Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others) and End-Use Industry (Chemical, Oil & Gas, Food & Beverages, Pharmaceutical, Renewable Energy, Automotive, HVAC & Refrigeration, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
The global heat transfer fluids (HTFs) market was valued at $1.5 billion in 2019, and is projected to reach $2.0 billion by 2027, growing at a CAGR of 4.8% from 2020 to 2027.
Heat transfer involves exchange of thermal energy between different objects, where energy is transformed from one form to another, but is neither created nor destroyed. Thermal convection, thermal conduction, thermal radiation, and energy transfer are the types of heat transfer that can occur due to phase change. Heat transfer fluids are used to avoid overheating of substances while the process of heat transfer takes place. They have a wide range of applications in automotive, oil & gas processing, manufacturing processes, and solar power plants.
The global heat transfer fluids market is driven by the rise in natural gas production in Gulf countries. Heat transfer fluids play an important role in the processing, refining, and transportation of natural gas. They are used in offshore applications, such as regeneration of glycols, and facilitate heating to remove water from processed natural gas. Heat transfer fluids offer excellent temperature control and ensure safety. Compared with other thermal media, HTFs are low maintenance and economical. Therefore, these factors are expected to increase the demand for heat transfer fluids from the oil & gas industry during the forecast period.
However, factors, such as fire & explosion hazards posed by heat transfer fluids and volatility in raw material prices, are expected to hinder the growth of the heat transfer fluids market. In addition, energy scarcity and environmental safety regulations have surged the need for energy conservation. Therefore, the adoption of energy transfer devices, such as heat exchangers and heat pumps, has increased significantly. This is expected to provide lucrative opportunities for the heat transfer fluids market to grow in the near future.
The global heat transfer fluids market is segmented on the basis of type, end-use industry, and region. On the basis of type, the market is categorized into mineral oils, synthetic fluids, glycols, and others. By end-use industry, it is divided into chemical, oil & gas, food & beverages, pharmaceutical, renewable energy, automotive, HVAC & refrigeration, and others. Region-wise, the heat transfer fluids market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major key players operating in the heat transfer fluids industry include 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, and Exxon Mobil Corporation.
COVID-19 Analysis: • The demand for smart polymers is expected to experience a downfall due to decline in production activities of the end-use industries, due to disrupted supply chain amid the COVID-19 pandemic lockdown. • The production of heat transfer fluids is also estimated to hamper during and after the lockdown due to non-availability of workers. According to the United Nations Industrial Development Organization (UNIDO), 30%–70% of pre-COVID-19 workforce of HTFs manufacturing companies has migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This non-availability or less availability of workforce is expected to directly affect the annual production of HTFs.
Key benefits for stakeholders • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building. • The report outlines the current trends and future scenario of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets. • Major countries in the region have been mapped according to their individual revenue contribution to the regional market. • The key drivers, restraints, & opportunities and their detailed impact analysis are explained in the study. • The profiles of key players and with their key strategic developments are enlisted in the report.
Key market segments • By Type • Mineral Oils • Synthetic Fluids • Glycols • Others (Molten Salts, Nanofluids, Ionic Fluids, Hydrocarbons, and Fluorinated Fluids) • By End-Use Industry • Chemical • Oil & Gas • Food & Beverages • Pharmaceutical • Renewable Energy • Automotive • HVAC & Refrigeration • Others (Electronics and Aerospace) • By Region • North America o U.S. o Canada o Mexico • Europe o Germany o France o Italy o Spain o UK o Rest of Europe • Asia-Pacific o China o Japan o South Korea o India o Australia o Rest of Asia-Pacific • LAMEA o Brazil o Saudi Arabia o South Africa o Rest of LAMEA
Our reports have been used by over 10K customers, including:
120 pages •
By Infiniti Research Limited
• Jan 2021
Global HVAC market 2021-2025
The analyst has been monitoring the HVAC market and it is poised to grow by $ 68.80 bn during 2021-2025 progressing at a CAGR of 7% during the forecast period. Our report on HVAC market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as...
KEY FINDINGS The global fans and blowers market is projected to grow with a CAGR of 2.63%, during the forecast years of 2019 to 2028. The market growth is attributed to factors such as, the growing demand for HVAC in diverse industries, the rising number of data centers across the globe, the extensive use of fans and blowers...
The global carbon dioxide incubators market grew at a CAGR of around 7% during 2014-2019. A carbon dioxide incubator is a sealed, climate-controlled box utilized in life science laboratories for growing biological cell cultures. It helps maintain an optimal environment for cell growth by offering CO2 control in a humidified...
The analyst estimated HVAC equipment market revenue at $102.5 billion in 2019. Revenue is expected to grow at a nominal rate through 2026 to reach $140.6 billion. Demand for HVAC products because of climate change and the need for clean air in buildings is fueling market growth. Environmentally friendly, energy-efficient systems that save...
300 pages •
By The Business Research Company
• Jan 2021
Major companies in the HVAC and commercial and industrial refrigeration equipment market include AAON Inc; Carrier Corp.; Daikin Industries; Danfoss Group and Emerson Electric Company. The global hvac and commercial and industrial refrigeration equipment market is expected to grow from $398.41 billion in 2020 to $412.04 billion in 2021...
The global chilled beam system market size is estimated at USD 203 million in 2020. It is projected to reach USD 298 million by 2025; it is expected to grow at a CAGR of 7.9% from 2020 to 2025. Increasing need for energy savings coupled with various benefits offered by chilled beam systems such as thermal comfort, floor to floor savings, and...
120 pages •
By Infiniti Research Limited
• Jan 2021
Global HVAC chillers market 2021-2025
The analyst has been monitoring the HVAC chillers market and it is poised to grow by $ 2.62 bn during 2021-2025, progressing at a CAGR of 5% during the forecast period. Our report on HVAC chillers market provides a holistic analysis, market size and forecast, trends, growth drivers,...
The global HVAC controls market size is expected to grow at a CAGR of 10.5% from 2020 to 2025, reaching USD 24.4 billion by 2025 from USD 14.8 billion in 2020. The demand for HVAC equipment is increasing owing to the boom in the construction sector on a global scale. Rapid urbanization in developing countries, especially in APAC, has created...
The global automotive climate control market grew at a CAGR of around 7% during 2014-2019. Automotive climate control refers to an integrated heating, ventilation and air conditioning (HVAC) system used for maintaining the internal temperature of an automobile. The system consists of an evaporator for boiling the refrigerant...
The global HVAC insulation market grew at a CAGR of around 7% during 2014-2019. Heating, ventilation and air conditioning (HVAC) insulation helps protect the building against extreme temperature fluctuations and provides a comfortable and healthy environment for inhabitants. It also lowers the internal thermal load,...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.