This rapid expansion is attributable to rising energy conservation awareness and significant demand in the chemical, oil and gas, and renewable energy end-use industries.
JERSEY CITY, N.J., Aug. 17, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Heat Transfer Fluids Market" By Type (Mineral Oils, Synthetic Fluids, Glycols), By End-Use Industry (Chemical, Oil & Gas, Pharmaceuticals), and By Geography. According to Verified Market Research, the Global Heat Transfer Fluids Market size was valued at USD 2.89 Billion in 2020 and is projected to reach USD 5.92 Billion by 2028, growing at a CAGR of 9.40% from 2021 to 2028.
The heat transfer capabilities of HTFs are superior to those of equivalent viscosity petroleum oils. They have excellent thermal and oxidation stability and are widely utilized in open vented heat transfer systems, chemical processing equipment, laminating and calendaring rolls, molds, and dyes in the rubber and plastic industries, as well as die-cast zinc and aluminum alloys. The usage of thermal HTFs increases production capacity improves product quality and reduces maintenance. Thermal HTFs reduce energy usage in processing sectors while also lowering operating costs. Global industrial expansion is driving the global heat transfer fluid market.
Furthermore, the rising use of heat transfer fluid in concentrated solar power and other end-user sectors is likely to drive the global market. Industrial expansion in Asia-Pacific growing markets such as China and India may provide enough opportunities for manufacturing enterprises to extend their market in these regions. Furthermore, increased investment in the chemical industry, from the automotive industry, energy & resources, construction, consumer products, electronics, and health & nutrition may contribute to the growing demand for heat transfer fluid in the global market.
The increased demand for clean energy around the world has resulted in the construction of numerous concentrated solar power facilities. Governments in both developed and developing countries, like the United States, Spain, China, and India, have made significant investments in solar power facilities to fulfill their countries' expanding energy needs, therefore lowering carbon footprints and reliance on fossil fuels. This is expected to boost demand for HTFs in the renewable energy industry.
Key Developments inHeat Transfer Fluids Market
In April 2019, Eastman acquired the production assets of Marlotherm HTFs in Germany from Sasol (South Africa), a worldwide chemical and energy corporation. This acquisition enabled the company to broaden its heat transfer product offerings to customers worldwide.
The major players in the market are The Dow Chemical Company (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron (US), Huntsman Corporation (US), Royal Dutch Shell (Netherlands), LANXESS (Germany), Paratherm (US), Clariant (Switzerland), Schultz Canada Chemicals (Canada).
Verified Market Research has segmented the Global Heat Transfer Fluids Market On the basis of Type, End-User, and Geography.
Heat Transfer Fluids Market, By Type
Others (molten salts, nanofluids, ionic fluids, hydrocarbons, and fluorinated fluids)
Heat Transfer Fluids Market, By End-use industry
Oil & Gas
Food & Beverage
HVAC & Refrigeration
Others (electronics and aerospace)
Heat Transfer Fluids Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Browse Related Reports:
Heat Stabilizers Market By Type (Metal Soaps, Organotin, and Others), By Applications (Pipes & Fittings, Wires & Cables, Coatings & Floorings, Profiles & Tubing, and Others), By Geography, Forecast, 2020-2027
Combined Heat And Power (CHP) Installation Market By Type (Large Scale and Small Scale), By Fuel (Natural Gas, Coal, Biomass, and Others), By Technology (Combined Cycle, Steam Turbine, Combustion/Gas Turbine, Reciprocating Engine, and Others), By Geography, Forecast, 2020-2027
Floating Head Heat Exchanger Market By Product (Stainless Steel, Titanium Alloy, and Other), By Application (HVAC & refrigeration, Food & beverages, Power generation, Pulp & paper and Others), By Geography, Forecast, 2020-2027
Visualize Heat Transfer Fluids Market using Verified Market Intelligence:-:
Verified Market Intelligence is our BI Enabled Platform for narrative storytelling of this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue impacting decisions for a brilliant future.
VMI provides a holistic overview and global competitive landscape with respect to Region, Country, and Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.
Verified Market Research is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research provides advanced analytical research solutions while offering information enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions.
Our 250 Analysts and SME's offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.
We study 14+ categories from Semiconductor & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & construction, Agriculture industry and Medical Devices from over 100 countries.