Chicago, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Information Material & Chemical market research firm has published a competitive intelligence and market research report on the “Heat Transfer Fluids Market”. The total market opportunity for Heat Transfer Fluids was USD 2.80 Bn in 2021 and is expected to grow at a CAGR 8.6 percent through the forecast period to reach USD 5.42 Bn by 2029. The research has been done by dividing the market into two major segments: type and end-user. These main segments of the Heat Transfer Fluids Market were further divided into various sub-segments. For the market report, primary and secondary research methodologies were used extensively.
Heat Transfer Fluids Market Report Scope
| Market Size in 2021 | USD 2.80 Bn. |
| Market Size in 2029 | USD 5.42 Bn. |
| CAGR | 8.6 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 289 |
| No. of Tables | 121 |
| No. of Charts and Figures | 112 |
| Segment Covered | Type and End-User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The increasing demand for Heat Transfer Fluids in the oil and gas industry drives the market growth
The heat transfer fluids have excellent oxidation and thermal stability and they are widely used in open-vented heat transfer systems, laminating and calendaring rolls, chemical processing equipment, molds and dyes in the plastic and rubber industries as well as die-cast zinc and aluminum alloys. The pricing of the raw materials of heat transfer fluids is a major issue for the manufacturers. The prices of raw materials are directly affected by the fluctuations in the prices of crude oil. The fire and explosion hazards of heat transfer fluids are expected to hamper the Heat Transfer Fluids Market growth during the forecast period.
The Heat Transfer Fluids Market in the Asia Pacific region dominated the global market with the largest market share in 2021
The demand for heat transfer fluid is increasing in the region mainly due to the increasing investment in the chemical industry by consumer products, electronics, automotive industry, construction, energy & resources and health & nutrition. The growing industries in the region provide several opportunities for manufacturing enterprises to increase their market share.
The North American Heat Transfer Fluids Market is expected to grow at a significant growth rate during the forecast period. This growth in the region is majorly due to the stringent regulatory policies to reduce carbon emissions.
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Heat Transfer Fluids Market Segmentation
By Type
- Mineral Oils
- Silicones & Aromatics
- GlycolS
By End-User
- Oil & Gas
- Concentrated solar power
- Chemicals & Processing
- Renewable energy
- Pharmaceuticals
- Food & Beverage
- Automotive
Based on Type, the largest market share was held by the minerals oil segment in 2021. Compared to other fluids, mineral oil is less expensive and is easy to implement. Based on End-User, the oil and Gas segment holds the largest share of the market. Heat transfer fluids have many applications in the oil and Gas processing industry.
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Heat Transfer Fluids Market Key Competitors include:
- Dow (US)
- Eastman Chemical Company (US)
- Exxon Mobil (US)
- Chevron Corporation (US)
- Paratherm (US)
- Radco Industries (US)
- Interlube Corporation (US)
- MacDermid, Inc. (US)
- Dynalene, Inc. (US)
- Caldera (US)
- Huntsman Corporation (US)
- Phillips 66 (US)
- Schaeffer Manufacturing Co. (US)
- ISEL (US)
- Schultz Canada Chemicals Ltd. (Canada)
- Suncor Energy Inc. (canada)
- Lanxess (Germany)
- Arkema S.A. (France)
- Global Heat Transfer (UK)
- Royal Dutch Shell plc. (UK)
- Solvay (Belgium)
- Dalian Richfortune Chemicals Co., Ltd. (China)
- Hindustan Petroleum Corporation Limited (India)
- Indian Oil Corporation Ltd (India)
- Sasol Limited (South Africa)
- Clariant AG (Switzerland)
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Key questions answered in the Heat Transfer Fluids Market are:
- What are Heat Transfer Fluids?
- What are the global trends in the Heat Transfer Fluids Market?
- What are the upcoming industry applications and trends for the Heat Transfer Fluids Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Heat Transfer Fluids Market?
- What growth strategies are the players considering to increase their presence in the Heat Transfer Fluids Market?
- How are the developments in the oil and gas industry expected to influence the Heat Transfer Fluids Market growth?
- What are the major challenges that the Heat Transfer Fluids Market could face in the future?
- Who held the largest market share in Heat Transfer Fluids Market?
- Which is the fastest growing segment in the Heat Transfer Fluids Market?
- What are the major challenges for the growth of the Heat Transfer Fluids Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Type, End-User and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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