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Increasing need for energy conservation is expected to drive the overall growth of HTFs market
The global heat transfer fluids (HTFs) market size is expected to grow from USD 3.1 billion in 2020 to USD 4.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period. The HTFs market is driven by various factors, such as high demand from the chemical industry, growing CSP industry, and improved performance of HTFs. However, fire and explosion hazards of HTFs can hinder the growth of the market.
The synthetic fluids segment is expected to grow at a higher CAGR during the forecast period
The synthetic fluids segment is the fastest-growing in the HTFs market. The HTFs market has been categorized as mineral oils, synthetic fluids, glycols, and others. Synthetic fluids provide maximized oxidation resistance with minimized deposits, and they possess high thermal stability, excellent radiation resistance, and good durable properties compared to other types. They also provide enhanced lubricity at different temperatures. Apart from synthetic fluids, glycols in one segment will be growing at the highest CAGR during the forecast period. Odorless property and high performance of glycol-based HTFs will drive the glycols market during the forecast period.
The chemical end-use industry is expected to hold the largest market share during the forecast period
The chemical industry involves various manufacturing processes that require to maintain specific temperatures during the processes. This specific temperature is achieved by using HTFs. HTFs are also used as an indirect heating source for various processes such as liquids and polymers treatments, drying and heating of bulk materials, energy recovery, low-pressure cogeneration, pipeline tracing, gas processing, and many others. They provide enhanced system efficiency and optimized energy costs. The global demand for chemicals is increasing owing to increasing population, urbanization, and industrialization. This will boost the growth of the chemical industry, which, in turn, drives the HTFs market.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to have the highest growth rate during the forecast period, due to the increased need for energy conservation, population, and urbanization. The increasing developments related to chemical, automotive, oil & gas, CSP, bio-diesel production, and HVACR industries in China, India, Japan, and South Korea provide huge opportunities for the HTFs market. Meanwhile, North America is projected to hold the second-largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the HTFs marketplace.
- By Company Type - Tier 1: 30%, Tier: 40%, and Tier 3: 30%
- By Designation - C Level: 30%, Directors: 50%, Others: 20%
- By Region – APAC: 40%, Europe: 40%, North America: 10%, and RoW: 5%
The HTFs market comprises major solution providers, such as The Dow Chemical Company (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron (US), Huntsman Corporation (US), Royal Dutch Shell (Netherlands), LANXESS (Germany), Paratherm (US), Clariant (Switzerland), Schultz Canada Chemicals (Canada), Arkema (France), BASF (Germany), British Petroleum (UK), Dalian Richfortune Chemicals Ltd. (China), DuPont Tate & Lyle (UK), Dynalene (US), Global Heat Transfer (UK), Hindustan Petroleum Corporation (India), Indian Oil Corporation (India), Isel (US), Paras Lubricants Limited (India), Petro-Canada (Canada), Phillips 66 (US), Radco Industries (US), Sasol (South Africa), Schaeffer Specialized Lubricants (US), and Solvay (Belgium). The study includes an in-depth competitive analysis of these key players in the HTFs market, with their company profiles, recent developments, and key market strategies.
The market study covers the HTFs market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as provider, application, organization size, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall HTFs market and the sub-segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.