Heat Transfer Fluids Market Growth, Size, Trends, Revenue, Share, Challenges and Future Outlook

Heat Transfer Fluids Market Size- By Product Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Heat Transfer Fluids Market Size- By Product Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Published: Feb 2024 Report ID: POAE2415 Pages: 1 - 233 Formats*:     
Category : Power & Energy
Heat Transfer Fluids Market Introduction and Overview 

According to SPER Market Research, the Global Heat Transfer Fluids Market is estimated to reach USD 19.15 billion by 2033 with a CAGR of 9.41%.

The report includes an in-depth analysis of the Global Heat Transfer Fluids Market including market size and trends, product mix, applications, and supplier analysis. The primary function of heat transfer fluids has historically been to transmit heat to the process stream. Pump ability, temperature stability, and pressure requirements are just a few of the many variables that must be taken into account when choosing the appropriate HTF. Applications for heat transfer fluids, such as processing gas and oil in cold climates and harvesting solar energy for concentrating solar panels, are becoming increasingly important.

  • September 2023: To increase the variety of products it offers and reach a worldwide customer base, Valvoline made an investment in a European producer of heat transfer fluids.
  • May 2023: After converting glycerol into renewable propylene glycol, ORLEN Południe announced that the first year of operation of its Bio-PG plant was completed. For the project, Air Liquid technical & Construction contributed basic technical services, proprietary equipment, and licensing, and BASF provided its BioPG technology.

Market Opportunities and Challenges
One of the main things fuelling demand is the quick deployment of concentrated solar power around the world. Industrial goods called heat transfer fluids, which store thermal energy and guard against overheating, are made from petroleum. The main inputs used in production are base oils, silica, and crude oil. Extreme phase transition temperatures, high thermal conductivity and diffusivity, low viscosity, and non-corrosive nature are the key attributes that characterize a heat transfer fluid. 

One of the biggest issues facing producers is the cost of HTF raw materials. The main raw ingredients utilized in HTFs are glycol, benzene, and phenol. The price fluctuations of the raw materials needed to make HTFs are directly impacted by changes in crude oil prices. The unpredictable cost of raw materials is a challenge that manufacturers face, and it lowers their profit margins. In order to maintain growth and hold onto their market share or position, market participants are being forced by this environment to improve the productivity and efficiency of their operations.




Market Competitive Landscape
The majority of these vendors sell their items through a different web portal and provide fluids under multiple brands. In order to comply with government rules, key industry participants are transitioning toward bio-based thermocline oils, investing much in research and development. It is predicted that the transition from synthetic to bio-based thermosetting oils will be a disruptive trend, driven by strong restrictions and careful examination of items on the market. The major players in the Global Heat Transfer Fluids Market include: British Petroleum (BP), Chevron Co., Dynalene, Eastman Chemical Company, Hindustan Petroleum Corporation Ltd. (HPCL), Huntsman Corporation, Indian Oil Corporation Ltd. (IOCL), KOST, Phillips 66, Royal Dutch Shell.   

Scope of the Report:
 Report Metric Details
 Market size available for years 2019-2033
 Base year considered 2022
 Forecast period 2023-2033
 Segments coveredBy Product Type, By Application
 Regions coveredNorth America, Asia-Pacific, Latin America, Middle East & Africa and Europe
 Companies Covered
British Petroleum (BP), Chevron Co., Dynalene, Eastman Chemical Company, Hindustan Petroleum Corporation Ltd. (HPCL), Huntsman Corporation, Indian Oil Corporation Ltd. (IOCL), KOST, Phillips 66, Royal Dutch Shell
COVID-19 Impact on Global Heat Transfer Fluids Market   
Businesses and supply systems were severely disrupted by the COVID-19 outbreak. The expansion of the heat transfer fluid market was hindered by the adverse effects of a pandemic on the oil and gas industry. The onshore and offshore production processes were stopped by the decline in supply and demand for oil and gas, which had an effect on the market expansion for heat transfer fluids. The market was further hindered by the halting of new solar power project installation activity and the disruption of operations at operating facilities.

Key Target Audience
  • Automotive 
  • Chemical & petrochemical 
  • Food & beverages
  • HVAC & refrigeration 
  • Oil & gas 
  • Pharmaceutical 
Our in-depth analysis of the Heat Transfer Fluids Market includes the following segments:
By Product Type:
  • Aromatic Fluids
  • Silicone Fluids
  • By Application:
  • Chemical Industry
  • Oil & Gas
  • By Region:
  • Asia-Pacific
  • Europe
  • Middle East & Africa
  • North America
  • Latin America
  • Key Topics Covered in the Report
    • Global Heat Transfer Fluids Market Size (FY’2023-FY’2033)
    • Overview of Global Heat Transfer Fluids Market   
    • Segmentation of Global Heat Transfer Fluids Market By Product (Silicone Fluids, Aromatic Fluids)
    • Segmentation of Global Heat Transfer Fluids Market By Application (Oil & Gas, Chemical Industry) 
    • Statistical Snap of Global Heat Transfer Fluids Market   
    • Expansion Analysis of Global Heat Transfer Fluids Market   
    • Problems and Obstacles in Global Heat Transfer Fluids Market   
    • Competitive Landscape in the Global Heat Transfer Fluids Market   
    • Impact of COVID-19 and Demonetization on Global Heat Transfer Fluids Market   
    • Details on Current Investment in Global Heat Transfer Fluids Market   
    • Competitive Analysis of Global Heat Transfer Fluids Market   
    • Prominent Players in the Global Heat Transfer Fluids Market   
    • SWOT Analysis of Global Heat Transfer Fluids Market   
    • Global Heat Transfer Fluids Market Outlook and Projections (FY’2023-FY’2033)
    • Recommendations from Analyst
    1. Introduction
    1.1. Scope of the report
    1.2. Market segment analysis

    2. Research Methodology
    2.1. Research data source
    2.1.1. Secondary Data
    2.1.2. Primary Data
    2.1.3. SPER’s internal database
    2.1.4. Premium insight from KOL’s
    2.2. Market size estimation
    2.2.1. Top-down and Bottom-up approach
    2.3. Data triangulation

    3. Executive Summary

    4. Market Dynamics
    4.1. Driver, Restraint, Opportunity and Challenges analysis
    4.1.1. Drivers
    4.1.2. Restraints
    4.1.3. Opportunities
    4.1.4. Challenges
    4.2. COVID-19 Impacts of the Global Heat Transfer Fluids Market 

    5. Market variable and outlook
    5.1. SWOT Analysis
    5.1.1. Strengths
    5.1.2. Weaknesses
    5.1.3. Opportunities
    5.1.4. Threats
    5.2. PESTEL Analysis
    5.2.1. Political Landscape
    5.2.2. Economic Landscape
    5.2.3. Social Landscape
    5.2.4. Technological Landscape
    5.2.5. Environmental Landscape
    5.2.6. Legal Landscape
    5.3. PORTER’s Five Forces 
    5.3.1. Bargaining power of suppliers
    5.3.2. Bargaining power of buyers
    5.3.3. Threat of Substitute
    5.3.4. Threat of new entrant
    5.3.5. Competitive rivalry
    5.4. Heat Map Analysis

    6. Competitive Landscape
    6.1. Global Heat Transfer Fluids Market  Manufacturing Base Distribution, Sales Area, Product Type 
    6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Heat Transfer Fluids Market  

    7. Global Heat Transfer Fluids Market, By Product Type (USD Million)
    7.1. Global Heat Transfer Fluids Market Value Share and Forecast, By Product Type  2023-2033
    7.2. Aromatic Fluids
    7.3. Silicone Fluids

    8. Global Heat Transfer Fluids Market, By Application (USD Million)
    8.1. Global Heat Transfer Fluids Market Value Share and Forecast, By Application 2023-2033
    8.2. Chemical Industry
    8.3. Oil & Gas

    9. Global Heat Transfer Fluids Market , Forecast, 2019-2033 (USD Million)
    9.1. Global Heat Transfer Fluids Market  Size and Market Share

    10. Global Heat Transfer Fluids Market , By Product Type 2019-2033 (USD Million)
    10.1. Global Heat Transfer Fluids Market  Size and Market Share, By Product Type (2019-2026)
    10.2. Global Heat Transfer Fluids Market  Size and Market Share, By Product Type (2027-2033)

    11. Global Heat Transfer Fluids Market , By Application 2019-2033 (USD Million)
    11.1. Global Heat Transfer Fluids Market  Size and Market Share, By Application (2019-2026)
    11.2. Global Heat Transfer Fluids Market  Size and Market Share, By Application (2027-2033)
     
    12. Global Heat Transfer Fluids Market , By Region, 2019-2033 (USD Million)
    12.1. Global Heat Transfer Fluids Market  Size and Market Share, By Region (2019-2026)
    12.2. Global Heat Transfer Fluids Market  Size and Market Share, By Region (2027-2033) 
    12.3. Asia-Pacific
    12.3.1. Australia
    12.3.2. China
    12.3.3. India
    12.3.4. Japan
    12.3.5. South Korea
    12.3.6. Rest of Asia-Pacific
    12.4. Europe
    12.4.1. France
    12.4.2. Germany
    12.4.3. Italy
    12.4.4. Spain
    12.4.5. United Kingdom
    12.4.6. Rest of Europe
    12.5. Middle East and Africa
    12.5.1. Kingdom of Saudi Arabia 
    12.5.2. United Arab Emirates
    12.5.3. Rest of Middle East & Africa
    12.6. North America
    12.6.1. Canada
    12.6.2. Mexico
    12.6.3. United States
    12.7. Latin America
    12.7.1. Argentina
    12.7.2. Brazil
    12.7.3. Rest of Latin America 

    13. Company Profile
    13.1. British Petroleum (BP)
    13.1.1. Company details
    13.1.2. Financial outlook
    13.1.3. Product summary 
    13.1.4. Recent developments
    13.2. Chevron Co
    13.2.1. Company details
    13.2.2. Financial outlook
    13.2.3. Product summary 
    13.2.4. Recent developments
    13.3. Dynalene
    13.3.1. Company details
    13.3.2. Financial outlook
    13.3.3. Product summary 
    13.3.4. Recent developments
    13.4. Eastman Chemical Company
    13.4.1. Company details
    13.4.2. Financial outlook
    13.4.3. Product summary 
    13.4.4. Recent developments
    13.5. Hindustan Petroleum Corporation Ltd. (HPCL
    13.5.1. Company details
    13.5.2. Financial outlook
    13.5.3. Product summary 
    13.5.4. Recent developments
    13.6. Huntsman Corporation
    13.6.1. Company details
    13.6.2. Financial outlook
    13.6.3. Product summary 
    13.6.4. Recent developments
    13.7. Indian Oil Corporation Ltd. (IOCL)
    13.7.1. Company details
    13.7.2. Financial outlook
    13.7.3. Product summary 
    13.7.4. Recent developments
    13.8. KOST
    13.8.1. Company details
    13.8.2. Financial outlook
    13.8.3. Product summary 
    13.8.4. Recent developments
    13.9. Phillips 66
    13.9.1. Company details
    13.9.2. Financial outlook
    13.9.3. Product summary 
    13.9.4. Recent developments
    13.10. Royal Dutch Shell
    13.10.1. Company details
    13.10.2. Financial outlook
    13.10.3. Product summary 
    13.10.4. Recent developments
    13.11. Others 
     
    14. List of Abbreviations

    15. Reference Links

    16. Conclusion

    17. Research Scope
     

    SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

    The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

    SPER-Methodology-1

    SPER-Methodology-2

    SPER-Methodology-3


    Frequently Asked Questions About This Report
    Heat Transfer Fluids Market is projected to reach USD 19.15 billion by 2033, growing at a CAGR of 9.41% during the forecast period.
    Heat Transfer Fluids Market grew in Market size from 2022. The Market is expected to reach USD 19.15 billion by 2033, at a CAGR of 9.41% during the forecast period.
    Heat Transfer Fluids Market CAGR of 9.41% during the forecast period.
    You can get the sample pages by clicking the link - Click Here
    Heat Transfer Fluids Market size is USD 19.15 billion from 2023 to 2033.
    Heat Transfer Fluids Market Segment is covered By Product Type, By Application.
    The North America is anticipated to have the highest Market share in the Heat Transfer Fluids Market.
    The key players in the Market include Companies Covered British Petroleum (BP), Chevron Co., Dynalene, Eastman Chemical Company, Hindustan Petroleum Corporation Ltd. (HPCL), Huntsman Corporation.
    Pump ability, temperature stability, and pressure requirements are just a few of the many variables that must be taken into account when choosing the appropriate HTF.
    Not able to find what you are looking for? Need customization in the existing report?
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