Heat Transfer Fluids Market Size Worth $14.2 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, May 12, 2022 /PRNewswire/ — The Global heat transfer fluids market the size should reach $14.2 billion by 2030, according to a new report from Grand View Research, Inc., recording a CAGR of 3.6% over the forecast period. 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 end up harming the environment in terms of recyclability, biodegradability, and aqueous toxicity. Due to multiple stringent regulations set by governments around the world, the growth of heat transfer fluids (HTFs) has taken a hit.

Main information and conclusions of the report:

  • Silicone products are expected to grow at a CAGR of 4.0% from 2022 to 2030 due to the growing scope of applications in the oil & gas and chemical manufacturing sectors.
  • Consumption of HTF in pharmaceuticals accounted for a major market share in 2021 owing to its application in extraction and crystallization processes.
  • The demand for monoethyl glycols in HVAC applications is expected to show a considerable CAGR from 2022 to 2030 due to their compatibility over wide temperature ranges.
  • Asia Pacific dominated the market, in terms of revenue, in 2021 due to strong demand from emerging countries, such as India, Indonesiaand Thailand.
  • The central & South America The market is expected to register a stable CAGR from 2022 to 2030 due to changing political dynamics.
  • Additionally, rising automotive production in the region is expected to boost product demand.
  • The Eastman Company acquired the manufacturing assets of Marlotherm HTFs in April 2019 to help the former company expand its customer base and portfolio of heat transfer products.

Request a free sample or view the report summary, “Heat Transfer Fluids Market Size, Share, and Trends Analysis Report by Product (Glycol-Based Fluids, Mineral Oils), by Application (Chemical Industry, Oil & Gas), by Region (APAC, Europe), and sector forecasts, 2022 – 2030“, published by Grand View Research.

Heat Transfer Fluids Market Growth and Trends

Leading innovators in the field are trying to bring forthcoming changes to the production process, such as the use of bio-based products, increased extraction efficiency, and improved solvent recovery. The COVID-19 pandemic has caused severe disruption to businesses and supply chains. The decline in supply and demand for oil and gas, particularly in North America and Europe, has halted both onshore and offshore production processes, impacting the growth of the market. Food grade HTFs are widely used for storage and refrigeration applications. With the increasing precision of temperature control in food and beverage processing, thermal fluid systems are gaining acceptance in upcoming food processing plants and facilities.

These products are highly preferred due to reduced maintenance costs and low pressure requirements in the process plant. Asia Pacific is estimated to be the fastest growing regional market from 2022 to 2030 owing to rising demand for China and Japan. Rapid industrialization and the development of new machines 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 the start and completion of 11 CSP projects by 2024.

Segmentation of the heat transfer fluids market

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
    • petroleum gas
    • Chemical industry
    • CSP
    • Food and drinks
    • Plastics
    • Medications
    • HVAC
    • Others
  • Aromatic fluids
    • petroleum gas
    • Chemical industry
    • CSP
    • Food and drinks
    • Plastics
    • Medications
    • HVAC
    • Others
  • Mineral oils
  • Glycol based fluids
  • Other (including molten salts and HFPE)

Heat Transfer Fluids Market – Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018-2030)

  • petroleum gas
  • Chemical industry
  • CSP
  • Food and drinks
  • Plastics
  • Medications
  • HVAC
  • Others

Heat Transfer Fluids Market – Regional Outlook (Revenue, USD Million, 2017-2030)

  • North America
  • Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Thailand
    • Malaysia
    • Australia
  • Central & South America
  • Middle East & Africa

List of Heat Transfer Fluids Market Key Players

  • Dow Chemicals
  • Eastman Company
  • Exon-Mobile
  • Shell
  • PB

Check out other related studies published by Grand View Research:

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About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.

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