The future of the global heat transfer fluid market looks promising with opportunities in the oil & gas, chemical industry, CSP, food & beverage, plastic, pharmaceutical, and HVAC markets. The global heat transfer fluid market is expected to reach an estimated $6.3 billion by 2030 with a CAGR of 8.7% from 2024 to 2030. The major drivers for this market are growing number of concentrated solar power facilities are being developed, increased usage of heat transfer fluids to conserve energy and lower operating expenses, and growing need for energy saving and sustainable energy.
Some of the Key Questions answered in this exclusive report are:
Q.1. What are some of the most promising, high-growth opportunities for the heat transfer fluid market by product (silicone fluids, aromatic fluids, mineral oils, glycol-based fluids, and other), application (oil & gas, chemical industry, CSP, food & beverages, plastics, pharmaceuticals, HVAC, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
Market Segmentation:
In this market, silicone fluid, aromatic fluid, mineral oil, and glycol-based fluid are the major segments of heat transfer fluid market by product.
Lucintel forecasts that glycol-based fluid is expected to witness the highest growth over the forecast period because it possess superior antifreeze qualities, they work well in both high- and low-temperature applications, along with becoming more and more important as one of the essential constituents in heat transfer fluid formulations.
Within this market, oil & gas will remain the largest segment due to the dynamics of oil and gas production necessitate particularly precise heat transfer fluids that are developed to meet specified temperatures and compatibility.
APAC will remain the largest region over the forecast period due to the population growth, shifting weather patterns, rising urbanization, and demographic shifts in the two economic superpowers, China and India.
Dynalene, Indian Oil, KOST, Hindustan Petroleum, Delta Western, British Petroleum, Huntsman, Royal Dutch Shell, Eastman Chemical Company, and Phillips 66 are the major suppliers in the heat transfer fluid market.