Global Heat Transfer Fluids Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Heat Transfer Fluids Market 2021 (Includes Business Impact of COVID-19)
Global Heat Transfer Fluids Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global heat transfer fluids market report has been segmented on the basis of product type, end use industry, and region.
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The global Heat Transfer Fluids market size was valued at USD $5.56 billion in 2020 and is projected to reach $10.24 billion by 2030, and is anticipated to expand at a CAGR of 6.62% over the forecast period from 2020 to 2030.


Global Heat Transfer Fluids Market: Overview


Heat transfer fluids are used in the process of heat transfer in high as well as low temperature manufacturing applications in order to avoid the substances or devices to be overheated. These fluids can be referred as coolant and are used to reduce or regulate the system temperature. Heat transfer fluids are used in wide range of applications such as chemical processing, petroleum industry, automotive, solar power plants, and others.


Global Heat Transfer Fluids Market: Dynamics


Rising demand for these fluids in chemical industry, owing to its heat transfer efficiency, is expected to be a major factor driving growth of the global heat transfer fluids market over the forecast period. Increasing demand for heat transfer oils for both cooling and heating of the system in various industries such as chemical processing, oil & gas, automotive, renewable energy, pharmaceuticals, and others, is a factor estimated to fuel growth of the target market. Moreover, increasing use of these fluids in concentrated solar power sector in order to increase the capacity of energy generated, which is anticipated to support revenue growth of the heat transfer fluids market over the forecast period.

However, stringent regulations regarding usage of products due to rising environmental concerns is a factor which may hinder growth of the target market over the forecast period. In addition, toxicity and biodegradability of these fluids are other factors expected to hamper growth of the potential market over the forecast period.

Increasing R&D and investments related to solar power is expected to create a lucrative opportunity for manufacturers, which in turn is expected to support revenue growth of the target market over the forecast period.


Global Heat Transfer Fluids Market: Segment Analysis


On the basis of product type, the mineral oils segment is expected to register significant revenue and the silicones & aromatics segment is projected to grow at a rapid rate in the target market over the forecast period. Among end use industry, the chemical processing segment is anticipated to account for highest revenue share in the target market in the next coming years, owing to improve efficiency of heat transfer in processing plants.


Global Heat Transfer Fluids Market: Regional Analysis


The heat transfer fluids market in Asia Pacific is expected to register significant growth in terms of value and volume and is expected to dominate the global heat transfer fluids market over the forecast period, owing to increasing chemical manufacturing units coupled with growing chemical industry in countries in the region. Europe heat transfer fluids market is projected to register moderate revenue share in the target market over the forecast period. North America market is estimated to account for moderate growth in terms of revenue in the target market. Increasing investments by government and manufacturers in automotive and oil & gas industries and presence of key players in countries in the region, are factors expected to support revenue growth in the North America heat transfer fluids market over the forecast period.

Global Heat Transfer Fluids Market Segmentation:

Segmentation on the basis of Product Type:

  
Mineral Oils
  
Silicones & Aromatics
  
Glycols
  
Others (Molten Salts, Ionic Fluids, and Nano fluids)

Segmentation on the basis of End Use Industry:

  
Chemical Processing
  
Oil & Gas
  
Automotive
  
Renewable Energy
  
Pharmaceuticals
  
Food Processing & Packaging
  
Others (Electronics, HVAC, and Aerospace)


Key Market Players included in the report:


  
Arkema
  
BASF SE
  
bp p.l.c.
  
Chevron Corporation
  
Clariant
  
Dalian Richfortune Chemicals Co.Ltd.
  
DowDuPont (US)
  
DuPont
  
Dynalene Inc.
  
Eastman Chemical Company (US)
  
Exxon Mobil Corporation (US)
  
HPCL
  
Huntsman International LLC
  
Indian Oil Corporation Ltd
  
ISEL
  
LANXESS
  
Paras Lubricants Ltd.
  
PARATHERM
  
Phillips 66
  
Radco Industries Inc.
  
Royal Dutch Shell
  
Sasol
  
Schaeffer Manufacturing Co.
  
Schultz
  
Shell (Netherlands),
  
Solvay
  
Suncor Energy Inc.
  
Tate & Lyle Bio Products.


Below are the key development related to Heat Transfer Fluids Market in 2020 and 2021.


January 2021: Cadence to Acquire NUMECA to Expand System Analysis Capabilities With Computational Fluid Dynamics. Significantly expands multi-physics simulation portfolio with the addition of proven CFD technology for the aerospace, automotive, industrial and marine industries. Cadence Design Systems, Inc. (Nasdaq: CDNS) announced that it has entered into a definitive agreement to acquire NUMECA International, a leader in computational fluid dynamics (CFD), mesh generation, multi-physics simulation and optimization. The addition of NUMECA’s technologies and talent supports the Cadence® Intelligent System Design™ strategy and broadens its system analysis portfolio with CFD solutions, servicing a fast-moving market segment where accuracy, reliability and predictability are paramount concerns for high-fidelity modeling. Source

January 2020: Thermal Solutions Manufacturing, a Portfolio Company of Altus Capital Partners III, L.P., Acquires Alfa Laval Champ. Acquisition adds production capacity, engineering support, product breadth, and operations leadership expertise to existing capabilities. Source