Heat Transfer Fluids Market Size, Share & Forecast to 2029

The Heat Transfer Fluids Market is projected to reach USD 5.4 billion by 2029, at a CAGR of 4.9% from USD 4.3 billion in 2024. The growth of the heat transfer fluids market is fueled by several critical factors, including rapid industrialization, the increasing need for energy efficiency, and the expansion of key end-use industries. As industrial processes become more sophisticated and widespread, especially in emerging economies, the demand for effective thermal management solutions becomes essential. Industries such as chemical and petrochemical, automotive, food and beverages, pharmaceuticals, HVAC among others heavily depend on heat transfer fluids to maintain optimal operating temperatures and ensure efficient processes.

The heightened focus on energy conservation and efficiency further drives the market, as heat transfer fluids play a vital role in reducing energy consumption and enhancing the overall efficiency of thermal systems. Moreover, the rising adoption of renewable energy sources, like solar and wind power, requires advanced heat transfer fluids for energy storage and transfer applications.

Technological advancements and innovations in heat transfer fluid formulations, which offer improved thermal stability, lower maintenance, and higher operational safety, also contribute to market growth. Additionally, stringent environmental regulations and the move towards sustainable industrial practices promote the use of high-performance, environmentally friendly heat transfer fluids, thereby expanding the market. These combined factors generate strong demand for heat transfer fluids across various sectors, propelling market growth.

Synthetic Fluids, by product type, accounts for the second-largest market share in 2023.

Synthetic fluids account for the second largest market share in the heat transfer fluids market due to their superior performance characteristics, which make them highly suitable for demanding industrial applications. Unlike mineral oils and glycol-based fluids, synthetic fluids offer exceptional thermal stability, allowing them to operate efficiently at both high and low temperatures without degrading. This makes them ideal for industries with stringent thermal requirements, such as chemical processing, pharmaceuticals, and high-temperature manufacturing.

Additionally, synthetic fluids possess excellent heat transfer efficiency and lower volatility, which enhances system safety and longevity. Their advanced formulations also provide better resistance to oxidation and fouling, reducing maintenance costs and extending the lifespan of heat transfer systems. Furthermore, synthetic fluids often meet stricter environmental and safety regulations, making them a preferred choice in regions with rigorous standards. Although they are more expensive than mineral oils, their long-term performance benefits and operational efficiency justify the investment, thereby securing their significant market share.

Renewable energy is expected to be the fastest growing end-use industry for heat transfer fluids market during the forecast period, in terms of value.

The renewable energy end-use industry is the fastest-growing segment in the heat transfer fluids market due to the global shift towards sustainable energy sources and the increasing adoption of technologies like solar and wind power. As countries strive to reduce carbon emissions and meet international climate goals, investments in renewable energy infrastructure are accelerating. Solar thermal power plants, which require efficient heat transfer fluids to capture and store solar energy, are expanding rapidly. Similarly, wind energy systems often utilize heat transfer fluids for cooling and thermal management in power generation and storage processes.

The growing emphasis on energy storage solutions, crucial for balancing intermittent renewable energy supply, further boosts the demand for advanced heat transfer fluids that can maintain stable performance over wide temperature ranges. Additionally, favorable government policies, subsidies, and technological advancements in renewable energy systems enhance the efficiency and economic viability of these projects, driving further market growth. The combined effect of these factors propels the renewable energy end-use industry as the fastest-growing segment in the heat transfer fluids market, reflecting the broader global commitment to transitioning towards cleaner energy sources.

Based on region, Europe was the second largest market for heat transfer fluids in 2023.

Europe is the second largest region in terms of market share for the heat transfer fluids market, following Asia Pacific, due to several key factors. The region boasts a well-established industrial base with significant demand from various end-use industries such as chemical and petrochemicals, automotive, and HVAC. Europe's advanced manufacturing sector requires efficient thermal management solutions to maintain high operational standards and energy efficiency. Additionally, the region's strong emphasis on energy conservation and stringent environmental regulations drive the adoption of high-performance, environmentally friendly heat transfer fluids. Europe's commitment to renewable energy also plays a crucial role.

Countries within the region are leaders in deploying solar thermal and wind power projects, which necessitate the use of advanced heat transfer fluids for energy storage and transfer applications. The presence of key market players and continuous investments in research and development further support the market's growth by driving innovations in heat transfer fluid technologies. Furthermore, Europe's proactive policies and subsidies for energy efficiency and renewable energy projects provide a conducive environment for the heat transfer fluids market. The combination of a robust industrial base, stringent environmental standards, and strong support for renewable energy positions Europe as a significant player in the global heat transfer fluids market, second only to Asia Pacific.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees is as follows:

By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
By Designation: C-Level - 20%, Director Level - 10%, and Others - 70%
By Region: North America - 20%, Europe - 30%, Asia Pacific - 30%, Middle East & Africa - 10%, and South America - 10%

The key players in this market are Dow (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron Corporation (US), Huntsman Corporation (US), Shell PLC (UK), Lanxess (Germany), Clariant (Switzerland), Wacker Chemie AG (Germany), Indian Oil Corporation Ltd. (India), Schultz Canada Chemicals Ltd. (Canada) etc.

Research Coverage

This report segments the market for the heat transfer fluids market on the basis of product type, end-use industry and region. It provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for the heat transfer fluids market.

Key benefits of buying this report

This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the heat transfer fluids market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Analysis of key drivers: Increasing industrialization and urbanization globally coupled with rising demand for energy-efficient solutions and technological developments in the heat transfer fluids formulations.
Market Penetration: Comprehensive information on the heat transfer fluids market offered by top players in the global heat transfer fluids market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the heat transfer fluids market.
Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for the heat transfer fluids across regions.
Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global heat transfer fluids market.
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the heat transfer fluids market.

1 Introduction

1.1 Study Objectives
1.2 Market Definition
1.2.1 Inclusions & Exclusions
1.3 Study Scope
Figure 1 Heat Transfer Fluids: Market Segmentation
1.3.1 Regions Covered
1.3.2 Years Considered
1.3.3 Currency Considered
1.3.4 Units Considered
1.4 Limitations
1.5 Stakeholders
1.6 Summary of Changes

2 Research Methodology

2.1 Research Data
Figure 2 Heat Transfer Fluids Market: Research Design
2.1.1 Secondary Data
2.1.1.1 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data from Primary Sources
2.1.2.2 Primary Data Sources
2.1.2.3 Key Primary Participants
2.1.2.4 Breakdown of Interviews with Experts
2.1.2.5 Key Industry Insights
2.2 Base Number Calculation
2.2.1 Supply-Side Approach
Figure 3 Market Size Estimation Methodology: Supply-Side Approach
2.2.2 Demand-Side Approach
Figure 4 Market Size Estimation Methodology: Demand-Side Approach
2.3 Forecast Number Calculation
2.3.1 Supply Side
2.3.2 Demand Side
2.4 Market Size Estimation
Figure 5 Market Size Estimation Methodology: Revenue of Market Players
2.4.1 Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
2.4.2 Top-Down Approach
Figure 7 Market Size Estimation Methodology: Top-Down Approach
2.5 Data Triangulation
Figure 8 Heat Transfer Fluids Market: Data Triangulation
2.6 Research Assumptions
2.7 Impact of Recession
2.8 Growth Forecast
2.9 Risk Assessment
2.10 Factor Analysis

3 Executive Summary

Figure 9 Mineral Oils to Dominate Market Between 2024 and 2029
Figure 10 Chemical & Petrochemicals End-use Industry to Lead Market Between 2024 and 2029
Figure 11 Asia-Pacific to Dominate Market During Forecast Period

4 Premium Insights

4.1 Attractive Opportunities for Players in Heat Transfer Fluids Market
Figure 12 Growing Demand from Chemicals & Petrochemicals and Renewable Energy Sectors to Drive Market
4.2 Heat Transfer Fluids Market, by End-use Industry
Figure 13 Renewable Energy to be Fastest-Growing End-use Industry Segment During Forecast Period
4.3 Heat Transfer Fluids Market, by Product Type
Figure 14 Synthetic Fluids to be Fastest-Growing Product Type Segment During Forecast Period
4.4 Heat Transfer Fluids Market, by Key Country
Figure 15 India to be Fastest-Growing Market During Forecast Period

5 Market Overview

5.1 Introduction
5.2 Market Dynamics
Figure 16 Drivers, Restraints, Opportunities, and Challenges in Heat Transfer Fluids Market
5.2.1 Drivers
5.2.1.1 Increasing Industrialization and Urbanization
5.2.1.2 Rising Demand for Energy-Efficient Solutions
5.2.1.3 Technological Development Bringing Innovative and Advanced Formulations
5.2.2 Restraints
5.2.2.1 Stringent Regulatory Compliances
5.2.2.2 Volatility in Raw Material Prices
5.2.3 Opportunities
5.2.3.1 Focus on Renewable Energy and Government Schemes and Initiatives
5.2.4 Challenges
5.2.4.1 Fire and Explosion Hazards Related to Thermal Heat Transfer Fluids
5.2.4.2 Competition from Alternative Technologies

6 Industry Trends

6.1 Introduction
6.2 Trends/Disruptions Impacting Customer Business
6.2.1 Revenue Shift and New Revenue Pockets for Heat Transfer Fluid Manufacturers
Figure 17 Revenue Shift of Heat Transfer Fluids Market
6.3 Value Chain Analysis
Figure 18 Heat Transfer Fluids Market: Value Chain Analysis
6.3.1 Raw Material Suppliers
6.3.2 Manufacturers
6.3.3 Distributors
6.3.4 End-use Industries
6.4 Pricing Analysis
6.4.1 Average Selling Price Trend, by Region
Table 1 Average Selling Price, by Region, 2020-2029 (USD/KG)
Figure 19 Heat Transfer Fluids Market: Average Selling Price Trend, by Region
6.4.2 Average Selling Price Trend, by Product Type
Table 2 Average Selling Price, by Product Type, 2020-2029 (USD/KG)
6.4.3 Average Selling Price Trend, by End-use Industry
Table 3 Average Selling Price, by End-use Industry, 2020-2029 (USD/KG)
6.4.4 Average Selling Price Trend of Key Players, by Top 3 Product Types
Table 4 Average Selling Price of Key Players, by Product Type, 2020-2029 (USD/KG)
Figure 20 Average Selling Price Trend of Key Players for Top 3 Types
6.5 Ecosystem/Market Map
Figure 21 Heat Transfer Fluids Market Ecosystem
Table 5 Heat Transfer Fluids Market: Ecosystem
6.6 Technology Analysis
6.6.1 Key Technologies
Table 6 Key Technologies Offered in Heat Transfer Fluids Market
6.6.2 Complementary Technologies
Table 7 Complementary Technologies Offered in Heat Transfer Fluids Market
6.6.3 Adjacent Technologies
Table 8 Adjacent Technologies Offered in Heat Transfer Fluids Market
6.7 Patent Analysis
6.7.1 Methodology
6.7.2 Granted Patents, 2014-2023
Table 9 Total Number of Patents
6.7.2.1 Publication Trends Over Last Ten Years
Figure 22 Patents Granted Over Last Ten Years
6.7.3 Insights
6.7.4 Legal Status
Figure 23 Patent Analysis, by Legal Status
6.7.5 Jurisdiction Analysis
Figure 24 Regional Analysis of Patents Granted for Heat Transfer Fluids Market, 2023
6.7.6 Top Applicants
Figure 25 Top 10 Companies with Highest Number of Patents in Last Ten Years
Table 10 Major Patent Owners for Heat Transfer Fluids
6.7.7 Key Patents for Heat Transfer Fluids
Table 11 Heat Transfer Fluids Market: Major Patents
6.8 Trade Analysis
6.8.1 Import Scenario
Figure 26 Imports of Heat Transfer Fluids, by Country, 2020-2023 (Thousand USD)
6.8.2 Export Scenario
Figure 27 Exports of Heat Transfer Fluids, by Country, 2020-2023 (Thousand USD)
6.9 Key Conferences and Events in 2024-2025
Table 12 Heat Transfer Fluids Market: Key Conferences and Events, 2024-2025
6.10 Tariff and Regulatory Landscape
6.10.1 Tariff and Regulations Related to Heat Transfer Fluids
Table 13 Tariffs Related to Heat Transfer Fluids Market
6.10.2 Regulatory Bodies, Government Agencies, and Other Organizations
Table 14 North America: Regulatory Bodies, Government Agencies, and Other Organizations
Table 15 Europe: Regulatory Bodies, Government Agencies, and Other Organizations
Table 16 Asia-Pacific: Regulatory Bodies, Government Agencies, and Other Organizations
Table 17 Middle East & Africa: Regulatory Bodies, Government Agencies, and Other Organizations
Table 18 South America: Regulatory Bodies, Government Agencies, and Other Organizations
6.10.3 Regulations Related to Heat Transfer Fluids Market
Table 19 Regulations for Heat Transfer Fluids Market
6.11 Porter's Five Forces Analysis
Table 20 Impact of Porter's Five Forces on Heat Transfer Fluids Market
Figure 28 Porter's Five Forces Analysis: Heat Transfer Fluids Market
6.11.1 Threat of New Entrants
6.11.2 Threat of Substitutes
6.11.3 Bargaining Power of Suppliers
6.11.4 Bargaining Power of Buyers
6.11.5 Intensity of Competitive Rivalry
6.12 Key Stakeholders and Buying Criteria
6.12.1 Key Stakeholders in Buying Process
Figure 29 Influence of Stakeholders on Buying Process for Top Three End-use Industries
Table 21 Influence of Institutional Buyers on Buying Process for Top Three End-use Industries
6.12.2 Buying Criteria
Figure 30 Key Buying Criteria for End-use Industries
Table 22 Key Buying Criteria for End-use Industries
6.13 Macroeconomic Indicators
6.13.1 GDP Trends and Forecast of Major Economies
6.14 Case Study Analysis
6.14.1 Energy-Efficient Solution: Transforming Adhesive Manufacturing with Relatherm Heat Transfer Fluids
6.14.2 Enhancing Operational Reliability: Resitol's Transition to Eastman's Therminol Lt Synthetic Heat Transfer Fluid
6.14.3 Impact of Caldera 3 Htf from Isel in Food Processing Operations

7 Heat Transfer Fluids Market, by Product Type

7.1 Introduction
Figure 31 Mineral Oils to Lead Market During Forecast Period
Table 24 Heat Transfer Fluids Market, by Product Type, 2020-2023 (USD Million)
Table 25 Heat Transfer Fluids Market, by Product Type, 2024-2029 (USD Million)
Table 26 Heat Transfer Fluids Market, by Product Type, 2020-2023 (Kiloton)
Table 27 Heat Transfer Fluids Market, by Product Type, 2024-2029 (Kiloton)
7.2 Mineral Oils
7.2.1 Extensive Use for Industrial Applications Below 300°C to Drive Market
7.3 Synthetic Fluids
7.3.1 Growing Use in High-Temperature Applications to Drive Market
7.4 Glycol Based Fluids
7.4.1 Reduced Maintenance Costs due to Anti-Corrosive Additives to Drive Market
7.5 Other Product Types
7.5.1 Nanofluids
7.5.2 Ionic Liquids
7.5.3 Biobased Heat Transfer Fluids
7.5.4 Molten Salts

8 Heat Transfer Fluids Market, by End-use Industry

8.1 Introduction
Figure 32 Chemical & Petrochemicals to be Largest End-use Industry Segment of Heat Transfer Fluids Market
Table 28 Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 29 Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 30 Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 31 Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
8.2 Chemical & Petrochemicals
8.2.1 Growing Use in Chemical Plants due to Corrosion Resistance, Nontoxicity, and Low Volatility Properties to Drive Market
8.3 Oil & Gas
8.3.1 Use in Oil & Gas Plants to Reduce Vibrations in Transducers, Cables, and Control Valves to Drive Market
8.4 Automotive
8.4.1 Use of Htfs in Automobile Batteries, Compressors, and Motors for Efficient Heat Transfer
8.5 Renewable Energy
8.5.1 Growing Use in Csp Plants due to High Oxidation Resistance and Thermal Stability to Drive Market
8.6 Pharmaceuticals
8.6.1 Demand for Food-Grade Heat Transfer Fluids to Increase due to Thermal Stability and High Purity Requirements
8.7 Food & Beverages
8.7.1 Extensive Use as Substitute for Steam in Food Processing Plants to Drive Market
8.8 HVAC
8.8.1 Corrosion Resistance and Long-Term Stability to Increase Demand
8.9 Other End-use Industries
8.9.1 Electrical & Electronics
8.9.2 Aerospace

9 Heat Transfer Fluids Market, by Region

9.1 Introduction
Figure 33 Asia-Pacific to be Fastest-Growing Market During Forecast Period
Table 32 Heat Transfer Fluids Market, by Region, 2020-2023 (USD Million)
Table 33 Heat Transfer Fluids Market, by Region, 2024-2029 (USD Million)
Table 34 Heat Transfer Fluids Market, by Region, 2020-2023 (Kiloton)
Table 35 Heat Transfer Fluids Market, by Region, 2024-2029 (Kiloton)
9.2 Asia-Pacific
9.2.1 Impact of Recession on Asia-Pacific
Figure 34 Asia-Pacific: Heat Transfer Fluids Market Snapshot
Table 36 Asia-Pacific: Heat Transfer Fluids Market, by Country, 2020-2023 (USD Million)
Table 37 Asia-Pacific: Heat Transfer Fluids Market, by Country, 2024-2029 (USD Million)
Table 38 Asia-Pacific: Heat Transfer Fluids Market, by Country, 2020-2023 (Kiloton)
Table 39 Asia-Pacific: Heat Transfer Fluids Market, by Country, 2024-2029 (Kiloton)
Table 40 Asia-Pacific: Heat Transfer Fluids Market, by Product Type, 2020-2023 (USD Million)
Table 41 Asia-Pacific: Heat Transfer Fluids Market, by Product Type, 2024-2029 (USD Million)
Table 42 Asia-Pacific: Heat Transfer Fluids Market, by Product Type, 2020-2023 (Kiloton)
Table 43 Asia-Pacific: Heat Transfer Fluids Market, by Product Type, 2024-2029 (Kiloton)
Table 44 Asia-Pacific: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 45 Asia-Pacific: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 46 Asia-Pacific: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 47 Asia-Pacific: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.2.2 China
9.2.2.1 Thriving Chemical and Automotive Sectors to Drive Market
Table 48 China: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 49 China: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 50 China: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 51 China: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.2.3 Japan
9.2.3.1 Automotive Sector to Drive Demand
Table 52 Japan: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 53 Japan: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 54 Japan: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 55 Japan: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.2.4 India
9.2.4.1 Growing Petrochemical and Automotive Industries Coupled with Extensive Government Initiatives for Renewable Energy to Drive Market
Table 56 India: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 57 India: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 58 India: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 59 India: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.2.5 South Korea
9.2.5.1 Technological Prowess, Commitment to Technology, and Thriving Automotive and Chemical Sectors to Drive Market
Table 60 South Korea: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 61 South Korea: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 62 South Korea: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 63 South Korea: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.2.6 Rest of Asia-Pacific
Table 64 Rest of Asia-Pacific: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 65 Rest of Asia-Pacific: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 66 Rest of Asia-Pacific: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 67 Rest of Asia-Pacific: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.3 North America
9.3.1 Impact of Recession in North America
Figure 35 North America: Heat Transfer Fluids Market Snapshot
Table 68 North America: Heat Transfer Fluids Market, by Country, 2020-2023 (USD Million)
Table 69 North America: Heat Transfer Fluids Market, by Country, 2024-2029 (USD Million)
Table 70 North America: Heat Transfer Fluids Market, by Country, 2020-2023 (Kiloton)
Table 71 North America: Heat Transfer Fluids Market, by Country, 2024-2029 (Kiloton)
Table 72 North America: Heat Transfer Fluids Market, by Product Type, 2020-2023 (USD Million)
Table 73 North America: Heat Transfer Fluids Market, by Product Type, 2024-2029 (USD Million)
Table 74 North America: Heat Transfer Fluids Market, by Product Type, 2020-2023 (Kiloton)
Table 75 North America: Heat Transfer Fluids Market, by Product Type, 2024-2029 (Kiloton)
Table 76 North America: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 77 North America: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 78 North America: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 79 North America: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.3.2 US
9.3.2.1 Robust Chemical & Petrochemical Industry and Increasing Demand for Renewable Energy to Derive Market
Table 80 US: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 81 US: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 82 US: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 83 US: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.3.3 Canada
9.3.3.1 Supportive Industrial Ecosystems and Focus on High Reliability Solutions to Drive Demand
Table 84 Canada: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 85 Canada: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 86 Canada: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 87 Canada: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.3.4 Mexico
9.3.4.1 Thriving Petrochemical and Automotive Manufacturing Sectors to Drive Demand
Table 88 Mexico: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 89 Mexico: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 90 Mexico: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 91 Mexico: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.4 Europe
9.4.1 Recession Impact
Figure 36 Europe: Heat Transfer Fluids Market Snapshot
Table 92 Europe: Heat Transfer Fluids Market, by Country, 2020-2023 (USD Million)
Table 93 Europe: Heat Transfer Fluids Market, by Country, 2024-2029 (USD Million)
Table 94 Europe: Heat Transfer Fluids Market, by Country, 2020-2023 (Kiloton)
Table 95 Europe: Heat Transfer Fluids Market, by Country, 2024-2029 (Kiloton)
Table 96 Europe: Heat Transfer Fluids Market, by Product Type, 2020-2023 (USD Million)
Table 97 Europe: Heat Transfer Fluids Market, by Product Type, 2024-2029 (USD Million)
Table 98 Europe: Heat Transfer Fluids Market, by Product Type, 2020-2023 (Kiloton)
Table 99 Europe: Heat Transfer Fluids Market, by Product Type, 2024-2029 (Kiloton)
Table 100 Europe: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 101 Europe: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 102 Europe: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 103 Europe: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.4.2 Germany
9.4.2.1 Strong Manufacturing Sector to Drive Growth
Table 104 Germany: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 105 Germany: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 106 Germany: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 107 Germany: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.4.3 Italy
9.4.3.1 Established Manufacturing and Food & Beverages Sectors to Drive Market
Table 108 Italy: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 109 Italy: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 110 Italy: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 111 Italy: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.4.4 France
9.4.4.1 Thriving Manufacturing Sector Coupled with Technological & Sustainability Initiatives to Drive Market
Table 112 France: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 113 France: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 114 France: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 115 France: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.4.5 UK
9.4.5.1 Focus on Renewable Energy Sector and Commitment to Circular Economy Drive Market
Table 116 UK: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 117 UK: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 118 UK: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 119 UK: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.4.6 Spain
9.4.6.1 Government Initiatives for Renewable Energy Sector to Drive Demand
Table 120 Spain: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 121 Spain: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 122 Spain: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 123 Spain: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.4.6.2 Rest of Europe
Table 124 Rest of Europe: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 125 Rest of Europe: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 126 Rest of Europe: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 127 Rest of Europe: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.5 Middle East & Africa
9.5.1 Impact of Recession on Middle East & Africa
Table 128 Middle East & Africa: Heat Transfer Fluids Market, by Country, 2020-2023 (USD Million)
Table 129 Middle East & Africa: Heat Transfer Fluids Market, by Country, 2024-2029 (USD Million)
Table 130 Middle East & Africa: Heat Transfer Fluids Market, by Country, 2020-2023 (Kiloton)
Table 131 Middle East & Africa: Heat Transfer Fluids Market, by Country, 2024-2029 (Kiloton)
Table 132 Middle East & Africa: Heat Transfer Fluids Market, by Product Type, 2020-2023 (USD Million)
Table 133 Middle East & Africa: Heat Transfer Fluids Market, by Product Type, 2024-2029 (USD Million)
Table 134 Middle East & Africa: Heat Transfer Fluids Market, by Product Type, 2020-2023 (Kiloton)
Table 135 Middle East & Africa: Heat Transfer Fluids Market, by Product Type, 2024-2029 (Kiloton)
Table 136 Middle East & Africa: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 137 Middle East & Africa: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 138 Middle East & Africa: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 139 Middle East & Africa: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.5.2 UAE
9.5.2.1 Government Initiatives and Strategic Diversification to Drive Demand
Table 140 UAE: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 141 UAE: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 142 UAE: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 143 UAE: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.5.3 Saudi Arabia
9.5.3.1 Government Commitment to Economic Diversification to Drive Demand
Table 144 Saudi Arabia: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 145 Saudi Arabia: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 146 Saudi Arabia: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 147 Saudi Arabia: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.5.4 Rest of GCC Countries
Table 148 Rest of GCC: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 149 Rest of GCC: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 150 Rest of GCC: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 151 Rest of GCC: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.5.5 South Africa
9.5.5.1 Burgeoning Industrial Sector and Government Schemes to Drive Market
Table 152 South Africa: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 153 South Africa: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 154 South Africa: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 155 South Africa: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.5.6 Rest of Middle East & Africa
Table 156 Rest of Middle East & Africa: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 157 Rest of Middle East & Africa: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 158 Rest of Middle East & Africa: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 159 Rest of Middle East & Africa: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.6 South America
9.6.1 Impact of Recession on South America
Table 160 South America: Heat Transfer Fluids Market, by Country, 2020-2023 (USD Million)
Table 161 South America: Heat Transfer Fluids Market, by Country, 2024-2029 (USD Million)
Table 162 South America: Heat Transfer Fluids Market, by Country, 2020-2023 (Kiloton)
Table 163 South America: Heat Transfer Fluids Market, by Country, 2024-2029 (Kiloton)
Table 164 South America: Heat Transfer Fluids Market, by Product Type, 2020-2023 (USD Million)
Table 165 South America: Heat Transfer Fluids Market, by Product Type, 2024-2029 (USD Million)
Table 166 South America: Heat Transfer Fluids Market, by Product Type, 2020-2023 (Kiloton)
Table 167 South America: Heat Transfer Fluids Market, by Product Type, 2024-2029 (Kiloton)
Table 168 South America: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 169 South America: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 170 South America: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 171 South America: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.6.2 Argentina
9.6.2.1 Manufacturing Sector and Government Initiatives to Drive Demand
Table 172 Argentina: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 173 Argentina: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 174 Argentina: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 175 Argentina: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.6.3 Brazil
9.6.3.1 Diverse Industrial Landscape to Drive Market
Table 176 Brazil: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 177 Brazil: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 178 Brazil: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 179 Brazil: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)
9.6.4 Rest of South America
Table 180 Rest of South America: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (USD Million)
Table 181 Rest of South America: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (USD Million)
Table 182 Rest of South America: Heat Transfer Fluids Market, by End-use Industry, 2020-2023 (Kiloton)
Table 183 Rest of South America: Heat Transfer Fluids Market, by End-use Industry, 2024-2029 (Kiloton)

10 Competitive Landscape

10.1 Introduction
10.2 Key Player Strategies/Right to Win
Table 184 Overview of Strategies Adopted by Key Heat Transfer Fluid Manufacturers
10.3 Market Share Analysis
10.3.1 Ranking of Key Market Players, 2023
Figure 37 Ranking of Top Five Players in Heat Transfer Fluids Market, 2023
10.3.2 Market Share of Key Players
Table 185 Heat Transfer Fluids Market: Degree of Competition
Figure 38 Heat Transfer Fluids Market: Share of Key Players
10.4 Revenue Analysis
Figure 39 Revenue Analysis of Key Players, 2020-2024
10.5 Brand/Product Comparative Analysis
Figure 40 Brand/Product Comparative Analysis, by Segment
10.6 Company Evaluation Matrix, 2023
10.6.1 Stars
10.6.2 Emerging Leaders
10.6.3 Pervasive Players
10.6.4 Participants
Figure 41 Heat Transfer Fluids Market: Company Evaluation Matrix, 2023
10.6.5 Company Footprint
Figure 42 Heat Transfer Fluids Market: Company Overall Footprint
Table 186 Company Product Type Footprint (11 Companies)
Table 187 Company End-use Industry Footprint (11 Companies)
Table 188 Company Region Footprint (11 Companies)
10.7 Company Evaluation Matrix, Startups/SMEs, 2023
10.7.1 Progressive Companies
10.7.2 Responsive Companies
10.7.3 Dynamic Companies
10.7.4 Starting Blocks
Figure 43 Heat Transfer Fluids Market: Company Evaluation Matrix, Start-Ups/SMEs, 2023
10.7.5 Competitive Benchmarking
10.7.5.1 Detailed List of Key Start-Ups/SMEs
Table 189 Heat Transfer Fluids Market: Detailed List of Key Start-Ups/SMEs
Table 190 Heat Transfer Fluids Market: Competitive Benchmarking of Key Startups/SMEs
10.7.6 Valuation and Financial Metrics of Key Heat Transfer Fluids Vendors
Figure 44 EV/Ebitda of Key Vendors
Figure 45 Year-To-Date (Ytd) Price Total Return
10.8 Competitive Scenario and Trends
10.8.1 Product Launches
Table 191 Heat Transfer Fluids Market: Product Launches, January 2018-April 2024
10.8.2 Deals
Table 192 Heat Transfer Fluids Market: Deals, January 2019-April 2024
10.8.3 Expansions
Table 193 Heat Transfer Fluids Market: Expansions, January 2019-April 2024

11 Company Profiles

(Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View, Key Strengths, Strategic Choices, Weaknesses and Competitive Threats) *
11.1 Key Players
11.1.1 Dow
Table 194 Dow: Company Overview
Figure 46 Dow: Company Snapshot
Table 195 Dow: Product Offerings
Table 196 Dow: Product Launches
11.1.2 Eastman Chemical Company
Table 197 Eastman Chemical Company: Company Overview
Figure 47 Eastman Chemical Company: Company Snapshot
Table 198 Eastman Chemical Company: Product Offerings
Table 199 Eastman Chemical Company: Product Launches, January 2019-April 2024
Table 200 Eastman Chemical Company: Deals, January 2019-April 2024
Table 201 Eastman Chemical Company: Expansions, January 2019-April 2024
11.1.3 ExxonMobil
Table 202 ExxonMobil: Company Overview
Figure 48 ExxonMobil: Company Snapshot
Table 203 ExxonMobil: Product Offerings
11.1.4 Chevron Corporation
Table 204 Chevron Corporation: Company Overview
Figure 49 Chevron Corporation: Company Snapshot
Table 205 Chevron Corporation: Product Offerings
Table 206 Chevron Corporation: Deals, January 2019-April 2024
11.1.5 Huntsman Corporation
Table 207 Huntsman Corporation: Company Overview
Figure 50 Huntsman Corporation: Company Snapshot
Table 208 Huntsman Corporation: Product Offerings
11.1.6 Shell PLC
Table 209 Shell PLC: Company Overview
Figure 51 Shell PLC: Company Snapshot
Table 210 Shell PLC: Product Offerings
Table 211 Shell PLC: Deals, January 2019-April 2024
11.1.7 Lanxess
Table 212 Lanxess: Company Overview
Figure 52 Lanxess: Company Snapshot
Table 213 Lanxess: Product Offerings
11.1.8 Clariant
Table 214 Clariant: Company Overview
Figure 53 Clariant: Company Snapshot
Table 215 Clariant: Product Offerings
11.1.9 Wacker Chemie AG
Table 216 Wacker Chemie AG: Company Overview
Figure 54 Wacker Chemie AG: Company Snapshot
Table 217 Wacker Chemie AG: Product Offerings
11.1.10 Indian Oil Corporation Ltd.
Table 218 Indian Oil Corporation Ltd.: Company Overview
Figure 55 Indian Oil Corporation Ltd.: Company Snapshot
Table 219 Indian Oil Corporation Ltd.: Product Offerings
11.1.11 Schultz Canada Chemicals Ltd.
Table 220 Schultz Canada Chemicals Ltd.: Company Overview
Table 221 Schultz Canada Chemicals Ltd.: Product Offerings
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View, Key Strengths, Strategic Choices, Weaknesses and Competitive Threats Might Not be Captured in Case of Unlisted Companies
11.2 Other Players
11.2.1 Paratherm
Table 222 Paratherm: Company Overview
11.2.2 Arkema
Table 223 Arkema: Company Overview
11.2.3 BASF SE
Table 224 BASF SE: Company Overview
11.2.4 Dalian Richfortune Chemicals
Table 225 Dalian Richfortune Chemicals: Company Overview
11.2.5 British Petroleum
Table 226 British Petroleum: Company Overview
11.2.6 Dupont Tate & Lyle Bioproducts Company LLC
Table 227 Dupont Tate & Lyle Bioproducts Company LLC: Company Overview
11.2.7 Dynalene
Table 228 Dynalene: Company Overview
11.2.8 Hindustan Petroleum Corporation Limited
Table 229 Hindustan Petroleum Corporation Limited: Company Overview
11.2.9 Global Heat Transfer Ltd.
Table 230 Global Heat Transfer Ltd.: Company Overview
11.2.10 Isel
Table 231 Isel: Company Overview
11.2.11 Paras Lubricants Ltd.
Table 232 Paras Lubricants Ltd.: Company Overview
11.2.12 Petro-Canada Lubricants, Inc.
Table 233 Petro-Canada Lubricants, Inc.: Company Overview
11.2.13 Phillips 66 Company
Table 234 Phillips 66 Company: Company Overview
11.2.14 Radco Industries, Inc.
Table 235 Radco Industries, Nc.: Company Overview
11.2.15 Schaeffer Specialized Lubricants
Table 236 Schaeffer Specialized Lubricants: Company Overview

12 Appendix

12.1 Discussion Guide
12.2 Knowledgestore: The Subscription Portal
12.3 Customization Options

Companies Mentioned

Dow
Eastman Chemical Company
ExxonMobil
Chevron Corporation
Huntsman Corporation
Shell PLC
Lanxess
Clariant
Wacker Chemie AG
Indian Oil Corporation Ltd.
Schultz Canada Chemicals Ltd.
Paratherm
Arkema
BASF SE
Dalian Richfortune Chemicals
British Petroleum
Dupont Tate & Lyle Bioproducts Company LLC
Dynalene
Hindustan Petroleum Corporation Limited
Global Heat Transfer Ltd.
Isel
Paras Lubricants Ltd.
Petro-Canada Lubricants, Inc.
Phillips 66 Company
Radco Industries, Inc.
Schaeffer Specialized Lubricants

Methodology

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Table Information

Report Attribute	Details
No. of Pages	244
Published	May 2024
Forecast Period	2024 - 2029
Estimated Market Value ( USD ) in 2024	$ 4.3 Billion
Forecasted Market Value ( USD ) by 2029	$ 5.4 Billion
Compound Annual Growth Rate	4.9%
Regions Covered	Global
No. of Companies Mentioned	26

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Heat Transfer Fluids Market by Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids), End-use Industry (Chemical & Petrochemicals, Oil & Gas, Automotive, Food & Beverages, Pharmaceuticals, HVAC, Renewable Energy) - Forecast to 2029

Synthetic Fluids, by product type, accounts for the second-largest market share in 2023.

Renewable energy is expected to be the fastest growing end-use industry for heat transfer fluids market during the forecast period, in terms of value.

Based on region, Europe was the second largest market for heat transfer fluids in 2023.

Research Coverage

Key benefits of buying this report

The report provides insights on the following pointers:

Table of Contents

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Table Information

Synthetic Fluids, by product type, accounts for the second-largest market share in 2023.

Renewable energy is expected to be the fastest growing end-use industry for heat transfer fluids market during the forecast period, in terms of value.

Based on region, Europe was the second largest market for heat transfer fluids in 2023.

Research Coverage

Key benefits of buying this report

The report provides insights on the following pointers:

Table of Contents

Companies Mentioned

Methodology

Table Information

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About the Heat Transfer Fluid Market