The Global Heat-Transfer Fluid Market size is estimated to be USD 3.20 billion in 2019 and is predicted to reach USD 8.34 billion by 2030 with a CAGR of 9.1% from 2020-2030.
Heat-Transfer Fluid transfer heat from one surface or section to others and maintains the temperature and also avoid overheating and store thermal energy. It has wide application and used in different industries such as oil refining, consumer electronics heat pumps and others. These fluids work on the principle of thermodynamics and maintain equilibrium which avoids heat damage within the equipment.
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Top Companies: ExxonMobil, The Dow Chemical Company, Huntsman Corporation, Chevron, Eastman Chemical Company, LANXESS, Royal Dutch Shell PLC., Global Heat Transfer Ltd, Schultz Canada Chemicals, Ltd., Clariant and others.
Market Dynamics and Trends
The improving and modernizing infrastructure with technological advancements over the forecast period are expected to promote the market growth. Furthermore, wide application such as oil refineries, consumer electronics and others coupled with increased demand of energy conservation are further expected to contribute the growth of heat transfer fluids market.
The other factors include high demand from the chemical industries coupled with increased performance of heat transfers fluids are further expected to enhance the market growth. However, stringent regulations with explosion and hazards and fluctuating prices of raw materials are expected to hamper the growth of heat transfer fluids market. Moreover, increased demands of biodegradable and bio-based products are further expected to create ample opportunities in the heat transfer fluids market over the forecast period.
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Market Segmentations and Scope of the Study:
The global heat-transfer fluid market share is analyzed on the basis of type, application and geography. On the basis of type, the market is segmented into Silicones, Aromatics, Mineral oils, Glycol-based fluids, and others. On the basis of application, the market is divided into Chemical Fiber & Polyester, Oil & Natural Gas, Coal Industry, Pharmaceutical Industry, Machining, Chemical Industry, Plastic & Rubber Processing, Food Processing, and Concentrated Solar Power. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America is expected to account for the major market share over the forecast period owing to the increased adoption of heat transfer fluids. Furthermore, presence of developed infrastructure coupled with technological advancement and wide application are further expected to promote the growth of heat transfer fluid market.
Asia Pacific is expected to develop rapidly with increase in oil refineries and increased demand of consumer electronics. Furthermore, increased performance of heat transfer fluids and increased demand from chemical industry are further expected to enhance the growth of heat transfer fluid market.
KEY MARKET SEGMENTS:
- Global Heat-Transfer Fluid market – By Type
- Silicones
- Aromatics
- Mineral oils
- Glycol-based fluids
- Others
- Global Heat-Transfer Fluid market – By Application
- Chemical Fiber & Polyester
- Oil & Natural Gas
- Coal Industry
- Pharmaceutical Industry
- Machining
- Chemical Industry
- Plastic & Rubber Processing
- Food Processing
- Concentrated Solar Power
- Global Heat-Transfer Fluid market –By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- RoW
- UAE
- Saudi Arabia
- South Africa
- Brazil
- Rest of RoW
- North America
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