Top Companies in Heat Transfer Fluids Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
The heat transfer fluids market is projected to reach USD 5539.84 Million by 2028 at a CAGR of 9.1% over the forecast period.
The Global Heat Transfer Fluids Market is valued at USD 3,285.10 million in 2021 and is projected to reach USD 5539.84 Million by 2028 at a CAGR of 9.1% over the forecast period. The primary factors driving the market for Heat Transfer Fluids are the use of these industrial products, which are made from petroleum, to prevent overheating and store thermal energy, as well as the rising demand for products due to their low viscosity, non-corrosive nature, high thermal conductivity and diffusivity, and extreme phase transition temperatures. The growth of the Heat Transfer Fluids Market is accelerated by the essential elements used to boost the efficiency of concentrated solar power plants, their critical role in the collection and delivery of solar energy to energy storage systems, the expanding application of CSP, and its competitive advantages over other renewable energy sources.
On the other hand, the implementation of strict regulations and the rise in fire and explosion dangers concerns are the factors anticipated to restrain the market expansion for Heat Transfer Fluids. The market for Heat Transfer Fluids is anticipated to have difficulties during the forecast period due to fluctuating raw material prices.
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Amidst Exponential Growth in Heat Transfer Fluids Adoption, What Trends Should We Look Forward to?
- The market for Heat Transfer Fluids is anticipated to grow over the coming ten years due to an increase in demand from various industrial sectors for a wide range of Heat Transfer Fluids. According to these products' industrial trends, over time, the different manufacturing industries have seen their demand for these products rise to a higher level, and this development has tended to coincide with an increase in the complexity of the heat transfer process.
- The need for Heat Transfer Fluids with bases in silicone and glycol is primarily driven by the rise in oil consumption worldwide.
- Drugs use Heat Transfer Fluids like phase change fluids to regulate temperature and maintain stability. As a result, the expanding pharmaceutical industry drives the need for Heat Transfer Fluids. This is driving the market for Heat Transfer Fluids.
- The demand for energy conservation is rising substantially due to energy shortages and environmental legislation. Because of this, energy-transfer technologies like heat pumps and heat exchangers have gained popularity. As a result, there is potential for market expansion due to the growing requirement for energy saving.
The Heat Transfer Fluids Market is dominated by globally established players such as Dow (U.S.), Eastman (U.S.), Exxon Mobil (U.S.), Chevron (U.S.), Paratherm (U.S.), BASF (Germany), Lanxess (Germany), Huntsman (U.S.), Global Heat Transfer (U.K.), Royal Dutch Shell plc (Netherlands), Phillips 66 (U.S.), Arkema (France), Schultz Canada Chemicals Ltd. (Canada), and Radco. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Heat Transfer Fluids Market.
Revenue in USD
Let's Look at the Top 5 Companies That are Taking the Heat Transfer Fluids Market by Storm
The Heat Transfer Fluids Market is expected to grow from USD 3,285.10 million in 2021 to USD 5539.84 million in 2028 because of the oil and gas business, the growth of shale resources, and financial investments in R&D activities. Additionally, the Heat Transfer Fluids Market players will benefit from profitable prospects during the forecast period due to the high development potential of bio-based HTFs and the growing need for energy conservation.
DOWTHERM A Heat Transfer Fluid is the most thermally stable synthetic organic heat transfer fluid on the market, designed for high-temperature heat transfer applications up to 400°C (750°F) and heat collection, transport, and storage in CSP systems.
Eastman Therminol® Heat Transfer Fluids are engineered to provide accurate temperature control in a wide range of applications and can meet the operational requirements of practically any single- or multiple-station heat-using system. Its technologies ensure system reliability and stability throughout all temperature ranges.
3. Exxon Mobil:
MobilthermHeat Transfer Fluids by Exxon Mobil are high-performance materials designed for use in closed indirect heating systems. They are suitable for use in various industrial operations in cold-fluid sealed, indirect heating and cooling systems. MobilthermHeat Transfer Fluids are made from highly refined basic stocks that are thermally and chemically robust.
Chevron Heat Transfer Fluids are mineral-type transfer oils for secondary or indirect heating systems. They are made using cutting-edge base oil technology. Chevron Heat Transfer Fluids are non-corrosive, low odor, and great seal compatibility fluids that can swiftly absorb heat and deliver it to the material or fluid that needs heat.
Paratherm only offers the best fluid compositions backed by proactive services and industry-leading experience. Paratherm provides Heat Transfer Fluids for biofuel processing, food and beverage processing, and medicinal uses.
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