Heat Transfer Fluids Market Is Likely To Up Demand At A USD 14.2 Billion By 2030


 San Francisco, 8 Dec 2023: The Report Heat Transfer Fluids Market Size, Share & Trends Analysis Report By Product (Silicone Fluids, Aromatic Fluids, Mineral Oils), By Application (Oil & Gas, Chemical Industry, CSP, Food & Beverages), By Region, And Segment Forecasts, 2023 - 2030

The global heat transfer fluids market size is projected to reach USD 14.2 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 3.2% during the forecast period. The growing demand from the manufacturing and energy sectors is expected to drive the global market. Thermal oils are typically formulated from petrochemicals and mineral oils, which eventually harm the environment in terms of recyclability, biodegradability, and aqueous toxicity. Due to multiple strict regulations laid down by governments across the globe, the growth of heat transfer fluids (HTFs) has taken a hit.

Major innovators in the field are trying to bring imminent changes in the production process, such as the usage of bio-based products, increased extraction efficiency, and enhanced solvent recovery. The COVID-19 pandemic caused serious disruption in businesses and supply chains. The decrease in supply and demand for oil & gas, especially in North America and Europe, halted the onshore and offshore production processes, impacting the market growth. Food-grade HTFs are widely used for storage and refrigeration applications. With rising precision in temperature control in the processing of food and beverages, thermal fluid systems are gaining acceptance in upcoming food processing plants and facilities.

These products are highly preferred due to lower maintenance costs and low-pressure requirements in the processing facility. Asia Pacific is estimated to be the fastest-growing regional market from 2023 to 2030 due to the rising demand from China and Japan. Rapid industrialization and the development of new machinery have increased the importance of HTFs. Investments in renewable energy initiatives, such as CSP, are expected to have a positive impact on industry growth. For example, in January 2022, China announced to start and complete 11 CSP projects by 2024.

Access Research Report of Heat Transfer Fluids Market @ https://www.grandviewresearch.com/industry-analysis/heat-transfer-fluids-market

Heat Transfer Fluids Market Report Highlights

  • Silicone-based products are anticipated to exhibit a CAGR of 4.0% from 2023 to 2030 owing to the rising application scope in the oil & gas and chemical manufacturing sectors
  • The consumption of HTFs in pharmaceuticals accounted for a significant market share in 2022 due to its application in extraction and crystallization processes
  • The demand for monoethyl-based glycols in HVAC applications is expected to exhibit a considerable CAGR from 2023 to 2030 owing to their compatibility across wide temperature ranges
  • Asia Pacific dominated the market, in terms of revenue, in 2022 due to the high demand from emerging countries, such as India, Indonesia, and Thailand
  • The Central & South America market is expected to register a steady CAGR from 2023 to 2030 owing to changing political dynamics
  • Moreover, rising automobile production in the region is expected to drive the product demand

Heat Transfer Fluids Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 11.06 billion

Revenue forecast in 2030

USD 14.2 billion

Growth Rate

CAGR of 3.2% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

List of Key Players in Heat Transfer Fluids Market

  • Dynalene, Inc.
  • Indian Oil Corporation Ltd. (IOCL)
  • KOST USA, Inc
  • Hindustan Petroleum Corporation Ltd. (HPCL)
  • Delta Western, Inc. (DWI)
  • British Petroleum (BP)
  • Huntsman Corporation
  • Royal Dutch Shell Plc
  • Eastman Chemical Company
  • Phillips 66
  • Chevron Co.
  • BASF SE
  • ExxonMobil Corporation
  • Dow Chemicals
  • Dalian Richfortune Chemicals Ltd.
  • GJ Chemical
  • Radco Industries Inc
  • LANXESS AG

Access Press Release of Heat Transfer Fluids Market @ https://www.grandviewresearch.com/press-release/global-heat-transfer-fluids-market

 

Comments

Post a Comment

Popular posts from this blog

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein retail stores, restaurants, and hot
Read more