVERVIEW
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
    • PORTER'S FIVE FORCES ANALYSIS
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTES
      • BARGAINING POWER OF BUYERS
      • BARGAINING POWER OF SUPPLIERS
      • INTENSITY OF COMPETITIVE RIVALRY
    • MACROECONOMIC OVERVIEW
      • REAL GDP GROWTH RATE AND PER CAPITA GDP OF MAJOR ECONOMIES
        • Table ANNUAL PERCENT CHANGE OF REAL GDP GROWTH RATES (2016-2023)
        • Table TRENDS AND FORECAST OF GDP PER CAPITA, BY COUNTRY, 2016-2020 (USD)
      • TRENDS OF AUTOMOTIVE INDUSTRY
        • Table AUTOMOTIVE PRODUCTION, MILLION UNIT (2013-2018)
      • TRENDS OF RENEWABLE ENERGY INDUSTRY
      • TRENDS OF HVACR INDUSTRY
        • Table OVERALL AC DEMAND IN NORTH AMERICA, 2015-2017 (THOUSAND UNITS)
        • Table OVERALL AC DEMAND IN EUROPE, 2015-2017 (THOUSAND UNITS)
        • Table OVERALL AC DEMAND IN APAC, 2015-2017 (THOUSAND UNITS)
  • HTFS MARKET, BY TYPE
    • INTRODUCTION
      • Table HTFS MARKET SIZE, BY TYPE, 2017-2024 (KILOTON)
      • Table HTFS MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
    • MINERAL OILS
      • LOW PRICE OF MINERAL OILS IS DRIVING THEIR DEMAND IN THE MARKET
    • SYNTHETIC FLUIDS
      • CHEMICAL/SYNTHETIC AROMATICS
      • SYNTHETICS (PAOS AND SILICONES)
    • GLYCOLS
      • REDUCED WEAR AND MAINTENANCE, SOLUBILITY IN WATER AND LOW FREEZING POINTS LEAD TO HIGH DEMAND FOR GLYCOLS IN THE MARKET
    • OTHERS
      • MOLTEN SALTS
      • NANOFLUIDS
      • IONIC FLUIDS
      • BIO-BASED FLUIDS
      • FLUORINATED FLUIDS
  • HTFS MARKET, BY END-USE INDUSTRY
    • INTRODUCTION
      • Table HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (KILOTON)
      • Table HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD MILLION)
    • CHEMICAL
      • WASTE HEAT RECOVERY
      • PLASTIC PROCESSING
    • OIL & GAS
      • NEED FOR ENERGY SAVING IS EXPECTED TO BOOST THE DEMAND FOR HTFS IN THE OIL & GAS INDUSTRY
    • FOOD & BEVERAGE
      • REDUCED OPERATING COSTS AND EFFICIENT PRODUCTION ARE LIKELY TO DRIVE THE MARKET IN THIS SEGMENT
    • PHARMACEUTICALS
      • REQUIREMENT OF PRECISE TEMPERATURE CONTROL ACROSS COOLING AND HEATING APPLICATIONS ARE EXPECTED TO DRIVE THE MARKET IN THIS END-USE INDUSTRY
    • RENEWABLE ENERGY
      • CSP
      • BIODIESEL PRODUCTION
      • WIND TURBINE
      • GEOTHERMAL
    • AUTOMOTIVE
      • EXCELLENT HEAT TRANSFER PROPERTIES OF HTFS WILL DRIVE THE MARKET IN THE AUTOMOTIVE INDUSTRY
    • HVACR
      • IMPROVED PERFORMANCE & LONGEVITY ALONG WITH REDUCED MAINTENANCE COSTS OF EQUIPMENT DUE TO THE USE OF HTFS INFLUENCE THE MARKET POSITIVELY
    • OTHERS
  • HTFS MARKET, BY REGION
    • INTRODUCTION
      • Table HTFS MARKET SIZE, BY REGION, 2017-2024 (KILOTON)
      • Table HTFS MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • APAC
      • Table APAC: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (KILOTON)
      • Table APAC: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • Table APAC: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (KILOTON)
      • Table APAC: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD MILLION)
      • CHINA
        • Table CHINA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (KILOTON)
        • Table CHINA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD MILLION)
      • INDIA
        • Table INDIA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table INDIA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD MILLION)
      • JAPAN
        • Table JAPAN: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table JAPAN: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • SOUTH KOREA
        • Table SOUTH KOREA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table SOUTH KOREA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • INDONESIA
        • Table INDONESIA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table INDONESIA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • THAILAND
        • Table THAILAND: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table THAILAND: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • REST OF APAC
        • Table REST OF APAC: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table REST OF APAC: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
    • EUROPE
      • Table EUROPE: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (TON)
      • Table EUROPE: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • Table EUROPE: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
      • Table EUROPE: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD MILLION)
      • GERMANY
        • Table GERMANY: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table GERMANY: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • RUSSIA
        • Table RUSSIA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table RUSSIA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • FRANCE
        • Table FRANCE: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table FRANCE: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • UK
        • Table UK: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table UK: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • ITALY
        • Table ITALY: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table ITALY: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • REST OF EUROPE
        • Table REST OF EUROPE: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table REST OF EUROPE: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSANDS)
    • NORTH AMERICA
      • Table NORTH AMERICA: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (KILOTON)
      • Table NORTH AMERICA: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (KILOTON)
      • Table NORTH AMERICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD MILLION)
      • US
        • Table US: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table US: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD MILLION)
      • CANADA
        • Table CANADA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table CANADA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • MEXICO
        • Table MEXICO: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table MEXICO: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
    • MIDDLE EAST & AFRICA
      • Table MIDDLE EAST & AFRICA: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (KILOTON)
      • Table MIDDLE EAST & AFRICA: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST & AFRICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
      • Table MIDDLE EAST & AFRICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD MILLION)
      • SAUDI ARABIA
        • Table SAUDI ARABIA: HTFS MARKET SIZE, END-USE INDUSTRY, 2017-2024 (TON)
        • Table SAUDI ARABIA: HTFS MARKET SIZE, END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • UAE
        • Table UAE: HTFS MARKET SIZE, END-USE INDUSTRY, 2017-2024 (TON)
        • Table UAE: HTFS MARKET SIZE, END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • REST OF THE MIDDLE EAST & AFRICA
        • Table REST OF THE MIDDLE EAST & AFRICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table REST OF THE MIDDLE EAST & AFRICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
    • SOUTH AMERICA
      • Table SOUTH AMERICA: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (KILOTON)
      • Table SOUTH AMERICA: HTFS MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • Table SOUTH AMERICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
      • Table SOUTH AMERICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD MILLION)
      • BRAZIL
        • Table BRAZIL: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table BRAZIL: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • ARGENTINA
        • Table ARGENTINA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table ARGENTINA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
      • REST OF SOUTH AMERICA
        • Table REST OF SOUTH AMERICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (TON)
        • Table REST OF SOUTH AMERICA: HTFS MARKET SIZE, BY END-USE INDUSTRY, 2017-2024 (USD THOUSAND)
  • COMPETITIVE LANDSCAPE
    • OVERVIEW
    • COMPETITIVE LEADERSHIP MAPPING, 2018
      • DYNAMIC DIFFERENTIATORS
      • INNOVATORS
      • VISIONARY LEADERS
      • EMERGING PLAYERS
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
    • RANKING OF KEY PLAYERS
    • COMPETITIVE SCENARIO
      • NEW PRODUCT LAUNCH
        • Table NEW PRODUCT LAUNCH, 2015-2019
      • INVESTMENT & EXPANSION
        • Table INVESTMENT & EXPANSION, 2015-2019
      • MERGER & ACQUISITION
        • Table MERGER & ACQUISITION, 2015-2019
  • COMPANY PROFILES
    • THE DOW CHEMICAL COMPANY
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • EXXONMOBIL
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • EASTMAN CHEMICAL COMPANY
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • CHEVRON
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • SWOT ANALYSIS
      • MNM VIEW
    • HUNTSMAN CORPORATION
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • SWOT ANALYSIS
      • MNM VIEW
    • LANXESS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • MNM VIEW
    • ROYAL DUTCH SHELL PLC.
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • MNM VIEW
    • PARATHERM
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • SCHULTZ CANADA CHEMICALS, LTD.
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • MNM VIEW
    • CLARIANT
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • OTHER KEY PLAYERS
      • SASOL
      • ARKEMA
      • GLOBAL HEAT TRANSFER LTD.
      • BP
      • DYNALENE, INC
      • BASF
      • ISEL
      • PHILLIPS 66
      • DALIAN RICHFORTUNE CHEMICALS
      • HINDUSTAN PETROLEUM CORPORATION LTD.
      • INDIAN OIL CORPORATION LTD.
      • RADCO INDUSTRIES
      • PETRO-CANADA
      • PARAS LUBRICANTS LIMITED
      • SCHAEFFER SPECIALIZED LUBRICANTS
      • DUPONT TATE & LYLE
      • SOLVAY
  • APPENDIX
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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