PUBLISHER: The Business Research Company | PRODUCT CODE: 1531972
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531972
Heat transfer fluids are substances utilized for transferring heat between systems. They are integral to diverse industrial processes such as HVAC systems, solar water heaters, and chemical plants. These fluids typically possess high thermal conductivity and remain stable over broad temperature ranges, ensuring efficient heat exchange and system reliability.
The primary categories of heat transfer fluids include silicone fluids, aromatic fluids, mineral oils, glycol-based fluids, and others. Silicone fluids encompass various silicone-based liquids with differing viscosities and properties, serving roles as lubricants, heat transfer mediums, hydraulic fluids, and in numerous industrial applications. These fluids are distributed through direct and indirect sales channels, catering to end-users spanning chemical industries, petrochemicals, automotive sectors, food and beverage industries, pharmaceuticals, HVAC systems, renewable energy enterprises, and more.
The heat transfer fluids research report is one of a series of new reports from The Business Research Company that provides heat transfer fluids market statistics, including the heat transfer fluids industry's global market size, regional shares, competitors with a heat transfer fluids market share, detailed heat transfer fluids market segments, market trends and opportunities, and any further data you may need to thrive in the heat transfer fluids industry. This heat transfer fluids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The heat transfer fluids market size has grown strongly in recent years. It will grow from $3.76 billion in 2023 to $4.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historical period can be attributed to rapid advancements in industrial sectors, increased urbanization, global economic expansion, fluctuations in oil prices, and heightened investments in research and development.
The heat transfer fluids market size is expected to see strong growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to rising demand for energy-efficient systems, expansion in key industries, increasing necessity for efficient cooling solutions, availability and cost-effectiveness of raw materials, and collaborative efforts between industries and research institutions. Key trends expected during this period include integration with IoT and predictive analytics, emphasis on maintenance and durability, tailored solutions for specific applications, advancements in nanofluids for improved thermal conductivity, and enhanced heat transfer coefficients.
The heat transfer fluids market is poised for growth, driven by the expanding oil and gas industry. This sector, also referred to as the petroleum industry, covers a range of activities related to petroleum products, from exploration to marketing. Despite increasing environmental concerns, the growth in oil and gas production signifies a rising global energy demand and continued reliance on fossil fuels. Heat transfer fluids play a crucial role in this industry, facilitating efficient heat management during various processes such as drilling, refining, and hydrocarbon transportation. For instance, in March 2024, the Energy Information Administration reported a record-breaking crude oil production in the United States, emphasizing the industry's upward trajectory and its impact on the heat transfer fluids market.
Leading companies in the heat transfer fluids sector are focusing on technological advancements such as direct-to-chip coolants to improve cooling efficiency and meet the growing demand for thermal management solutions. These coolants target heat-generating components such as CPUs and GPUs directly, ensuring superior thermal management and performance. For example, Arteco introduced the Zitrec EC range in April 2023, tailored for electronics and data center cooling applications. These coolants boast extended corrosion protection and enhanced cooling capabilities, contributing to equipment longevity and reduced downtime.
In September 2023, Valvoline Inc., a US-based automotive products company, acquired Haertol Chemie GmbH, a German manufacturer of automotive heat transfer fluids, as part of its strategy to expand globally and enhance its technological offerings. This acquisition underscores Valvoline's commitment to innovation and delivering value to its customers in the automotive sector.
Major companies operating in the heat transfer fluids market are Sinopec Limited, ExxonMobil Corporation, Shell PLC, British Petroleum (BP) Company PLC, Chevron Corporation, Indian Oil Corporation Limited, BASF SE, Idemitsu Kosan Co. Ltd., Dow Chemical Company, LyondellBasell Industries N.V., Sasol Limited, Arkema Group, Eastman Chemical Company, LANXESS AG, Huntsman Corporation, Petronas, CITGO Petroleum Corporation, The Lubrizol Corporation, Fernox Ltd., GJ Chemical Co
Asia-Pacific was the largest region in the heat transfer fluids market in 2023. The regions covered in the heat transfer fluids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the heat transfer fluids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The heat transfer fluids market consists of sales of synthetic heat transfer fluid, biodegradable heat transfer fluid, propylene glycol-based heat transfer fluid, and thermic fluids. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Heat Transfer Fluids Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on heat transfer fluids market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for heat transfer fluids ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The heat transfer fluids market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.