PUBLISHER: IMARC | PRODUCT CODE: 1422890
PUBLISHER: IMARC | PRODUCT CODE: 1422890
Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End User (Chemical, Oil and Gas, Food and Beverages, Pharmaceutical, Renewable Energy, Automotive, HVAC and Refrigeration, and Others), and Region 2024-2032
Abstract
The global heat transfer fluids market size reached US$ 11.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.54% during 2024-2032. The increasing adoption of concentrated solar power plants, escalating demand from the oil and gas industry, and the growing need for energy conservation represent some of the key factors driving the market.
Heat transfer fluids (HTFs), or thermic fluids, refer to chemicals in liquid or vapor form that transfer heat from one system to another. They are manufactured using highly refined petroleum, synthetically formulated hydrocarbons, or silicone. They are mainly employed as an intermediate fluid to transmit heat from a heat source to other heat demands or cold streams. They assist in preventing overheating and facilitate the storage of thermal energy. They also offer high temperatures at low system pressures and provide several benefits, such as low viscosity, non-corrosive nature, high thermal conductivity and diffusivity, and prolonged operating lifetimes. As a result, HTFs find extensive applications in the reboiler, condenser, regenerator, and heat exchanging systems across the processing facilities of numerous industries, including oil and gas, automotive, chemical, renewable energy, and pharmaceutical.
Heat Transfer Fluids Market Trends:
HTFs aid in collecting energy from the solar field and transporting it to the energy storage systems, wherein the stored energy is used for electricity generation. Consequently, the increasing adoption of concentrated solar power (CSP) plants represents the primary factor driving the market growth. Additionally, there is a rise in the use of HTFs during various stages of natural gas processing, such as gas sweetening, glycol dehydration, and fractionation. In line with this, the growing product utilization in the refining processes as a medium for heating reboilers of fractionation units and overhead cooling condensers has augmented the demand for HTFs. This is further supported by rapid growth in the oil and gas sector due to the escalating energy demand. Besides this, the increasing usage of HTFs in heating and cooling applications at food processing facilities for food additive manufacturing, vegetable oil deodorizing, and food packaging production has catalyzed market growth. Furthermore, there has been widespread adoption of HTFs as heat-dissipating coolant fluid in the radiator systems of vehicle engines. Along with this, the rising product usage in the chemical sector for indirect heating of process liquids and polymers, single fluid batch processing, low-pressure cogeneration, drying and heating of bulk materials, and gas processing has propelled the market growth. Other factors, including the growing need for energy conservation, increasing product applications in HVAC and refrigeration systems, escalating automobile production and sales, and rising government funding for CSP plants, are also creating a favorable market outlook.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global heat transfer fluids market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type and end user.
Type Insights:
Mineral Oils
Synthetic Fluids
Glycols
Others
The report has provided a detailed breakup and analysis of the heat transfer fluids market based on the type. This includes mineral oils, synthetic fluids, glycols, and others. According to the report, mineral oils represented the largest segment.
End User Insights:
Chemical
Oil and Gas
Food and Beverages
Pharmaceutical
Renewable Energy
Automotive
HVAC and Refrigeration
Others
A detailed breakup and analysis of the heat transfer fluids market based on the end user has also been provided in the report. This includes chemical, oil and gas, food and beverages, pharmaceutical, renewable energy, automotive, HVAC and refrigeration, and others. According to the report, oil and gas accounted for the largest market share.
Regional Insights:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for heat transfer fluids. Some of the factors driving the Asia Pacific heat transfer fluids market included the significant growth in the pharmaceuticals and chemical processing industries, increasing adoption of concentrated solar power, easy availability of base stock, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global heat transfer fluids market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Arkema S.A., BASF SE, Chevron Corporation, Clariant AG, Dalian Richfortune Chemicals Co. Ltd., Dow Inc., Dynalene Inc., Eastman Chemical Company, Exxon Mobil Corporation, Hindustan Petroleum Corporation Ltd. (Oil and Natural Gas Corporation), Indian Oil Corporation Ltd., Phillips 66 Company, Radco Industries Inc., Shell plc, TotalEnergies SE, etc.
Key Questions Answered in This Report:
- How has the global heat transfer fluids market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global heat transfer fluids market?
- What is the impact of each driver, restraint, and opportunity on the global heat transfer fluids market?
- What are the key regional markets?
- Which countries represent the most attractive heat transfer fluids market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the heat transfer fluids market?
- What is the breakup of the market based on the end user?
- Which is the most attractive end user in the heat transfer fluids market?
- What is the competitive structure of the global heat transfer fluids market?
- Who are the key players/companies in the global heat transfer fluids market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Heat Transfer Fluids Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Mineral Oils
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Synthetic Fluids
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Glycols
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Others
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by End User
- 7.1 Chemical
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Oil and Gas
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Food and Beverages
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Pharmaceutical
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Renewable Energy
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Automotive
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
- 7.7 HVAC and Refrigeration
- 7.7.1 Market Trends
- 7.7.2 Market Forecast
- 7.8 Others
- 7.8.1 Market Trends
- 7.8.2 Market Forecast
8 Market Breakup by Region
- 8.1 North America
- 8.1.1 United States
- 8.1.1.1 Market Trends
- 8.1.1.2 Market Forecast
- 8.1.2 Canada
- 8.1.2.1 Market Trends
- 8.1.2.2 Market Forecast
- 8.1.1 United States
- 8.2 Asia-Pacific
- 8.2.1 China
- 8.2.1.1 Market Trends
- 8.2.1.2 Market Forecast
- 8.2.2 Japan
- 8.2.2.1 Market Trends
- 8.2.2.2 Market Forecast
- 8.2.3 India
- 8.2.3.1 Market Trends
- 8.2.3.2 Market Forecast
- 8.2.4 South Korea
- 8.2.4.1 Market Trends
- 8.2.4.2 Market Forecast
- 8.2.5 Australia
- 8.2.5.1 Market Trends
- 8.2.5.2 Market Forecast
- 8.2.6 Indonesia
- 8.2.6.1 Market Trends
- 8.2.6.2 Market Forecast
- 8.2.7 Others
- 8.2.7.1 Market Trends
- 8.2.7.2 Market Forecast
- 8.2.1 China
- 8.3 Europe
- 8.3.1 Germany
- 8.3.1.1 Market Trends
- 8.3.1.2 Market Forecast
- 8.3.2 France
- 8.3.2.1 Market Trends
- 8.3.2.2 Market Forecast
- 8.3.3 United Kingdom
- 8.3.3.1 Market Trends
- 8.3.3.2 Market Forecast
- 8.3.4 Italy
- 8.3.4.1 Market Trends
- 8.3.4.2 Market Forecast
- 8.3.5 Spain
- 8.3.5.1 Market Trends
- 8.3.5.2 Market Forecast
- 8.3.6 Russia
- 8.3.6.1 Market Trends
- 8.3.6.2 Market Forecast
- 8.3.7 Others
- 8.3.7.1 Market Trends
- 8.3.7.2 Market Forecast
- 8.3.1 Germany
- 8.4 Latin America
- 8.4.1 Brazil
- 8.4.1.1 Market Trends
- 8.4.1.2 Market Forecast
- 8.4.2 Mexico
- 8.4.2.1 Market Trends
- 8.4.2.2 Market Forecast
- 8.4.3 Others
- 8.4.3.1 Market Trends
- 8.4.3.2 Market Forecast
- 8.4.1 Brazil
- 8.5 Middle East and Africa
- 8.5.1 Market Trends
- 8.5.2 Market Breakup by Country
- 8.5.3 Market Forecast
9 Drivers, Restraints, and Opportunities
- 9.1 Overview
- 9.2 Drivers
- 9.3 Restraints
- 9.4 Opportunities
10 Value Chain Analysis
11 Porters Five Forces Analysis
- 11.1 Overview
- 11.2 Bargaining Power of Buyers
- 11.3 Bargaining Power of Suppliers
- 11.4 Degree of Competition
- 11.5 Threat of New Entrants
- 11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
- 13.1 Market Structure
- 13.2 Key Players
- 13.3 Profiles of Key Players
- 13.3.1 Arkema S.A.
- 13.3.1.1 Company Overview
- 13.3.1.2 Product Portfolio
- 13.3.1.3 Financials
- 13.3.1.4 SWOT Analysis
- 13.3.2 BASF SE
- 13.3.2.1 Company Overview
- 13.3.2.2 Product Portfolio
- 13.3.2.3 Financials
- 13.3.2.4 SWOT Analysis
- 13.3.3 Chevron Corporation
- 13.3.3.1 Company Overview
- 13.3.3.2 Product Portfolio
- 13.3.3.3 Financials
- 13.3.3.4 SWOT Analysis
- 13.3.4 Clariant AG
- 13.3.4.1 Company Overview
- 13.3.4.2 Product Portfolio
- 13.3.4.3 Financials
- 13.3.5 Dalian Richfortune Chemicals Co. Ltd.
- 13.3.5.1 Company Overview
- 13.3.5.2 Product Portfolio
- 13.3.6 Dow Inc.
- 13.3.6.1 Company Overview
- 13.3.6.2 Product Portfolio
- 13.3.7 Dynalene Inc.
- 13.3.7.1 Company Overview
- 13.3.7.2 Product Portfolio
- 13.3.8 Eastman Chemical Company
- 13.3.8.1 Company Overview
- 13.3.8.2 Product Portfolio
- 13.3.8.3 Financials
- 13.3.8.4 SWOT Analysis
- 13.3.9 Exxon Mobil Corporation
- 13.3.9.1 Company Overview
- 13.3.9.2 Product Portfolio
- 13.3.9.3 Financials
- 13.3.9.4 SWOT Analysis
- 13.3.10 Hindustan Petroleum Corporation Ltd. (Oil and Natural Gas Corporation)
- 13.3.10.1 Company Overview
- 13.3.10.2 Product Portfolio
- 13.3.10.3 Financials
- 13.3.10.4 SWOT Analysis
- 13.3.11 Indian Oil Corporation Ltd.
- 13.3.11.1 Company Overview
- 13.3.11.2 Product Portfolio
- 13.3.11.3 Financials
- 13.3.11.4 SWOT Analysis
- 13.3.12 Phillips 66 Company
- 13.3.12.1 Company Overview
- 13.3.12.2 Product Portfolio
- 13.3.12.3 Financials
- 13.3.12.4 SWOT Analysis
- 13.3.13 Radco Industries Inc.
- 13.3.13.1 Company Overview
- 13.3.13.2 Product Portfolio
- 13.3.14 Shell plc
- 13.3.14.1 Company Overview
- 13.3.14.2 Product Portfolio
- 13.3.14.3 Financials
- 13.3.15 TotalEnergies SE
- 13.3.15.1 Company Overview
- 13.3.15.2 Product Portfolio
- 13.3.15.3 Financials
- 13.3.15.4 SWOT Analysis
- 13.3.1 Arkema S.A.
List of Figures
- Figure 1: Global: Heat Transfer Fluids Market: Major Drivers and Challenges
- Figure 2: Global: Heat Transfer Fluids Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Heat Transfer Fluids Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Heat Transfer Fluids Market: Breakup by Type (in %), 2023
- Figure 5: Global: Heat Transfer Fluids Market: Breakup by End User (in %), 2023
- Figure 6: Global: Heat Transfer Fluids Market: Breakup by Region (in %), 2023
- Figure 7: Global: Heat Transfer Fluids (Mineral Oils) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 8: Global: Heat Transfer Fluids (Mineral Oils) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 9: Global: Heat Transfer Fluids (Synthetic Fluids) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 10: Global: Heat Transfer Fluids (Synthetic Fluids) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 11: Global: Heat Transfer Fluids (Glycols) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 12: Global: Heat Transfer Fluids (Glycols) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 13: Global: Heat Transfer Fluids (Other Types) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 14: Global: Heat Transfer Fluids (Other Types) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 15: Global: Heat Transfer Fluids (Chemical) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 16: Global: Heat Transfer Fluids (Chemical) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 17: Global: Heat Transfer Fluids (Oil and Gas) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 18: Global: Heat Transfer Fluids (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 19: Global: Heat Transfer Fluids (Food and Beverages) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 20: Global: Heat Transfer Fluids (Food and Beverages) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 21: Global: Heat Transfer Fluids (Pharmaceutical) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 22: Global: Heat Transfer Fluids (Pharmaceutical) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 23: Global: Heat Transfer Fluids (Renewable Energy) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 24: Global: Heat Transfer Fluids (Renewable Energy) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 25: Global: Heat Transfer Fluids (Automotive) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 26: Global: Heat Transfer Fluids (Automotive) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 27: Global: Heat Transfer Fluids (HVAC and Refrigeration) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 28: Global: Heat Transfer Fluids (HVAC and Refrigeration) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 29: Global: Heat Transfer Fluids (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 30: Global: Heat Transfer Fluids (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 31: North America: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 32: North America: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 33: United States: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 34: United States: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 35: Canada: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 36: Canada: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 37: Asia-Pacific: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 38: Asia-Pacific: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 39: China: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 40: China: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 41: Japan: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 42: Japan: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 43: India: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 44: India: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 45: South Korea: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 46: South Korea: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 47: Australia: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 48: Australia: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 49: Indonesia: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 50: Indonesia: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 51: Others: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 52: Others: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 53: Europe: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 54: Europe: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 55: Germany: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 56: Germany: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 57: France: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 58: France: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 59: United Kingdom: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 60: United Kingdom: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 61: Italy: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 62: Italy: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 63: Spain: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 64: Spain: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 65: Russia: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 66: Russia: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 67: Others: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 68: Others: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 69: Latin America: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 70: Latin America: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 71: Brazil: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 72: Brazil: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 73: Mexico: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 74: Mexico: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 75: Others: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 76: Others: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 77: Middle East and Africa: Heat Transfer Fluids Market: Sales Value (in Million US$), 2018 & 2023
- Figure 78: Middle East and Africa: Heat Transfer Fluids Market: Breakup by Country (in %), 2023
- Figure 79: Middle East and Africa: Heat Transfer Fluids Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 80: Global: Heat Transfer Fluids Industry: Drivers, Restraints, and Opportunities
- Figure 81: Global: Heat Transfer Fluids Industry: Value Chain Analysis
- Figure 82: Global: Heat Transfer Fluids Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Heat Transfer Fluids Market: Key Industry Highlights, 2023 & 2032
- Table 2: Global: Heat Transfer Fluids Market Forecast: Breakup by Type (in Million US$), 2024-2032
- Table 3: Global: Heat Transfer Fluids Market Forecast: Breakup by End User (in Million US$), 2024-2032
- Table 4: Global: Heat Transfer Fluids Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 5: Global: Heat Transfer Fluids Market: Competitive Structure
- Table 6: Global: Heat Transfer Fluids Market: Key Players
