Heat Transfer Fluids Market: Current Analysis and Forecast (2021-2027)

Heat Transfer Fluids Market: Current Analysis and Forecast (2021-2027)

The global heat transfer fluids market is likely to showcase a growth of around 4% during the forecast period. Heat transfer fluid is widely consumed in industries for several applications ranging from a simple static design to advanced multisystem performing several functions in a chemical or oil & gas industries. It is used to maintain the required temperature in the industrial process. Water is the most common type of heat transfer fluid, however, in several cases engineered heat transfer fluid is used over water due to its better freezing and boiling temperature. This report covers only the engineered heat transfer fluid only. Industries like chemical, oil & gas, food & beverage, pharmaceutical, renewable, automotive, and HVAC-R, among others are among the largest consumer of engineered heat transfer fluid. Further, greater control, accuracy, and homogeneity can be achieved in the heating or cooling process with heat transfer fluid, therefore in many cases, it is considered over the direct heat process. As global industrial operations are growing, the consumption of heat transfer fluid is likely to increase. For instance, the global chemical industry reached a market size of over USD 4 trillion in 2018 from around USD 3.1 trillion in 2010. However, the industry witnessed a downfall in 2019 and 2020 owing to supply chain constraints, COVID-19, raw material price fluctuation, and low growth in the end-use industry.

Insights Presented in the Report
"Amongst type, the mineral oil-based heat transfer fluids held a prominent share in the market in 2020”

Based on type, the market is categorized into mineral oils, synthetic fluids, glycols, and others. Among these, the mineral oils segment held a prominent share in the market. This can be attributed to its low cost due to which it is widely consumed in the chemical and oil & gas industry. Further, developing nations like China and India, preferred low-cost thermal fluid to maintain the operational expenditure, thereby maintaining competitiveness in the market. 
"Amongst industry, the renewable sector is likely to showcase substantial growth during the forecast period”

Based on industry, the market is categorized into chemical, oil & gas, food & beverage, pharmaceuticals, renewables, automotive, HVAC-R, and others. Of these, the renewable segment is likely to showcase robust growth during the forecast period owing to increasing investment in the renewable sector including CSP. Countries across the globe have set the target to increase the renewable share in the overall country energy mix. Thus, it is expected that with the increasing number of CSP projects, the consumption of heat transfer fluids in the renewable sector is likely to increase.
"Asia-Pacific accounted for a considerable share in the global heat transfer fluids market”

For a better understanding of the market adoption of heat transfer fluids, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a prominent share in the market owing to the large base of chemicals, automotive, and oil & gas industries which are among the largest consumer of heat transfer fluid. Further, the region’s economies are taking several steps to promote the renewable sector, which is again fueling the regional heat transfer fluids market.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry