According to the report, the global heat transfer fluids market was $1.5 billion in 2019, and is expected to cross $2.0 billion by 2027, witnessing a CAGR of 4.8% from 2020 to 2027. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Based on the end-use, the market is classified into chemical, oil & gas, food & beverages, pharmaceutical, renewable energy, automotive, HVAC & refrigeration, and others. The chemical segment accounted for the highest market share, contributed to more than one-fifth of the global heat transfer fluids market in 2019. The segment is estimated to lead the trail throughout the forecast period. Nevertheless, the renewable energy segment would showcase the highest CAGR of 6.0% from 2020 to 2027.
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Rise of the concentrated solar power industry across the globe, FDA approvals for food-grade heat transfer fluids (HTFs), and increase in natural gas production in GCC countries drive the growth of the global heat transfer fluids market. However, fire & explosion hazards and fluctuations in raw material prices hinder the market growth. On the other hand, rise in need for conservation of energy and potential of bio-based HTFs create new opportunities in the coming years.
Based on type, the mineral oils segment accounted for the highest market share in 2019, accounting for more than two-fifths of the global heat transfer fluids market, and is estimated to continue its leadership status during the forecast period. This is due to mineral oils have lesser cost as compared to synthetic liquids and wide adoption from the APAC and MEA regions.
However, the synthetic fluids segment is expected to manifest the highest CAGR of 5.5% from 2020 to 2027, owing to rise in its demand from various end-use industries for its enhanced lubricity and high thermal stability.
Based on region, Asia-Pacific, followed by North America, is projected to grow at the highest CAGR of 5.8% during the forecast period. This is due to rise in installation of solar power projects and rapid growth of the chemical and processing industry along with increase in urbanization.
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However, Europe held the highest market share in terms of revenue with nearly one-third of the global heat transfer fluids market in 2019, and is estimated to maintain its dominant position by 2027. This is attributed to the growth of the power and energy sector, ongoing construction activities of solar plants, and demand from the industrial sectors including automotive and metal processing.
Key Market Players
- Indian Oil Corporation Ltd.
- Hindustan Petroleum Corporation Ltd.
- Eastman Chemical Company
- The Dow Chemical Company
- BP p.l.c
- Clariant International Ltd.
- Royal Dutch Shell plc
- Phillips 66
- Chevron Corporation
- Exxon Mobil Corporation
Covid-19 Scenario
- The outcome of COVID-19 pandemic has decreased the demand for heat transfer fluids.
- In addition, the manufacturing activities across the globe were put on hold amid lockdown.
- At the same time, countries such as India and China are gradually easing off the regulations to maintain economic statistics, thereby allowing the manufacturing sector to process further.
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