Heat Transfer Fluids Market Growth Driven by Demand in Renewable Energy Applications
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.
Gather more insights about the market drivers, restrains and growth of the Global Heat Transfer Fluids Market
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.
Heat Transfer Fluids Market Report Highlights
- 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 2024 to 2030 owing to their compatibility across wide temperature ranges
- Asia Pacific dominated the market, in terms of revenue, in 2023 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 2024 to 2030 owing to changing political dynamics
- Moreover, rising automobile production in the region is expected to drive the product demand
Browse through Grand View Research's Petrochemicals Industry Research Reports.
- Fracking Chemicals And Fluids Market: The global fracking chemicals and fluids market size was valued at USD35.81 billion in 2023 and is projected to grow at a CAGR of 6.7% from 2024 to 2030.
- Thermic Fluids Market: The global thermic fluids market size was valued at USD 11.06 billion in 2023 and is anticipated to grow at a CAGR of 3.7% from 2024 to 2030.
Heat Transfer Fluids Market Segmentation
Grand View Research has segmented the global heat transfer fluids market based on product, application, and region:
Heat Transfer Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Silicone Fluids
- Oil & Gas
- Chemical Industry
- CSP
- Food & Beverages
- Plastics
- Pharmaceuticals
- HVAC
- Others
- Aromatic Fluids
- Oil & Gas
- Chemical Industry
- CSP
- Food & Beverages
- Plastics
- Pharmaceuticals
- HVAC
- Others
- Mineral Oils
- Glycol-based Fluids
- Other (Including Molten Salts & HFPE)
Heat Transfer Fluids Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Oil & Gas
- Chemical Industry
- CSP
- Food & Beverages
- Plastics
- Pharmaceuticals
- HVAC
- Others
Heat Transfer Fluids Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- S
- Canada
- Mexico
- Europe
- Germany
- K.
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Malaysia
- Australia
- Central & South America
- Brazil
- Middle East & Africa
- Africa
- Saudi Arabia
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