Jul 14, 2022   SOURCE: BusinessWire

Global Heat Transfer Fluids Market Report (2022 to 2027) - Demand for Natural Gas Production is Driving Growth - ResearchAndMarkets.com

The "Heat Transfer Fluids Market - Global Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

Heat transfer fluid is primarily used as an intermediate liquid to transfer heat from a heat source to other heat demands. A heat transfer fluid is any liquid or gas used for the process that involves heating or cooling a system. Heat transfer fluids are utilized in industrial and other applications that require increased or decreased temperature in a closed circuit and a continuous cycle.

Key companies are focusing on increasing the efficiencies, longer service life, and product safety of heat transfer fluids. Currently, mineral oil-based heat transfer fluids have maximum market share this is because the cost of mineral oil-based heat transfer fluid is low compared to other types.

The glycol-based heat transfer fluid market is predicted to grow at a faster rate due to its various advantages over mineral oil-based heat transfer fluid, like low viscosity, low toxicity, and antifreeze properties which makes it ideal for various applications.

Key Questions Answered

1. What is the Size of the Heat Transfer Fluids (HTFS) Market?

2. What is the Growth Rate of the Heat Transfer Fluids Market?

3. Who Are the Key Players in the Heat Transfer Fluids (HTFS) Market?

4. Which Region Holds the Largest Share in the Heat Transfer Fluids (HTFS) Market?

5. Which End-User Segment to Witness Fastest Growth Rate in the Heat Transfer Fluids (HTFS) Market?

Market Dynamics

Opportunities & Trends

  • Rapid Industrialization
  • Government Regulations Mandating Sustainable Practices

Growth Enablers

  • Demand for Natural Gas Production
  • Focus on Renewable Energy
  • Demand for Food-Grade Heat-Transfer Fluids

Restraints

  • Recyclability and Biodegradability Issues
  • Fluctuations in Raw Material Prices

Market Segmentation

The global mineral oil heat transfer fluid market is expected to grow at a CAGR of 5.77% during the forecast period.

In 2021, the mineral oil market owned the largest portion of the global heat transfer fluid market share. The primary reasons for the growth of mineral oil-based heat transfer fluids are their low cost and longer service life. Mineral oil-based heat transfer fluids have a wide temperature range, are nontoxic, and cause minimal impact on the environment. Mineral oil-based heat transfer is used in applications like desalination, food production, beverage processing, production of biodiesel, specialty, and batch chemical production.

Segmentation by Type

  • Mineral Oil
  • Glycol
  • Synthetic
  • Others

Segmentation by End-Use

  • Oil & Gas
  • Chemical
  • Food & Beverages
  • Pharmaceutical
  • Renewable Energy
  • Others

APAC is the major market for heat transfer fluids, followed by North America. APAC regions consist of countries such as China, Japan, South Korea, India, and Australia, which are the emerging economies in the world. The low-cost labor and rapid industrialization have boosted the manufacturing industries and are the major reason for the increased demand for heat transfer fluid. In addition to this, the increased population has increased the demand for food processing in highly populated countries like China and India, which has increased the demand for food-grade heat transfer fluids.

Segmentation by Region

  • APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
  • North America
  • US
  • Canada
  • Europe
  • Germany
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
  • Middle East & Africa
  • Saudi Arabia
  • Iraq
  • UAE
  • Rest of the Middle East & Africa
  • Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Key Vendors

  • Dow
  • Eastman Chemical Company
  • ExxonMobil
  • Clariant
  • Arkema

Other Prominent Vendors

  • Chevron Corporation
  • Shell plc
  • Phillips 66
  • Radco Industries
  • Lanxess
  • Paratherm
  • Indian Oil Corporation ltd
  • CFR Chemicals
  • Sinopec
  • Sasol
  • Total Energies
  • Schulz
  • Petro-Canada
  • Eastern Petroleum Private Limited
  • Huntsman Corporation
  • HP Lubricant

For more information about this report visit https://www.researchandmarkets.com/r/pxkq0h