Heat Transfer Fluids Market size worth $ 5.92 Billion, Globally, by 2028 at 9.40% CAGR: Verified Market Research®

JERSEY CITY, N.J., Aug. 17, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Heat Transfer Fluids Market" By Type (Mineral Oils, Synthetic Fluids, Glycols), By End-Use Industry (Chemical, Oil & Gas, Pharmaceuticals), and By Geography. According to Verified Market Research, the Global Heat Transfer Fluids Market size was valued at USD 2.89 Billion in 2020 and is projected to reach USD 5.92 Billion by 2028, growing at a CAGR of 9.40% from 2021 to 2028.

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Browse in-depth TOC on "Heat Transfer Fluids Market"

202 - Pages
126 – Tables
37 – Figures

Global Heat Transfer Fluids Market Overview

The heat transfer capabilities of HTFs are superior to those of equivalent viscosity petroleum oils. They have excellent thermal and oxidation stability and are widely utilized in open vented heat transfer systems, chemical processing equipment, laminating and calendaring rolls, molds, and dyes in the rubber and plastic industries, as well as die-cast zinc and aluminum alloys. The usage of thermal HTFs increases production capacity improves product quality and reduces maintenance. Thermal HTFs reduce energy usage in processing sectors while also lowering operating costs. Global industrial expansion is driving the global heat transfer fluid market.

Furthermore, the rising use of heat transfer fluid in concentrated solar power and other end-user sectors is likely to drive the global market. Industrial expansion in Asia-Pacific growing markets such as China and India may provide enough opportunities for manufacturing enterprises to extend their market in these regions. Furthermore, increased investment in the chemical industry, from the automotive industry, energy & resources, construction, consumer products, electronics, and health & nutrition may contribute to the growing demand for heat transfer fluid in the global market.

The increased demand for clean energy around the world has resulted in the construction of numerous concentrated solar power facilities. Governments in both developed and developing countries, like the United States, Spain, China, and India, have made significant investments in solar power facilities to fulfill their countries' expanding energy needs, therefore lowering carbon footprints and reliance on fossil fuels. This is expected to boost demand for HTFs in the renewable energy industry.

Key Developments in Heat Transfer Fluids Market

• In April 2019, Eastman acquired the production assets of Marlotherm HTFs in Germany from Sasol (South Africa), a worldwide chemical and energy corporation. This acquisition enabled the company to broaden its heat transfer product offerings to customers worldwide.

The major players in the market are The Dow Chemical Company (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron (US), Huntsman Corporation (US), Royal Dutch Shell (Netherlands), LANXESS (Germany), Paratherm (US), Clariant (Switzerland), Schultz Canada Chemicals (Canada).

Verified Market Research has segmented the Global Heat Transfer Fluids Market On the basis of Type, End-User, and Geography.

• Heat Transfer Fluids Market, By Type
• Mineral Oils
• Synthetic Fluids
• Glycols
• Others (molten salts, nanofluids, ionic fluids, hydrocarbons, and fluorinated fluids)
• Heat Transfer Fluids Market, By End-use industry
• Chemical
• Oil & Gas
• Food & Beverage
• Pharmaceuticals
• Renewable Energy
• Automotive
• HVAC & Refrigeration
• Others (electronics and aerospace)
• Heat Transfer Fluids Market by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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