Heat Transfer Fluids (HTF) Market, By Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids), End Use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America), The global Heat Transfer Fluids (HTF) market size was estimated at USD 3.6 billion in 2023 and is projected to reach USD 7.4 billion in 2030 at a CAGR of 9.50% during the forecast period 2023-2030.
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Europe to Dominate the Heat Transfer Fluids (HTF) Market:
Europe is estimated to account for the largest market share during the forecast period due to rising population coupled with increasing energy demand has propelled the power and energy sector growth.
Moreover, Ongoing construction of new solar plants along with existing demand in industrial sectors including, automotive and metal processing is anticipated to drive the industry demand in the region.
The prominent players in the Heat Transfer Fluids (HTF) Market are:
· Arkema
· Basf
· British Petroleum
· Chevron
· Clariant Ag
· Dalian Richfortune Chemicals
· Dupont Tate & Lyle
· Dynalene
· Eastman Chemical Company
· Exxonmobil
· Global Heat Transfer
· Hindustan Petroleum Corporation
· Huntsman Corporation
· Indian Oil Corporation
· Isel
· Lanxess and More
The Heat Transfer Fluids (HTF)Market is segmented into various segments such as product type, end use and region:
Based on Product Type
· Mineral Oils
· Synthetic Fluids
· Glycol-based Fluids
· Others
Based on the End-Use
· Chemical & Petrochemical
· Oil & Gas
· Automotive
· Renewable Energy
· HVAC
· Pharmaceutical
· Others
Recent Developments
In 2022, Chevron completed the acquisition of the Renewable Energy Group. Chevron completed the acquisition of the Renewable Energy Group. This acquisition is expected to help company leverage its strengths to deliver lower carbon energy.
In 2022, Eastman announced to expand the Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama. Plant expansion is expected to be completed in 2024 and will increase US-based capacity by 50%.
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The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Heat transfer fluids (HTFs) are extensively employed in the chemical, oil and gas, and renewable energy sectors.
Within the chemical processing industry, heat transfer is essential for the indirect heating of process liquids and polymers, single fluid batch processing, pipeline tracing, energy recovery, low-pressure cogeneration, the drying and heating of bulk materials, and gas processing. The escalating demand for chemicals from the automotive, energy and resources, construction, consumer goods, electronics, and health and nutrition industries has led to an increase in chemical production, which has in turn increased the demand for HTFs from chemical manufacturers.
Additionally, HTFs are utilized in concentrated solar power (CSP) or solar energy generation and solar thermal storage, using concentrators such as parabolic trough-based systems. These fluids are employed to collect heat energy and transport it to a power station for thermal storage as a renewable energy technology. The increase in demand for clean energy worldwide has led to the establishment of various concentrated solar power plants across the globe. These factors have led to the expansion of the market and increased demand for Heat Transfer Fluids (HTF) solutions.
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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· Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
· Gain authentic and granular data access for the Heat Transfer Fluids (HTF)Market to understand the trends and the factors involved in changing market situations.
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions
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