+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Heat Transfer Fluids Market Size, Share & Trends Analysis Report by Product (Glycol-Based Fluids, Mineral Oils), by Application (Chemical Industry, Oil & Gas), by Region (APAC, Europe), and Segment Forecasts, 2022-2030

  • PDF Icon

    Report

  • 1150 Pages
  • April 2022
  • Region: Global
  • Grand View Research
  • ID: 4751784
REQUEST CUSTOMIZATION
Description Jump to:
The global heat transfer fluids market size is projected to reach USD 14.2 billion by 2030., registering a CAGR of 3.6% during the forecast period. The growing demand from the manufacturing and energy sectors is expected to drive the global market. Thermal oils are typically formulated from petrochemicals and mineral oils, which eventually harm the environment in terms of recyclability, biodegradability, and aqueous toxicity. Due to multiple strict regulations laid down by governments across the globe, the growth of heat transfer fluids (HTFs) has taken a hit.



Major innovators in the field are trying to bring imminent changes in the production process, such as the usage of bio-based products, increased extraction efficiency, and enhanced solvent recovery. The COVID-19 pandemic caused serious disruption in businesses and supply chains. The decrease in supply and demand for oil & gas, especially in North America and Europe, halted the onshore and offshore production processes, impacting the market growth. Food-grade HTFs are widely used for storage and refrigeration applications. With rising precision in temperature control in the processing of food and beverages, thermal fluid systems are gaining acceptance in upcoming food processing plants and facilities.

These products are highly preferred due to lower maintenance costs and low-pressure requirements in the processing facility. Asia Pacific is estimated to be the fastest-growing regional market from 2022 to 2030 due to the rising demand from China and Japan. Rapid industrialization and the development of new machinery have increased the importance of HTFs. Investments in renewable energy initiatives, such as CSP, are expected to have a positive impact on industry growth. For example, in January 2022, China announced to start and complete 11 CSP projects by 2024.

Heat Transfer Fluids Market Report Highlights

  • Silicone-based products are anticipated to exhibit a CAGR of 4.0% from 2022 to 2030 owing to the rising application scope in the oil & gas and chemical manufacturing sectors.
  • The consumption of HTFs in pharmaceuticals accounted for a significant market share in 2021 due to its application in extraction and crystallization processes.
  • The demand for monoethyl-based glycols in HVAC applications is expected to exhibit a considerable CAGR from 2022 to 2030 owing to their compatibility across wide temperature ranges.
  • Asia Pacific dominated the market, in terms of revenue, in 2021 due to the high demand from emerging countries, such as India, Indonesia, and Thailand.
  • The Central & South America market is expected to register a steady CAGR from 2022 to 2030 owing to changing political dynamics.
  • Moreover, rising automobile production in the region is expected to drive the product demand.
  • Eastman company acquired Marlotherm HTFs manufacturing assets in April 2019 to assist the former company in expanding its customer base and heat transfer product portfolio.

Table of Contents

Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Research scope and assumptions
1.3 List of data sources
Chapter 2 Executive Summary
2.1 Market summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market lineage outlook
3.1.1 Global synthetic lubricants market outlook
3.1.2 Global heat transfer fluids market outlook
3.2 Market size and growth prospects, 2018-2030
3.3 Value chain analysis, 2018-2030
3.3.1 Raw material analysis
3.3.2 Price trend analysis
3.3.3 Sales channel analysis
3.3.4 Vendor selection criteria
3.4 Technological overview
3.5 Regulatory framework
3.6 Market dynamics
3.6.1 Market drivers
3.6.1.1 Growing concentrated solar power industry globally
3.6.1.2 FDA Approval of food-grade heat transfer fluids
3.6.1.3 Growing natural gas production in GCC countries
3.6.2 Market restraint
3.6.2.1 Stringent government regulations
3.7 Business environment analysis
3.7.1 Porter’s analysis
3.7.1.1 Threat of new entrants
3.7.1.2 Bargaining power of buyers
3.7.1.3 Threat of substitutes
3.7.1.4 Bargaining power of suppliers
3.7.1.5 Industry rivalry
3.7.2 PESTEL analysis
3.7.2.1 Political
3.7.2.2 Economic
3.7.2.3 Social
3.7.2.4 Technological
3.7.2.5 Environmental
3.7.2.6 Legal
Chapter 4 Heat Transfer Fluids Product Outlook
4.1 Product market introduction
4.2 Market estimates & forecast, by product, 2018-2030
4.2.1 Silicone
4.2.1.1 Market estimates & forecasts, 2018-2030 (Kilotons) (USD Million)
4.2.1.2 Market estimates & forecasts, by application 2018-2030 (Kilotons) (USD Million)
4.2.2 Aromatic
4.2.2.1 Market estimates & forecasts, 2018-2030 (Kilotons) (USD Million)
4.2.2.2 Market estimates & forecasts, by application 2018-2030 (Kilotons) (USD Million)
4.2.3 Mineral Oils
4.2.3.1 Market estimates & forecasts, 2018-2030 (Kilotons) (USD Million)
4.2.4 Glycol-based Fluids
4.2.4.1 Market estimates & forecasts, 2018-2030 (Kilotons) (USD Million)
4.2.5 Other (including molten salts & HFPE)
4.2.5.1 Market estimates & forecasts, 2018-2030 (Kilotons) (USD Million)
Chapter 5 Heat Transfer Fluids Application Outlook
5.1 Application market introduction
5.2 Heat transfer fluids market estimates & forecast, by application, 2018-2030
5.2.1 Oil & Gas
5.2.1.1 Market estimates & forecasts, in oil & gas, 2018-2030 (Kilotons) (USD Million)
5.2.2 Chemical Industry
5.2.2.1 Market estimates & forecasts, in the chemical industry, 2018-2030 (Kilotons) (USD Million)
5.2.3 Concentrated Solar Power (CSP)
5.2.3.1 Market estimates & forecasts, in concentrated solar power, 2018-2030 (Kilotons) (USD Million)
5.2.4 Food & Beverages
5.2.4.1 Market estimates & forecasts, in food & beverages, 2018-2030 (Kilotons) (USD Million)
5.2.5 Plastics
5.2.5.1 Market estimates & forecasts, in plastics, 2018-2030 (Kilotons) (USD Million)
5.2.6 Pharmaceuticals
5.2.6.1 Market estimates & forecasts, in pharmaceuticals, 2018-2030 (Kilotons) (USD Million)
5.2.7 HVAC
5.2.7.1 Market estimates & forecasts, in HVAC, 2018-2030 (Kilotons) (USD Million)
5.2.8 Others
5.2.8.1 Market estimates & forecasts, in other applications, 2018-2030 (Kilotons) (USD Million)
Chapter 6 Heat Transfer Fluids Market: Regional Estimates & Trend Analysis
6.1 Regional Market Introduction
6.2 North America
6.2.1 North America market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.2.2 Market volume & revenue, by product, 2018-2030
6.2.3 Market volume & revenue, by application, 2018-2030
6.2.4 U.S.
6.2.4.1 U.S. market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.2.4.2 Market volume & revenue, by product, 2018-2030
6.2.4.3 Market volume & revenue, by application, 2018-2030
6.2.5 Canada
6.2.5.1 Canada market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.2.5.2 Market volume & revenue, by product, 2018-2030
6.2.5.3 Market volume & revenue, by application, 2018-2030
6.2.6 Mexico
6.2.6.1 Mexico market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.2.6.2 Market volume & revenue, by product, 2018-2030
6.2.6.3 Market volume & revenue, by application, 2018-2030
6.3 Europe
6.3.1 Europe market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.3.2 Market volume & revenue, by product, 2018-2030
6.3.3 Market volume & revenue, by application, 2018-2030
6.3.4 Germany
6.3.4.1 Germany market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.3.4.2 Market volume & revenue, by product, 2018-2030
6.3.4.3 Market volume & revenue, by application, 2018-2030
6.3.5 U.K.
6.3.5.1 U.K. market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.3.5.2 Market volume & revenue, by product, 2018-2030
6.3.5.3 Market volume & revenue, by application, 2018-2030
6.3.6 Russia
6.3.6.1 Russia market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.3.6.2 Market volume & revenue, by product, 2018-2030
6.3.6.3 Market volume & revenue, by application, 2018-2030
6.4 Asia Pacific
6.4.1 Asia Pacific market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.4.2 Market volume & revenue, by product, 2018-2030
6.4.3 Market volume & revenue, by application, 2018-2030
6.4.4 China
6.4.4.1 China market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.4.4.2 Market volume & revenue, by product, 2018-2030
6.4.4.3 Market volume & revenue, by application, 2018-2030
6.4.5 India
6.4.5.1 India market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.4.5.2 Market volume & revenue, by product, 2018-2030
6.4.5.3 Market volume & revenue, by application, 2018-2030
6.4.6 Japan
6.4.6.1 Japan market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.4.6.2 Market volume & revenue, by product, 2018-2030
6.4.6.3 Market volume & revenue, by application, 2018-2030
6.4.7 South Korea
6.4.7.1 South Korea market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.4.7.2 Market volume & revenue, by product, 2018-2030
6.4.7.3 Market volume & revenue, by application, 2018-2030
6.4.8 Thailand
6.4.8.1 Thailand market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.4.8.2 Market volume & revenue, by product, 2018-2030
6.4.8.3 Market volume & revenue, by application, 2018-2030
6.4.9 Malaysia
6.4.9.1 Malaysia market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.4.9.2 Market volume & revenue, by product, 2018-2030
6.4.9.3 Market volume & revenue, by application, 2018-2030
6.4.10 Australia
6.4.10.1 Australia market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.4.10.2 Market volume & revenue, by product, 2018-2030
6.4.10.3 Market volume & revenue, by application, 2018-2030
6.5 Central & South America
6.5.1 Central & South America market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.5.2 Market volume & revenue, by product, 2018-2030
6.5.3 Market volume & revenue, by application, 2018-2030
6.5.4 Brazil
6.5.4.1 Brazil market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.5.4.2 Market volume & revenue, by product, 2018-2030
6.5.4.3 Market volume & revenue, by application, 2018-2030
6.6 Middle East & Africa
6.6.1 Middle East & Africa market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.6.2 Market volume & revenue, by product, 2018-2030
6.6.3 Market volume & revenue, by application, 2018-2030
6.6.4 Africa
6.6.4.1 Africa market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.6.4.2 Market volume & revenue, by product, 2018-2030
6.6.4.3 Market volume & revenue, by application, 2018-2030
6.6.5 Saudi Arabia
6.6.5.1 Saudi Arabia market estimates & forecasts 2018-2030 (Kilotons) (USD Million)
6.6.5.2 Market volume & revenue, by product, 2018-2030
6.6.5.3 Market volume & revenue, by application, 2018-2030
Chapter 7 Heat Transfer Fluids Market: Competitive Analysis
7.1 Heat transfer fluids market heat map analysis, 2019
7.2 Vendor landscape
7.3 Competitive environment
7.4 Competitive market positioning
7.5 Strategic alliances
Chapter 8 Company Profiles
8.1 Dynalene, Inc.
8.1.1 Company Introduction
8.1.2 General Information
8.1.3 Key Financial Data
8.1.4 Product Portfolio
8.1.5 Key Developments
8.2 Indian Oil Corporation Ltd. (IOCL)
8.2.1 Company Introduction
8.2.2 General Information
8.2.3 Key Financial Data
8.2.4 Product Portfolio
8.3 KOST USA, Inc.
8.3.1 Company Introduction
8.3.2 General Information
8.3.3 Key Financial Data
8.3.4 Product Portfolio
8.3.5 Key Developments
8.4 Hindustan Petroleum Corporation Ltd. (HPCL)
8.4.1 Company Introduction
8.4.2 General Information
8.4.3 Key Financial Data
8.4.4 Product Portfolio
8.4.5 Key Developments
8.5 Delta Western, Inc. (DWI)
8.5.1 Company Introduction
8.5.2 General Information
8.5.3 Key Financial Data
8.5.4 Product Portfolio
8.6 British Petroleum (BP)
8.6.1 Company Introduction
8.6.2 General Information
8.6.3 Key Financial Data
8.6.4 Product Portfolio
8.7 Huntsman Corporation
8.7.1 Company Introduction
8.7.2 General Information
8.7.3 Key Financial Data
8.7.4 Product Portfolio
8.8 Royal Dutch Shell Plc
8.8.2 General Information
8.8.3 Key Financial Data
8.8.4 Product Portfolio
8.9 Eastman Chemical Company
8.9.1 Company Introduction
8.9.2 General Information
8.9.3 Key Financial Data
8.9.4 Product Portfolio
8.9.5 Key Developments
8.10 Phillips 66
8.10.1 Company Introduction
8.10.2 General Information
8.10.3 Key Financial Data
8.10.4 Product Portfolio
8.10.5 Key Developments
8.11 Chevron Co.
8.11.1 Company Introduction
8.11.2 General Information
8.11.3 Key Financial Data
8.11.4 Product Portfolio
8.12 BASF SE
8.12.1 Company Introduction
8.12.2 General Information
8.12.3 Key Financial Data
8.12.4 Product Portfolio
8.12.5 Key Developments
8.13 Exxon Mobil
8.13.1 Company Introduction
8.13.2 General Information
8.13.3 Key Financial Data
8.13.4 Product Portfolio
8.13.5 Key Developments
8.14 DowDuPont Chemicals
8.14.1 Company Introduction
8.14.2 General Information
8.14.3 Key Financial Data
8.14.4 Product Portfolio
8.14.5 Key Developments
8.15 Dalian Richfortune Chemicals Ltd.
8.15.1 Company Introduction
8.15.2 General Information
8.15.3 Key Financial Data
8.15.4 Product Portfolio
8.16 GJ Chemical
8.16.1 Company Introduction
8.16.2 General Information
8.16.3 Key Financial Data
8.16.4 Product Portfolio
8.17 Radco Industries Inc.
8.17.1 Company Introduction
8.17.2 General Information
8.17.3 Key Financial Data
8.17.4 Product Portfolio
8.17.5 Key Developments
8.18 LANXESS AG
8.18.1 Company Introduction
8.18.2 General Information
8.18.3 Key Financial Data
8.18.4 Product Portfolio
8.18.5 Key Developments
8.19 Schultz Chemicals
8.19.1 Company Introduction
8.19.2 General Information
8.19.3 Key Financial Data
8.19.4 Product Portfolio
8.19.5 Key Developments
8.20 Sasol Limited
8.20.1 Company Introduction
8.20.2 General Information
8.20.3 Key Financial Data
8.20.4 Product Portfolio
8.21 Evermore Trading Corporation
8.21.1 Company Introduction
8.21.2 General Information
8.21.3 Key Financial Data
8.21.4 Product Portfolio
8.22 Tashkent Industrial Oil Corporation
8.22.1 Company Introduction
8.22.2 General Information
8.22.3 Key Financial Data
8.22.4 Product Portfolio
8.23 Shaeffer Manufacturing Co.
8.23.1 Company Introduction
8.23.2 General Information
8.23.3 Key Financial Data
8.23.4 Product Portfolio
8.23.5 Key Developments
8.24 Paras Lubricants Limited
8.24.1 Company Introduction
8.24.2 General Information
8.24.3 Key Financial Data
8.24.4 Product Portfolio

Companies Mentioned

  • Dynalene, Inc.
  • Indian Oil Corporation Ltd. (IOCL)
  • KOST USA, Inc.
  • Hindustan Petroleum Corporation Ltd. (HPCL)
  • Delta Western, Inc. (DWI)
  • British Petroleum (BP)
  • Huntsman Corporation
  • Royal Dutch Shell Plc
  • Eastman Chemical Company
  • Phillips 66
  • Chevron Co.
  • BASF SE
  • Exxon Mobil
  • DowDuPont Chemicals
  • Dalian Richfortune Chemicals Ltd.
  • GJ Chemical
  • Radco Industries Inc.
  • LANXESS AG
  • Schultz Chemicals
  • Sasol Limited
  • Evermore Trading Corporation
  • Tashkent Industrial Oil Corporation
  • Shaeffer Manufacturing Co.
  • Paras Lubricants Limited

Table Information

Report AttributeDetails
No. of Pages1150
PublishedApril 2022
Forecast Period2022 - 2030
Estimated Market Value ( USD ) in 2022 $ 10.6 Billion
Forecasted Market Value ( USD ) by 2030 $ 14.2 Billion
Compound Annual Growth Rate3.6%
Regions CoveredGlobal
No. of Companies Mentioned24

Related Topics

Related Reports

Heat Transfer Fluids Market by Product Type, Temperature, Application, End-Use Industry, and Region - Global Forecast to 2030 - Product Image

Heat Transfer Fluids Market by Product Type, Temperature, Application, End-Use Industry, and Region - Global Forecast to 2030

  • Report
  • 260 Pages
  • Global
From
Heat Transfer Fluids Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application - Product Image

Heat Transfer Fluids Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application

  • Report
  • 97 Pages
  • Global
From
Heat Transfer Fluids (HTFs) - Global Strategic Business Report - Product Image

Heat Transfer Fluids (HTFs) - Global Strategic Business Report

  • Report
  • 179 Pages
  • Global
From
Heat Transfer Fluids for Food Processing Market - Global Forecast 2025-2030 - Product Image

Heat Transfer Fluids for Food Processing Market - Global Forecast 2025-2030

  • Report
  • 189 Pages
  • Global
From
Heat Transfer Fluid for Plastics & Rubber Processing Market - Global Forecast 2025-2030 - Product Image

Heat Transfer Fluid for Plastics & Rubber Processing Market - Global Forecast 2025-2030

  • Report
  • 183 Pages
  • Global
From
Copyright © 2002-2025 Research and Markets. All Rights Reserved.