The heat transfer fluids market consists of sales of synthetic heat transfer fluid, biodegradable heat transfer fluid, propylene glycol-based heat transfer fluid, and thermic fluids. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The heat transfer fluids market size has grown strongly in recent years. It will grow from $3.76 billion in 2023 to $4.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to the rapid growth of industrial sectors, increased urbanization, global economic growth, fluctuations in oil prices, and increased investment in research and development.
The heat transfer fluids market size is expected to see strong growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing demand for energy-efficient systems, expansion in key industries, increased need for efficient cooling systems, availability and cost of raw materials, and collaborations between industries and research institutions. Major trends in the forecast period include integration with IoT and predictive analytics, focus on maintenance and longevity, customized solutions for specific applications, advanced nanofluids, higher thermal conductivity, and heat transfer coefficients.
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Segmentation & Regional Insights
The heat transfer fluids market covered in this report is segmented –
1) By Product: Silicone Fluids, Aromatic Fluids, Mineral Oils, Glycol Based Fluids, Other Products
2) By Distribution Channel: Direct Sales, Indirect Sales
3) By End-Use Industry: Chemical And Petrochemicals, Oil And Gas, Automotive, Food And Beverages, Pharmaceuticals, Heating, Ventilation, And Air Conditioning (HVAC), Renewable Energy, Other End-Use Industries
Asia-Pacific was the largest region in the heat transfer fluids market in 2023. The regions covered in the heat transfer fluids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising oil and gas industry is expected to propel the growth of the heat transfer fluids market going forward. The oil and gas industry, also known as the petroleum industry, encompasses activities related to the exploration, extraction, refining, transportation, and marketing of petroleum products. The increasing oil and gas industry points to rising global energy demand and reliance on fossil fuels, despite growing awareness of environmental concerns. Heat transfer fluids in the oil and gas industry are used to efficiently manage and transfer heat during processes such as drilling, refining, and the transportation of hydrocarbons. For instance, in March 2024, according to the Energy Information Administration, a US-based statistical agency, crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d), breaking the previous U.S. and global record of 12.3 million b/d set in 2019. Establishing a new milestone, December 2023 saw average monthly U.S. crude oil production soar to over 13.3 million b/d. Therefore, the rising oil and gas industry is driving the growth of the heat transfer fluids market.
Key Industry Players
Major companies operating in the heat transfer fluids market are Sinopec Limited, ExxonMobil Corporation, Shell PLC, British Petroleum (BP) Company PLC, Chevron Corporation, Indian Oil Corporation Limited, BASF SE, Idemitsu Kosan Co. Ltd., Dow Chemical Company, LyondellBasell Industries N.V., Sasol Limited, Arkema Group, Eastman Chemical Company, LANXESS AG, Huntsman Corporation, Petronas, CITGO Petroleum Corporation, The Lubrizol Corporation, Fernox Ltd., GJ Chemical Co
The heat transfer fluids market report table of contents includes:
1. Executive Summary
- Heat Transfer Fluids Market Characteristics
- Heat Transfer Fluids Market Trends And Strategies
- Heat Transfer Fluids Market – Macro Economic Scenario
- Global Heat Transfer Fluids Market Size and Growth
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32. Global Heat Transfer Fluids Market Competitive Benchmarking - Global Heat Transfer Fluids Market Competitive Dashboard
- Key Mergers And Acquisitions In The Heat Transfer Fluids Market
- Heat Transfer Fluids Market Future Outlook and Potential Analysis
- Appendix
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