New York, May 12, 2023 (GLOBE NEWSWIRE) -- The Global Heat Transfer Fluids Market had a value of USD 4.9 billion in 2022 and is to be USD 8.3 billion by 2032. It is projected to have a Compound Annual Growth Rate (CAGR) of 5.6% between 2023 and 2032.
The business that manufactures & sells fluids used in heat transfer applications is known as the heat transfer fluids market. To transfer heat from one location to another heat transfer fluids are used in a variety of sectors. Heating, ventilation, and air conditioning systems as well as industrial processes including oil and gas extraction, chemical processing & power production use heat transfer fluids.
In the following years, the desire for energy-efficient solutions the need for advanced thermal management systems, and expanding industrialization are some of the factors predicted to propel the expansion of the global market for heat transfer fluids.
To get additional highlights on major revenue-generating segments, Request a Global Heat Transfer Fluids Market sample report at https://market.us/report/heat-transfer-fluids-market/request-sample
Key Takeaway:
- Based on type, in 2022, the heat transfer fluids market was dominated by the mineral oils segment.
- By application, in 2022, the oil & gas segment dominated the largest market share in the application segment.
- In 2022, North America dominated the market with the highest revenue share of 46.2%.
Factors affecting the growth of the Heat Transfer Fluids industry
There are several factors that can have an impact on the growth of the Heat Transfer Fluids industry including:
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/heat-transfer-fluids-market/#inquiry
Top Trends in Heat Transfer Fluids Market
Due to their great thermal stability, wide temperature range, and low toxicity, silicone-based heat transfer fluids are growing in popularity. A growing number of industries, including solar power, food & beverage, and medicines, are using these fluids. Due to their improved thermal characteristics and stability, synthetic heat transfer fluids like polyalphaolefins (PAO) and polyol esters (POE) are frequently used in engineering. The automotive, aerospace, and HVAC industries use these fluids in a range of applications. Because of their sustainability and low carbon footprint, bio-based heat transfer fluids are becoming more and more popular.
Market Growth
The market for heat transfer fluids is anticipated to expand as a result of factors including rising interest in energy efficiency and rising acceptance of renewable energy sources. However, the market may encounter difficulties due to environmental restrictions on the use of particular heat transfer fluid types as well as the volatility of crude oil prices, which can have an impact on the costs of specific heat transfer fluid types.
Regional Analysis
North America is accounted as the most dominant market in the global Heat Transfer Fluids Market with a market share of 40.6%, during the forecasted period. North America has seen major investments in the Heat Transfer Fluids industry, with media companies acquiring podcast networks & investing in original content. Additionally, the region's large population & high income make it an attractive market for advertisers. The region has been in the way of technological advancements which have made podcast consumption more accessible like high-speed internet & mobile devices.
Have Queries? Speak to an expert or Click Here To Download/Request a Sample
Scope of Report
| Report Attribute | Details |
| Market Value (2022) | US$ 4.9 Billion |
| Market Size (2032) | US$ 8.3 Billion |
| CAGR (from 2023 to 2032) | 5.6% |
| North America Revenue Share | 46.2% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Oil, gas, and chemical industries all require heat transfer fluids. These fluids are effective at moving heat from one place to another. Costs and energy use are decreased as a result. The need for heat-transfer fluids is rising as a result of industrialization in nations like China and India. Due to the investments that these nations make in manufacturing and infrastructure, heat transfer fluids are anticipated to be in high demand. Due to the need to enhance thermal management systems for numerous industries, including automotive, electronics, and aerospace, heat transfer fluids are in great demand. By removing heat from parts and systems, these fluids help keep things from overheating.
Market Restraints
The growing emphasis on environmental restrictions pertaining to the usage of specific types of fluids is one of the major factors limiting the market for heat transfer fluids. Certain heat transfer fluid types, such as those based on mineral oil, can have detrimental effects on the environment and people's health, which is why they are governed by severe laws. This may restrict how these fluids are applied and used in different industrial processes. The high starting prices of some heat transfer fluid types, including those based on silicone, may prevent their widespread use in several industrial applications.
Market Opportunities
The demand for heat transfer fluids is anticipated to rise as renewable energy sources like solar, wind, and geothermal energy become more widely used. To capture and transfer the energy from these sources, effective heat transfer fluids are needed, opening up new business potential. It is anticipated that the rising urbanization and industrialization of developing nations like China, India, and Brazil would open up new market potential for heat transfer fluids. Many industrial sectors, including chemical, oil and gas, and food and beverage, which need heat transfer fluids for various processes, are seeing significant expansion in these economies.
Grow your profit margin with Market.us - Purchase This Premium Report at https://market.us/purchase-report/?report_id=35871
Report Segmentation of the Heat Transfer Fluids Market
Type Insight
Mineral oils are likely to be the most profitable heat transfer fluids on the global market, with a forecasted CAGR of 5.2% over the projection period and a revenue share of 33.7%. One of the most popular types of heat transfer fluid on the market is mineral oil. They are inexpensive relative to other fluids, manufactured from petroleum, and widely available. Mineral oils are widely utilized in low-temperature heating applications, such as HVAC systems and some industrial settings where the heat transfer fluid does not come into contact with food or other delicate products.
Application Insight
The oil & gas sector dominates the application segment of the heat transfer fluids market with a market share of 26.4% and a CAGR of 4.8%. The processing of crude oil, where fluids are used to heat the oil and separate it into various components, is one of the principal uses for heat transfer fluids in the oil and gas sector. Heat transfer fluids are also used to cool natural gas during processing and maintain a steady temperature in pipes and equipment.
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/heat-transfer-fluids-market/request-sample
Market Segmentation
Based on Type
- Silicone Fluids
- Aromatic Fluids
- Mineral Oils
- Glycol Based Fluids
- Other Types
Based on Application
- Oil & Gas
- Chemical
- Concentrated Solar Power
- Food & Beverages
- Plastics
- Pharmaceutical
- HVAC
- Other Applications
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The Dow Chemical Company, ExxonMobil Corporation, Eastman Chemical Company, BASF SE, and Shell Global are a few of the major competitors in the industry. For a variety of industries, including oil and gas, chemical processing, renewable energy, pharmaceuticals, and food and beverage processing, among others, these businesses provide a wide range of heat transfer fluids.
Key Market Players:
Listed below are some of the most important Heat Transfer Fluids industry players.
Recent Developments of the Heat Transfer Fluids Market
- In April 2021, Royal Dutch Shell announced its launch of Shell Thermia B, a novel heat transfer fluid intended for use in commercial heating and cooling systems.
- In January 2021, Therminol 62, a new fluid that is intended for use in concentrated solar power applications, has been introduced by Eastman Chemical Company, expanding its product line of heat transfer fluids.
Related Report:
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us On LinkedIn Facebook Twitter
Our Blog:
