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.
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.
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