The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, and construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world.
Heat Transfer Fluid Market Overview
The global Heat Transfer Fluids Market is expected to be worth USD 10.80 billion in 2021, with a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030.
Heat transfer fluids are gases or liquids specifically manufactured for transmitting heat from one system to another. HTFs provide better performance so they have a wide range of applications in chemical industries, petroleum processing, solar power plants, automobiles, and manufacturing processes. The global heat transfer fluids market is expected to increase progressively during the forecast period.
The heat transfer fluids are highly utilized in concentrated solar power (CSP) or solar energy generation. Globally, increasing demand for clean energy has led to the setup of several concentrated solar power plants. Also, the governments of various countries such as the U.S., China, and India, are highly invested to set up solar power plants to fulfill energy requirements. This significant aspect is likely to increase the demand for HTFs across the renewable energy industry. Rapid industrialization and urbanization in developing countries have led to an increase in the consumption of oil & gas. It ultimately increases the consumption of heat transfer fluids in oil & gas processing companies. This crucial factor is expected to fuel market growth in the near future.
On the downside, instability in raw material prices is expected to hamper the growth of the market.
Heat Transfer Fluid Market Segment Overview
The mineral oils segment holds the major shares of the heat transfer fluid market. This is on account of increasingly being used in chemical manufacturing processes, pharmaceuticals, refrigeration, and others. In addition, the silicones & aromatic segment shows notable growth in the market. This is because of the growing demand for synthetic thermal oils from the oil & gas and chemical industries.
Furthermore, HTFs will provide effective solutions to utilize heat more productively in many applications. For instance, propylene glycol-based HTFs offer good performance in medium-temperature secondary loop refrigeration. Also, it has low maintenance, better energy efficiency and, lowered refrigerant costs.
Heat Transfer Fluid Market Regional Overview
Europe holds a dominant position in the market followed by Asia-Pacific, Owing to the growth in the energy sector. Spain and Germany are the major markets in Europe, due to growing industrial expansion in this region. The Asia Pacific is expected to grow at the fastest rate as compared to other regions. Emerging market in China and India is anticipated to increase the market share of Asia-Pacific in the global heat transfer fluids market during the forecast period.
Heat Transfer Fluid Market Competitor Overview
· In April 2019, Eastman Chemical Company acquired the Marlotherm HTFs manufacturing assets located in Germany from Sasol, a global chemical and energy company. This acquisition enables Eastman to expand its heat transfer fluids product offerings to customers around the globe.
· In August 2017, ExxonMobil Asia Pacific Pte Ltd acquired Jurong Aromatics Corporation Pte Ltd plant, which is one of the world’s largest aromatics plants located on Jurong Island, Singapore.
Heat Transfer Fluid Market, Key Players
· Shell Corporation
· ExxonMobil
· BP
· Solutia Inc.
· The Dow Chemical’s Co.
· Eastman Chemical Company
· Chevron
· Huntsman Corporation
· Paratherm
· BASF
· Lanxess
· Huntsman
· Global Heat Transfer
· Royal Dutch Shell plc.
· Phillips 66
· Arkema
Heat Transfer Fluid Market Segmentation
Heat Transfer Fluid Market, By Type
· Mineral Oils,
· Pag and Glycol
· Silicone and Aromatics
· Others
Heat Transfer Fluid Market, By Application
· Solar Power
· Food & Beverages
· Chemical Industries
· Oil and Gas Industry
· Pharmaceuticals
· Bio-Diesel Production
· manufacturing processes
· Others
Heat Transfer Fluid Market, By Region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Heat Transfer Fluid Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Mineral Oils,
- 5.2.2. Pag and Glycol
- 5.2.3. Silicone and Aromatics
- 5.2.4. Others
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Solar Power
- 5.3.2. Food & Beverages
- 5.3.3. Chemical Industries
- 5.3.4. Oil and Gas Industry
- 5.3.5. Pharmaceuticals
- 5.3.6. Bio-Diesel Production
- 5.3.7. manufacturing processes
- 5.3.8. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Latin America
- 5.4.3. Europe
- 5.4.4. Asia Pacific
- 5.4.5. Middle East and Africa
6. North America Heat Transfer Fluid Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Mineral Oils,
- 6.2.2. Pag and Glycol
- 6.2.3. Silicone and Aromatics
- 6.2.4. Others
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Solar Power
- 6.3.2. Food & Beverages
- 6.3.3. Chemical Industries
- 6.3.4. Oil and Gas Industry
- 6.3.5. Pharmaceuticals
- 6.3.6. Bio-Diesel Production
- 6.3.7. manufacturing processes
- 6.3.8. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
7. Latin America Heat Transfer Fluid Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Mineral Oils,
- 7.2.2. Pag and Glycol
- 7.2.3. Silicone and Aromatics
- 7.2.4. Others
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Solar Power
- 7.3.2. Food & Beverages
- 7.3.3. Chemical Industries
- 7.3.4. Oil and Gas Industry
- 7.3.5. Pharmaceuticals
- 7.3.6. Bio-Diesel Production
- 7.3.7. manufacturing processes
- 7.3.8. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. Brazil
- 7.4.2. Mexico
- 7.4.3. Rest of Latin America
8. Europe Heat Transfer Fluid Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Mineral Oils,
- 8.2.2. Pag and Glycol
- 8.2.3. Silicone and Aromatics
- 8.2.4. Others
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Solar Power
- 8.3.2. Food & Beverages
- 8.3.3. Chemical Industries
- 8.3.4. Oil and Gas Industry
- 8.3.5. Pharmaceuticals
- 8.3.6. Bio-Diesel Production
- 8.3.7. manufacturing processes
- 8.3.8. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. UK
- 8.4.2. Germany
- 8.4.3. France
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Rest of Europe
9. Asia Pacific Heat Transfer Fluid Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Mineral Oils,
- 9.2.2. Pag and Glycol
- 9.2.3. Silicone and Aromatics
- 9.2.4. Others
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Solar Power
- 9.3.2. Food & Beverages
- 9.3.3. Chemical Industries
- 9.3.4. Oil and Gas Industry
- 9.3.5. Pharmaceuticals
- 9.3.6. Bio-Diesel Production
- 9.3.7. manufacturing processes
- 9.3.8. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. China
- 9.4.2. India
- 9.4.3. Japan
- 9.4.4. Australia
- 9.4.5. South East Asia
- 9.4.6. Rest of Asia Pacific
10. Middle East & Africa Heat Transfer Fluid Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Mineral Oils,
- 10.2.2. Pag and Glycol
- 10.2.3. Silicone and Aromatics
- 10.2.4. Others
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Solar Power
- 10.3.2. Food & Beverages
- 10.3.3. Chemical Industries
- 10.3.4. Oil and Gas Industry
- 10.3.5. Pharmaceuticals
- 10.3.6. Bio-Diesel Production
- 10.3.7. manufacturing processes
- 10.3.8. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. GCC
- 10.4.2. South Africa
- 10.4.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2021
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Shell Corporation
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. ExxonMobil
- 11.6. BP
- 11.7. Solutia Inc.
- 11.8. The Dow Chemical’s Co.
- 11.9. Eastman Chemical Company
- 11.10. Chevron
- 11.11. Huntsman Corporation
- 11.12. Paratherm
- 11.13. BASF
- 11.14. Lanxess
- 11.15. Huntsman
- 11.16. Global Heat Transfer
- 11.17. Royal Dutch Shell plc.
- 11.18. Phillips 66
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
