Heat Transfer Fluids Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Heat Transfer Fluids Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Heat Transfer Fluids Market

The heat transfer fluids market size was valued at USD 3477.90 million in 2019, and the market is now projected to grow USD 5372.24 million in 2027, exhibiting a CAGR of 5.78% during the forecast period of 2020-2027.

Heat transfer fluids market facing decline for some period during COVID-19 due to the interruption of supply chain and declined industrial production. This led to a poor market outlook resulting from cut on spending by developed nations’ customers such as oil and gas, chemical and power sector. Quarantine measures resulted in project scheduling disruption and shut down of production lines. But, the demand for energy-efficient solutions is likely to help recover in the long run since demand for good does not stay constant. The market is gradually coming back to production activity as more industries remain operational and turn to improved heat transfer fluid solutions.

Businesses running industries are constantly in a fix to increase productivity hence must use the heat transfer fluid at elevated temperatures and for a more extended period than before. This is especially important with industries for example chemical and petrochemical where production unit are always running and need good control of temperature. Such high temperature environments require heat transfer fluids to ensure energy efficiency, safe and reliable temperature operation. These fluids also are of great importance, particularly as far as general operational security is concerned. Thus, there is increasing focus on HTFs in industries which are continuous/24-Hour operations.

Solar collectors use heat transfer fluids which are water, water-glycol solution and dimethyl trimethylene glycol otherwise known as the “green glycol.” Naphthenic, aromatic, and paraffinic oils are hydrocarbon oils whose proportions in the formulation depend on the temperature of the process. Semi-synthetic products are used where necessary too. The use of these fluids is particularly critical for high temperature solar collectors, thus much research is done on it. Investigative studies have indicated potential of synthetic hydrocarbon oils in effectively enhancing capacity in high temperature uses, making the oils commercially viable options.

Comprehensive Analysis of Heat Transfer Fluids Market

The heat transfer fluids market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly presents a detailed local analysis based on the forces such as supply and demand which define the industry. These segmentations are methodically segregated by type analysis, and by application area analysis. By type analysis include silicone fluids, aromatic fluids, mineral oils, glycol-based fluids, and others. By application area analysis include oil and gas, chemicals, concentrated solar power, plastics, food & beverages, pharmaceutical, HVAC, and others.

The North America region lead the heat transfer fluids market share by benefitting a market size of USD 834.52 million in 2019 due to its high industrial activity.

The top players have a significant responsibility in the chemicals & advanced material industry for confirming industrial prospectus growth and determining the market trends. These players include, Element Solutions Inc, Caldic B.V., Eastman Chemical Company, Schultz Chemicals, Arkema S.A., Isel, FRAGOL AG, Clearco Products Co., Inc., Arteco, Eastern Petroleum, Dynalene, Inc., Honeywell International Inc., Exxon Mobil Corporation, Chevron Corporation, The Dow Chemical Company, Huntsman Corporation these market players provide a level-playing competitive landscape.

In September 2019, Valvoline launched its first electric vehicle-specific product line, Valvoline EV Performance Fluids, including heat transfer fluid, brake fluid, drive system fluid, and grease.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Million) and Volume (Kilo Tons)

By Type

Silicone Fluids

Aromatic Fluids

Mineral Oils

Glycol Based Fluids

Others

By Application Area

Oil & Gas

Chemical

Concentrated Solar Power

Food & Beverages

Plastics

Pharmaceutical

HVAC

Others

By Geography

North America (U.S. and Canada)

Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)

Asia Pacific (China, India, Japan, South Korea, ASEAN, and Rest of Asia Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)