SAN FRANCISCO, May 12, 2022 /PRNewswire/ -- The global heat transfer fluids market size is projected to reach USD 14.2 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 3.6% during the forecast period. The growing demand from the manufacturing and energy sectors is expected to drive the global market. Thermal oils are typically formulated from petrochemicals and mineral oils, which eventually harm the environment in terms of recyclability, biodegradability, and aqueous toxicity. Due to multiple strict regulations laid down by governments across the globe, the growth of heat transfer fluids (HTFs) has taken a hit.
Key Insights & Findings from the report:
- Silicone-based products are anticipated to exhibit a CAGR of 4.0% from 2022 to 2030 owing to the rising application scope in the oil & gas and chemical manufacturing sectors.
- The consumption of HTFs in pharmaceuticals accounted for a significant market share in 2021 due to its application in extraction and crystallization processes.
- The demand for monoethyl-based glycols in HVAC applications is expected to exhibit a considerable CAGR from 2022 to 2030 owing to their compatibility across wide temperature ranges.
- Asia Pacific dominated the market, in terms of revenue, in 2021 due to the high demand from emerging countries, such as India, Indonesia, and Thailand.
- The Central & South America market is expected to register a steady CAGR from 2022 to 2030 owing to changing political dynamics.
- Moreover, rising automobile production in the region is expected to drive the product demand.
- Eastman company acquired Marlotherm HTFs manufacturing assets in April 2019 to assist the former company in expanding its customer base and heat transfer product portfolio.
Request a free sample copy or view report summary, "Heat Transfer Fluids Market Size, Share & Trends Analysis Report By Product (Glycol-Based Fluids, Mineral Oils), By Application (Chemical Industry, Oil & Gas), By Region (APAC, Europe), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Heat Transfer Fluids Market Growth & Trends
Major innovators in the field are trying to bring imminent changes in the production process, such as the usage of bio-based products, increased extraction efficiency, and enhanced solvent recovery. The COVID-19 pandemic caused serious disruption in businesses and supply chains. The decrease in supply and demand for oil & gas, especially in North America and Europe, halted the onshore and offshore production processes, impacting the market growth. Food-grade HTFs are widely used for storage and refrigeration applications. With rising precision in temperature control in the processing of food and beverages, thermal fluid systems are gaining acceptance in upcoming food processing plants and facilities.
These products are highly preferred due to lower maintenance costs and low-pressure requirements in the processing facility. Asia Pacific is estimated to be the fastest-growing regional market from 2022 to 2030 due to the rising demand from China and Japan. Rapid industrialization and the development of new machinery have increased the importance of HTFs. Investments in renewable energy initiatives, such as CSP, are expected to have a positive impact on industry growth. For example, in January 2022, China announced to start and complete 11 CSP projects by 2024.
Heat Transfer Fluids Market Segmentation
Grand View Research has segmented the global heat transfer fluids market based on product, application, and region:
Heat Transfer Fluids Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Silicone Fluids
- Oil & Gas
- Chemical Industry
- CSP
- Food & Beverages
- Plastics
- Pharmaceuticals
- HVAC
- Others
- Aromatic Fluids
- Oil & Gas
- Chemical Industry
- CSP
- Food & Beverages
- Plastics
- Pharmaceuticals
- HVAC
- Others
- Mineral Oils
- Glycol-based Fluids
- Other (Including Molten Salts & HFPE)
Heat Transfer Fluids Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Oil & Gas
- Chemical Industry
- CSP
- Food & Beverages
- Plastics
- Pharmaceuticals
- HVAC
- Others
Heat Transfer Fluids Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Malaysia
- Australia
- Central & South America
- Brazil
- Middle East & Africa
- Africa
- Saudi Arabia
List of Key Players in Heat Transfer Fluids Market
- Dow Chemicals
- Eastman Company
- Exon Mobil
- Shell
- BP
Check out more related studies published by Grand View Research:
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Browse through Grand View Research's Petrochemicals Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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