Heat Transfer Fluids Market Worth $15.3 Billion By 2027

The global heat transfer fluids market is anticipated to register 4.9% CAGR by 2027 as there is a huge demand from manufacturing and energy sectors. Heat transfer fluids are basically used to transfer heat from one heat source to another. The transfer is a recurring process that transfers heat through heat exchangers and returns to the heat source. The selection of heat transfer fluids is primarily based on stable temperature and the nature of industrial applications.

From the market standpoint, the growing demand for concentrated solar power plants wherein efficiency in heat transfer fluid forms a crucial component. Other drivers such as intense use of heat exchangers in oil and gas industry to meet the soaring demands for energy along with the strengthening of distribution channels. Some of the major suppliers of heat transfer fluids in the industry are Paratherm, Hubbard Hall, Thermic Fluids Pvt. Ltd., and Inlet Petroleum Co. (IPC). Most of these suppliers offer multi-brand fluids and have a separate internet-based portal for selling their products. With heavy investments in research and development activities, major industry participants are shifting toward bio-based thermic oils to comply with government regulations.

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Heat Transfer Fluids Market Report Highlights

• Silicone-based products are anticipated to exhibit a CAGR of 3.8% from 2020 to 2027 owing to rising application in oil and gas and chemical manufacturing
• The consumption of heat transfer fluids in pharmaceuticals accounted for a market share of 9.2% in 2019, backed by application in extraction and crystallization processes
• The demand for monoethyl based glycols in HVAC application is expected to exhibit a CAGR of 4.2% from 2020 to 2027 owing to their compatibility across wide temperature ranges
• The Asia Pacific dominated the heat transfer fluids market, in terms of revenue, with a share of 47.1% in 2019. Rising demand from emerging countries such as India, Indonesia, and Thailand is likely to drive consumption over the forecast period
• The Central and South America market is expected to register a revenue-based CAGR of 1.5% from 2020 to 2027 owing to changing political dynamics. Rising automobile production in the region is expected to drive product demand

Heat Transfer Fluids Market Segmentation

Grand View Research has segmented the global heat transfer fluids market on the basis of product, application, and region:

Heat Transfer Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016–2027)

• Silicone fluids
• Oil and Gas
• Chemical Industry
• CSP
• Food & Beverages
• Plastics
• Pharmaceuticals
• HVAC
• Others
• Aromatic fluids
• Oil & Gas
• Chemical Industry
• CSP
• Food & Beverages
• Plastics
• Pharmaceuticals
• HVAC
• Others
• Mineral oils
• Glycol based fluids
• Other (including molten salts & HFPE)

Heat Transfer Fluids Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016–2027)

• Oil & Gas
• Chemical Industry
• CSP
• Food & Beverages
• Plastics
• Pharmaceuticals
• HVAC
• Others

List of Key Players:

• Dow Chemicals
• Eastman Company
• Exxon Mobil
• Shell
• BP
• BASF
• DowDuPont
• Radco Industries