Heat Transfer Fluid Market Research Report - Forecast to 2023

Heat Transfer Fluid Market Research Report: Information by Type (Mineral Oils, Silicones & Aromatics, Glycols), End-Use industries (Oil & gas, Chemicals & Processing, Renewable energy, Pharmaceuticals, Food & Beverage, Automotive)– Forecast till 2023

ID: MRFR/E&P/1042-HCR | February 2021 | Region: Global | 120 pages

Market Scenario


Heat transfer fluids are used to carry heat from thermal systems to heat storage tanks. The performance of heat transfer fluids is critical in determining the effectiveness of an operation as ideal heat transfer fluid would result in low cost of operations. Especially in industries, heat transfer fluids are made through flow through and around a particular device or equipment, which would eventually prevent them from overheating. Heat transfer fluids are of immense importance to applications that operate in extreme temperatures.


The market is majorly driven by the increasing development in emerging countries especially in Asia Pacific region, where there is an increase in chemical processing, automotive manufacturing and renewable energy based energy generation. Also, there is an increased need to maintain temperatures in end-use industries, which can result in enhanced process effectiveness and reduced operating costs. The market is restrained by stringent regulations surrounding the heat transfer fluids as there are severe environmental and safety concerns. The global heat transfer fluid market is segmented on the basis of type and by end-use industries.


Based on type, the market is classified as mineral oils, silicones and aromatics, glycols and nanofluids. Mineral oils are increasingly being used in manufacturing processes, pharmaceutical & chemicals, refrigeration, CSP generation and geothermal energy applications. This is expected to drive the demand for mineral oil type of heat transfer fluids. On the other hand, silicone & aromatics types demand will be driven by extensive use in industries where there are very high temperatures such as chemical and plastic processing.


Based on application, the heat transfer fluid market is segmented as oil & gas, chemicals & processing, renewable energy, pharmaceuticals, food and beverage and automotive applications. The market for heat transfer fluids is expected to rise with increasing oil and gas operations in onshore and offshore production processes across North America and Europe. The chemical & processing applications are also expected to contribute to the heat transfer fluid market as energy recovery and heat recovery plays an increasing role in the chemical industry operations. Furthermore, in renewable energy applications, heat transfer fluids are driven by the increasing installations of solar thermal energy systems and solar power plants such as CSP plants.


The market is expected to be dominated by the Asia Pacific region as the region is witnessing increasing installations of solar power projects such as CSP and also rising chemical and processing industry. With rising population and increasing demand for energy from renewable energy sources, the heat transfer fluid market is expected to be driven by these demands in these regions. This is closely followed by the North America region where the chemical and processing sector is contributing to the growth of the heat transfer fluids market.


The global heat transfer fluid market is projected to expand at 5.8 % CAGR during the forecast period.


Market Segmentation


 heat transfer fluid market Global Heat Transfer Fluid Market


Asia Pacific region is expected to be the largest market for heat transfer fluids as the region is currently investing in chemical and processing, automobile manufacturing and renewable energy projects. As it is critical to maintain effective operations of systems with minimal heat loss, heat transfer fluids play a major role in retaining the heat in these applications. Furthermore, increasing industrial manufacturing processes in Europe and North America are further expected to contribute to the heat transfer fluids market.


Key Players


The key players in the global heat transfer fluid market are DOW (U.S), Exxonmobil (U.S), Chevron (U.S), Paratherm (U.S), BASF (Germany), Lanxess (Germany), Huntsman Corporation (U.S), and Global Heat Transfer Ltd. (Canada). Royal Dutch Shell plc (Netherlands), Phillips 66 (U.S), Arkema (France), Schultz Canada Chemicals Ltd. (Canada), and Radco Industries (U.S) are among others.



Frequently Asked Questions (FAQ) :


The global heat transfer fluid market is likely to witness a substantial market valuation owing to the increasing oil and gas sector operations acorss the globe.

The global heat transfer fluid market is projected to register a moderate 5.8% CAGR in the forecast period.

The silicones and aromatics segment is slated to expand as the fastest-growing segment.

The oil and gas segment is slated to expand as the fastest-growing segment.

A few major market players operating in the global heat transfer fluid market are Phillips 66 (U.S), Schultz Canada Chemicals Ltd. (Canada), Arkema (France), and Radco Industries (U.S), are among others.

Table of content
1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

2.3 Research Process

2.3.1 Primary Research

2.3.2 Secondary Research

2.4 Market size Estimation

2.5 Forecast Model

3 Market Dynamics

3.1 Introduction

3.2 Market Drivers

3.3 Market Restraints

3.4 Market Opportunities

3.5 Market Trends

4 Market Landscape

4.1 Porter’s Five Forces Analysis

4.1.1 Threat of New Entrants

4.1.2 Bargaining power of buyers

4.1.3 Bargaining power of suppliers

4.1.4 Threat of substitutes

4.1.5 Segment rivalry

4.2 Value Chain/Supply Chain Analysis

5 Global Heat Transfer Fluid Market, By Type

5.1 Introduction

5.2 Mineral Oils

5.2.1 Market Estimates & Forecast, 2017-2023

5.2.2 Market Estimates & Forecast by Region, 2017-2023

5.3 Silicones & Aromatics

5.3.1 Market Estimates & Forecast, 2017-2023

5.3.2 Market Estimates & Forecast by Region, 2017-2023

5.4 Glycols

5.4.1 Market Estimates & Forecast, 2017-2023

5.4.2 Market Estimates & Forecast by Region, 2017-2023

5.5 Nano-Fluids

5.5.1 Market Estimates & Forecast, 2017-2023

5.5.2 Market Estimates & Forecast by Region, 2017-2023

6 Global Heat Transfer Fluid Market, By End-Use Industries

6.1 Introduction

6.2 Oil & Gas

6.2.1 Market Estimates & Forecast, 2017-2023

6.2.2 Market Estimates & Forecast by Region, 2017-2023

6.3 Chemicals & Processing

6.3.1 Market Estimates & Forecast, 2017-2023

6.3.2 Market Estimates & Forecast by Region, 2017-2023

6.4 Renewable Energy

6.4.1 Market Estimates & Forecast, 2017-2023

6.4.2 Market Estimates & Forecast by Region, 2017-2023

6.5 Pharmaceuticals

6.5.1 Market Estimates & Forecast, 2017-2023

6.5.2 Market Estimates & Forecast by Region, 2017-2023

6.6 Food & Beverage

6.6.1 Market Estimates & Forecast, 2017-2023

6.6.2 Market Estimates & Forecast by Region, 2017-2023

6.5 Automotive

6.5.1 Market Estimates & Forecast, 2017-2023

6.5.2 Market Estimates & Forecast by Region, 2017-2023

7 Global Heat Transfer Fluid Market, By Region

7.1 Introduction

7.2 North America

7.2.1 Market Estimates & Forecast, 2017-2023

7.2.2 Market Estimates & Forecast by Type, 2017-2023

7.2.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.2.4 U.S.

7.2.4.1 Market Estimates & Forecast, 2017-2023

7.2.4.2 Market Estimates & Forecast by Type, 2017-2023

7.2.4.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.2.5 Canada

7.2.5.1 Market Estimates & Forecast, 2017-2023

7.2.5.2 Market Estimates & Forecast by Type, 2017-2023

7.2.5.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.3 Europe

7.3.1 Market Estimates & Forecast, 2017-2023

7.3.2 Market Estimates & Forecast by Type, 2017-2023

7.3.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.3.4 U.K

7.3.4.1 Market Estimates & Forecast, 2017-2023

7.3.4.2 Market Estimates & Forecast by Type, 2017-2023

7.3.4.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.3.5 France

7.3.5.1 Market Estimates & Forecast, 2017-2023

7.3.5.2 Market Estimates & Forecast by Type, 2017-2023

7.3.5.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.3.6 Germany

7.3.6.1 Market Estimates & Forecast, 2017-2023

7.3.6.2 Market Estimates & Forecast by Type, 2017-2023

7.3.6.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.3.7 Rest of Europe

7.3.7.1 Market Estimates & Forecast, 2017-2023

7.3.7.2 Market Estimates & Forecast by Type, 2017-2023

7.3.7.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.4 Asia Pacific

7.4.1 Market Estimates & Forecast, 2017-2023

7.4.2 Market Estimates & Forecast by Type, 2017-2023

7.4.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.4.4 China

7.4.4.1 Market Estimates & Forecast, 2017-2023

7.4.4.2 Market Estimates & Forecast by Type, 2017-2023

7.4.4.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.4.5 Australia

7.4.5.1 Market Estimates & Forecast, 2017-2023

7.4.5.2 Market Estimates & Forecast by Type, 2017-2023

7.4.5.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.4.6 India

7.4.6.1 Market Estimates & Forecast, 2017-2023

7.4.6.2 Market Estimates & Forecast by Type, 2017-2023

7.4.6.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.4.7 Rest of Asia-Pacific

7.4.7.1 Market Estimates & Forecast, 2017-2023

7.4.7.2 Market Estimates & Forecast by Type, 2017-2023

7.4.7.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

7.5 Rest of the World

7.5.1 Market Estimates & Forecast, 2017-2023

7.5.2 Market Estimates & Forecast by Type, 2017-2023

7.5.3 Market Estimates & Forecast by End-Use Industries, 2017-2023

8 Competitive Landscape

9 Company Profile

9.1 DOW (U.S)

9.1.1 Company Overview

9.1.2 Product/Services Offering

9.1.3 Financial Overview

9.1.4 Key Developments

9.1.5 Strategy

9.1.6 SWOT Analysis

9.2 Exxonmobil (U.S)

9.2.1 Company Overview

9.2.2 Product /Services Offering

9.2.3 Financial Overview

9.2.4 Key Developments

9.2.5 Strategy

9.2.6 SWOT Analysis

9.3 Chevron (U.S)

9.3.1 Company Overview

9.3.2 Product /Services Offering

9.3.3 Financial Overview

9.3.4 Key Developments

9.3.5 Strategy

9.3.6 SWOT Analysis

9.4 Paratherm (U.S)

9.4.1 Company Overview

9.4.2 Product /Services Offering

9.4.3 Financial Overview

9.4.4 Key Developments

9.4.5 Strategy

9.4.6 SWOT Analysis

9.5 BASF (Germany)

9.5.1 Company Overview

9.5.2 Product /Services Offering

9.5.3 Financial Overview

9.5.4 Key Developments

9.5.5 Strategy

9.5.6 SWOT Analysis

9.6 Lanxess (Germany)

9.6.1 Company Overview

9.6.2 Product /Services Offering

9.6.3 Financial Overview

9.6.4 Key Developments

9.6.5 Strategy

9.6.6 SWOT Analysis

9.7 Huntsman Corporation (U.S)

9.7.1 Company Overview

9.7.2 Product /Services Offering

9.7.3 Financial Overview

9.7.4 Key Developments

9.7.5 Strategy

9.7.6 SWOT Analysis

9.8 Global Heat Transfer Ltd. (Canada)

9.8.1 Company Overview

9.8.2 Product /Services Offering

9.8.3 Financial Overview

9.8.4 Key Developments

9.8.5 Strategy

9.8.6 SWOT Analysis

9.9 Royal Dutch Shell plc (The Netherlands)

9.9.1 Company Overview

9.9.2 Product /Services Offering

9.9.3 Financial Overview

9.9.4 Key Developments

9.9.5 Strategy

9.9.6 SWOT Analysis

9.10 Phillips 66 (U.S)

9.10.1 Company Overview

9.10.2 Product /Services Offering

9.10.3 Financial Overview

9.10.4 Key Developments

9.10.5 Strategy

9.11 Arkema (France)

9.11.1 Company Overview

9.11.2 Product /Services Offering

9.11.3 Financial Overview

9.11.4 Key Developments

9.11.5 Strategy

9.11.6 SWOT Analysis

9.12 Schultz Canada Chemicals Ltd. (Canada)

9.12.1 Company Overview

9.12.2 Product /Services Offering

9.12.3 Financial Overview

9.12.4 Key Developments

9.12.5 Strategy

9.12.6 SWOT Analysis

9.13 Radco Industries (U.S)

9.13.1 Company Overview

9.13.2 Product /Services Offering

9.13.3 Financial Overview

9.13.4 Key Developments

9.13.5 Strategy

9.13.6 SWOT Analysis
List of Tables

Table 1 Global Heat Transfer Fluid Market: By Region, 2017-2023

Table 2 North America Heat Transfer Fluid Market: By Country, 2017-2023

Table 3 Europe Heat Transfer Fluid Market: By Country, 2017-2023

Table 4 Asia-Pacific Heat Transfer Fluid Market: By Country, 2017-2023

Table 5 RoW Heat Transfer Fluid Market: By Country, 2017-2023

Table 6 Global Heat Transfer Fluid Market, by Type, By Regions, 2017-2023

Table 7 North America Heat Transfer Fluid Market, by Type, By Country, 2017-2023

Table 8 Europe Heat Transfer Fluid Market, by Resin type, By Country, 2017-2023

Table 9 Asia-Pacific Heat Transfer Fluid Market by Type, By Country, 2017-2023

Table 10 RoW Heat Transfer Fluid Market by Type, By Country, 2017-2023

Table 11 Global Heat Transfer Fluid Market by End-Use Industries Market: By Regions, 2017-2023

Table 12 North America Heat Transfer Fluid Market by End-Use Industries: By Country, 2017-2023

Table 13 Europe Heat Transfer Fluid Market by End-Use Industries: By Country, 2017-2023

Table 14 Asia Pacific Heat Transfer Fluid Market by End-Use Industries: By Country, 2017-2023

Table 15 RoW Heat Transfer Fluid Market by End-Use Industries: By Country, 2017-2023

Table 16 Global Heat Transfer Fluid Market, by Type, By Regions, 2017-2023

Table 17 North America Heat Transfer Fluid Market, by Type, By Country, 2017-2023

Table 18 Europe Heat Transfer Fluid Market, by Type, By Country, 2017-2023

Table 19 Asia Pacific Heat Transfer Fluid Market, by Type, By Country, 2017-2023

Table 20 RoW Heat Transfer Fluid Market, by Type, By Country, 2017-2023

Table 21 Global Heat Transfer Fluid Market: By Region, 2017-2023

Table 22 Global Heat Transfer Fluid Market: By Region, 2017-2023

Table 23 Global Heat Transfer Fluid Market: By Region, 2017-2023

Table 24 North America Heat Transfer Fluid Market, By Country

Table 25 North America Heat Transfer Fluid Market, by Type

Table 26 North America Heat Transfer Fluid Market, by End-Use Industries

Table 27 North America Heat Transfer Fluid Market, By Type

Table 29 Europe: Heat Transfer Fluid Market, By Country

Table 30 Europe: Heat Transfer Fluid Market, by Type

Table 31 Europe: Heat Transfer Fluid Market, by End-Use Industries

Table 32 Europe: Heat Transfer Fluid Market, By Type

Table 34 Asia-Pacific: Heat Transfer Fluid Market, By Country

Table 35 Asia-Pacific: Heat Transfer Fluid Market, by Type

Table 36 Asia-Pacific: Heat Transfer Fluid Market, by End-Use Industries

Table 37 Asia-Pacific: Heat Transfer Fluid Market, By Type

Table 39 RoW: Heat Transfer Fluid Market, By Region

Table 40 RoW Heat Transfer Fluid Market, by Type

Table 41 RoW Heat Transfer Fluid Market, by End-Use Industries

Table 42 RoW Heat Transfer Fluid Market, By Type



List of Figures

FIGURE 1 RESEARCH PROCESS OF MRFR

FIGURE 2 TOP DOWN & BOTTOM UP APPROACH

FIGURE 3 MARKET DYNAMICS

FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS

FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS

FIGURE 6 PORTER’S FIVE FORCES ANALYSIS

FIGURE 7 VALUE CHAIN ANALYSIS

FIGURE 8 GLOBAL HEAT TRANSFER FLUID MARKETSHARE, BY TYPE, 2016 (%)

FIGURE 9 GLOBAL HEAT TRANSFER FLUID MARKET, BY TYPE, 2015-2023 (USD MILLION)

FIGURE 10 GLOBAL HEAT TRANSFER FLUID MARKETSHARE, BY TYPE, 2016 (%)

FIGURE 11 GLOBAL HEAT TRANSFER FLUID MARKET, BY TYPE, 2015-2023 (USD MILLION)

FIGURE 12 GLOBAL HEAT TRANSFER FLUID MARKET SHARE (%), BY REGION, 2016

FIGURE 13 GLOBAL HEAT TRANSFER FLUID MARKET, BY REGION, 2015-2023 (USD MILLION)

FIGURE 14 NORTH AMERICA HEAT TRANSFER FLUID MARKETSHARE (%), 2016

FIGURE 15 NORTH AMERICA HEAT TRANSFER FLUID MARKETBY COUNTRY, 2015-2023 (USD MILLION)

FIGURE 16 EUROPE HEAT TRANSFER FLUID MARKETSHARE (%), 2016

FIGURE 17 EUROPE HEAT TRANSFER FLUID MARKETBY COUNTRY, 2015-2023 (USD MILLION)

FIGURE 18 ASIA-PACIFIC HEAT TRANSFER FLUID MARKETSHARE (%), 2016

FIGURE 19 ASIA-PACIFIC HEAT TRANSFER FLUID MARKETBY COUNTRY, 2015-2023 (USD MILLION)

FIGURE 20 REST OF THE WORLD HEAT TRANSFER FLUID MARKETSHARE (%), 2016

FIGURE 21 REST OF THE WORLD HEAT TRANSFER FLUID MARKETBY COUNTRY, 2015-2023 (USD MILLION)