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 covered | By Product Type, By Application
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| 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:
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By Product Type:
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Aromatic Fluids
Silicone Fluids
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By Application:
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Chemical Industry
Oil & Gas
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By Region:
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Asia-Pacific
Europe
Middle East & Africa
North America
Latin America
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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.
