Heat Transfer Fluids Market

Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical, Food & Beverage, HVACR, and Others) - Global Forecast to 2025

Report Code: CH 2592 Aug, 2020, by marketsandmarkets.com

[158 Pages Report] The global heat transfer fluids (HTFs) market size is expected to grow from USD 3.1 billion in 2020 to USD 4.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period. This high growth is due to the increasing awareness regarding energy conservation and high demand in chemical, oil & gas, and renewable energy end-use industries. 

COVID-19 Impact on the Global HTFs market

The outbreak of novel coronavirus (COVID-19) pandemic has affected people in more than 100 countries across the globe. According to the International Monetary Fund (IMF), the global economy is expected to shrink by 3.0% in 2020. According to IMF, the pandemic has forced the global economy into the worst ever recession since the Great Depression of the 1930s. Many countries are under strict lockdown, which has forced several sectors to shut down their operations. Due to lockdown, manufacturing activities are at a halt, and this has reduced the demand for HTFs. In the second half of 2020, some countries have started to lift restrictions and gradually start business operations in various sectors. Even if the lockdown is being lifted, it will be challenging for the manufacturing sector to get back to normal working conditions. This will subsequently affect the HTFs market 

Global Heat Transfer Fluids Market Trend

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HTFs Market Dynamics

Driver: Improved performance of HTFs

HTFs have better heat transfer properties than petroleum oils of comparable viscosity. They have exceptional thermal and oxidation stability and are widely used in open vented heat transfer systems, chemical processing equipment, laminating and calendaring rolls, molds, and dyes in the rubber and plastic industries, die-cast zinc, and aluminum alloys. The use of thermal HTFs leads to an increase in production volume, improved product quality, and low maintenance. Along with the reduction of operating costs, thermal HTFs minimize the consumption of energy in processing industries 

Restrain: Fire and explosion hazards

Various high-temperature applications in chemical processing, such as plastic processing, metal processing, and production of specialty chemicals, demand organic fluids, which have a risk of forming explosive conditions. These fluids operate above the flashpoint of thermal fluids that fall under “Dangerous Substances and Explosive Atmosphere” Regulations 2002 (DSEAR). Moreover, fluids such as mineral oils degrade over time. This degradation decreases the flashpoint of these fluids, making them flammable. Fluids form explosive mist atmospheres under pressure and also below the flashpoint. Thus, explosion hazards posed by HTFs are restraining the market growth 

Opportunity: Increasing need for energy conservation

The need for energy conservation is increasing tremendously due to energy scarcity and environmental safety regulations. This has led to the adoption of energy transfer devices, such as heat exchangers and heat pumps. For efficient use of energy, the management of heat in industrial and residential applications is very important. HTFs will play a vital role in providing effective solutions to utilize heat in a more productive manner in various applications. For instance, propylene glycol-based HTFs provide good performance in medium temperature secondary loop refrigeration and have significantly improved energy efficiency, lowered refrigerant costs, and reduced maintenance by as much as 50%.

Challenge: Volatility in raw material prices

Volatility in raw material prices of HTFs is one of the major challenges for manufacturers. Raw materials used in HTFs include phenol, benzene, glycol, and other materials. The rise or fall in crude oil prices has a direct impact on the price movements of raw materials required for HTFs. Manufacturers have to cope with high and volatile raw material costs, which reduce their profit margins. This scenario has compelled market players to enhance the efficiency and productivity of their operations to sustain growth and retain market share.

By type, mineral oils segment accounts for the largest volume market size during the forecast period

Mineral oils are the largest type of heat transfer fluids due to its high demand in chemical processing and petrochemical end-use industries. It is preferred over other types due to its low price. They are preferably used in APAC and Middle East & Africa regions, where the focus is on the usage of low-cost products. Synthetic fluid is the fastest-growing segment for HTFs, owing to the enhanced lubricity and high thermal stability offered by them. 

Renewable energy end-use industry is projected to have the fastest growth during the forecast period

Investments in Concentrated Solar Power (CSP), windmills, and bio-based energy production sectors, and the renewable energy sector is growing across the world. The renewable energy end-use industry will have the fastest growth in the HTFs market compared to other end-use industries. On the contrary, the chemical end-use industry is expected to account for the larger market size during the forecast period. Global demand for chemicals is increasing due to an increase in population, industrialization, and urbanization. This growth of the chemical industry is further driving the growth of the HTFs market.

Heat Transfer Fluids Market By Region

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APAC is expected to account for the largest market size during the forecast period

Based on region, the HTFs market has been segmented into APAC, Europe, North America, the Middle East & Africa, and South America. APAC HTFs market is the largest and fastest-growing market, owing to the increasing investments in the automotive industry, chemical manufacturing units, and the renewable energy sector in this region. The rising consumer purchasing power has propelled the rise of these industries in this region. Moreover, countries such as China and India are growing at high rates. These factors are expected to lead to increasing demand for HTFs in the region during the forecast period. 

Key Market Players

The major vendors in the HTFs market are The Dow Chemical Company (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron (US), Huntsman Corporation (US), Royal Dutch Shell (Netherlands), LANXESS (Germany), Paratherm (US), Clariant (Switzerland), Schultz Canada Chemicals (Canada), Arkema (France), BASF (Germany), British Petroleum (UK), Dalian Richfortune Chemicals Ltd. (China), DuPont Tate & Lyle (UK), Dynalene (US), Global Heat Transfer (UK), Hindustan Petroleum Corporation (India), Indian Oil Corporation (India), Isel (US), Paras Lubricants Limited (India), Petro-Canada (Canada), Phillips 66 (US), Radco Industries (US), Sasol (South Africa), Schaeffer Specialized Lubricants (US), and Solvay (Belgium).

The Dow Chemical Company (US) is a leading heat transfer fluid manufacturer. It is mainly focusing on low-cost production to serve emerging markets worldwide. The development of new products, along with investment & expansion, was a key strategy to penetrate the global HTFs market for the company. Chevron’s (US) global operations and regional brand identity have provided it a competitive edge in the market and opportunities to increase its revenues. Expansion of its downstream operation units with respect to the HTFs segment might enhance its global presence and help it meet the growing demand of the market. 

Scope of the Report:

Report Metric

Details

Market size available for years

2018-2025

Base year considered

2019

Forecast period

2020-2025

Forecast units

Value(USD) and Volume(KT)

Segments covered

Type, End-use Industry, and Region

Geographies covered

North America, APAC, Europe, South America, and Middle East & Africa

Companies covered

The Dow Chemical Company (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron (US), Huntsman Corporation (US).
Total 27 major players covered.

 

This research report categorizes the HTFs market based on type, end-use industry, and region.

Based on Type:

  • Mineral Oils
  • Synthetic Fluids
  • Glycols
  • Others (molten salts, nanofluids, ionic fluids, hydrocarbons, and fluorinated fluids) 

Based on End-use industry:

  • Chemical
  • Oil & Gas
  • Food & Beverage
  • Pharmaceuticals
  • Renewable Energy
  • Automotive
  • HVAC & Refrigeration
  • Others (electronics and aerospace) 

Based on Region:

  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • South America 

Recent Developments

  • In April 2019, Eastman acquired the Marlotherm HTFs manufacturing assets located in Germany from Sasol (South Africa), a global chemical and energy company. This acquisition helped the company to expand its heat transfer product offerings to customers around the globe.
  • In August 2017, ExxonMobil acquired Jurong Aromatics Corporation (Singapore), which is one of the world’s largest aromatics plants. This acquisition helped to strengthen the production and logistics of ExxonMobil and ensure synergy in the HTFs market.
  • In October 2016, Clariant introduced a new heat transfer fluid for solar thermal systems, Antrifrogen SOLAR. It is propylene glycol-based liquid heat transfer fluid that is specially developed for flat plate collectors and heat pipe systems. This product helped the company to strengthen its product portfolio.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 24)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
    1.3 MARKET SCOPE
           1.3.1 MARKET SEGMENTATION
           1.3.2 REGIONS COVERED
           1.3.3 YEARS CONSIDERED FOR THE STUDY
    1.4 CURRENCY
    1.5 UNIT CONSIDERED
    1.6 LIMITATIONS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 28)
    2.1 RESEARCH DATA
        FIGURE 1 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 Key industry insights
                    2.1.2.3 Breakdown of primary interviews
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                 FIGURE 2 HEAT TRANSFER FLUIDS MARKET: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                 FIGURE 3 HEAT TRANSFER FLUIDS MARKET: TOP-DOWN APPROACH
    2.3 DATA TRIANGULATION
        FIGURE 4 HEAT TRANSFER FLUIDS MARKET: DATA TRIANGULATION
           2.3.1 HEAT TRANSFER FLUIDS MARKET ANALYSIS THROUGH PRIMARY INTERVIEWS
              FIGURE 5 HEAT TRANSFER FLUIDS MARKET ANALYSIS THROUGH SECONDARY INTERVIEWS
    2.4 LIMITATIONS
    2.5 ASSUMPTIONS

3 EXECUTIVE SUMMARY (Page No. - 35)
  FIGURE 6 SYNTHETIC FLUIDS SEGMENT DOMINATED THE MARKET IN 2019
  FIGURE 7 CHEMICAL END-USE INDUSTRY TO LEAD THE MARKET
  FIGURE 8 APAC ACCOUNTED FOR LARGEST MARKET SHARE IN 2019

4 PREMIUM INSIGHTS (Page No. - 38)
    4.1 ATTRACTIVE OPPORTUNITIES IN HEAT TRANSFER FLUIDS MARKET
        FIGURE 9 HIGH GROWTH PROJECTED IN THE MARKET DURING FORECAST PERIOD
    4.2 HEAT TRANSFER FLUIDS MARKET, BY TYPE
        FIGURE 10 SYNTHETIC FLUIDS TO BE FASTEST-GROWING SEGMENT BY 2025
    4.3 HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY
        FIGURE 11 CHEMICAL TO BE THE LARGEST END-USE INDUSTRY OF HEAT TRANSFER FLUIDS
    4.4 HEAT TRANSFER FLUIDS MARKET, BY KEY COUNTRIES
        FIGURE 12 INDIA TO REGISTER HIGHEST CAGR IN GLOBAL MARKET
    4.5 APAC HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY AND COUNTRY, 2019
        FIGURE 13 CHEMICAL SEGMENT AND CHINA ACCOUNTED FOR LARGEST SHARES

5 MARKET OVERVIEW (Page No. - 41)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
        FIGURE 14 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN HEAT TRANSFER FLUIDS MARKET
           5.2.1 DRIVERS
                    5.2.1.1 Growth of global CSP industry
                    5.2.1.2 Improved performance of HTFs
           5.2.2 RESTRAINTS
                    5.2.2.1 Fire and explosion hazards
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing need for energy conservation
                    5.2.3.2 High growth potential of bio-based HTFs
           5.2.4 CHALLENGES
                    5.2.4.1 Volatility in raw material prices
    5.3 IMPACT OF GLOBAL COVID-19 PANDEMIC ON HEAT TRANSFER FLUIDS MARKET
    5.4 AVERAGE SELLING PRICE ANALYSIS
    5.5 VALUE CHAIN ANALYSIS
    5.6 PORTER'S FIVE FORCES ANALYSIS
        FIGURE 15 PORTER'S FIVE FORCES ANALYSIS OF HEAT TRANSFER FLUIDS MARKET
           5.6.1 THREAT OF SUBSTITUTES
           5.6.2 BARGAINING POWER OF SUPPLIERS
           5.6.3 THREAT OF NEW ENTRANTS
           5.6.4 BARGAINING POWER OF BUYERS
           5.6.5 INTENSITY OF COMPETITIVE RIVALRY
    5.7 MACROECONOMIC INDICATORS
           5.7.1 GLOBAL GDP TRENDS AND FORECASTS
                 TABLE 1 PROJECTED GDP PERCENTAGE CHANGE OF KEY COUNTRIES, 2020-2024
           5.7.2 TRENDS OF RENEWABLE ENERGY INDUSTRY
                 FIGURE 16 SHARE OF RENEWABLE ENERGY IN GLOBAL ELECTRICITY PRODUCTION
                 TABLE 2 UPCOMING RENEWABLE ENERGY PLANTS

6 HEAT TRANSFER FLUIDS MARKET, BY TYPE (Page No. - 51)
    6.1 INTRODUCTION
        FIGURE 17 SYNTHETIC FLUIDS TO BE LARGEST TYPE OF HEAT TRANSFER FLUIDS
        TABLE 3 HEAT TRANSFER FLUIDS MARKET SIZE, BY TYPE, 2018-2025 (KILOTON)
        TABLE 4 HEAT TRANSFER FLUIDS MARKET SIZE, BY TYPE, 2018-2025 (USD MILLION)
    6.2 MINERAL OILS
           6.2.1 MOST WIDELY USED TYPE OF HEAT TRANSFER FLUIDS
    6.3 SYNTHETIC FLUIDS
           6.3.1 CHEMICAL/SYNTHETIC AROMATICS
                    6.3.1.1 CHEMICAL/SYNTHETIC AROMATICS HAVE EXTENDED SERVICE LIFE
           6.3.2 SYNTHETICS (PAOS AND SILICONES)
                    6.3.2.1 COMMONLY USED IN SYNTHETIC BASE OIL
    6.4 GLYCOLS
           6.4.1 EXHIBIT HIGH THERMAL EFFICIENCY AND DURABILITY FOR INDUSTRIAL APPLICATIONS
    6.5 OTHERS
           6.5.1 NANOFLUIDS
           6.5.2 IONIC FLUIDS
           6.5.3 BIO-BASED HEAT TRANSFER FLUIDS
           6.5.4 HYDROCARBONS
           6.5.5 FLUORINATED FLUIDS

7 MOLTEN SALTS (Page No. - 56)
    7.1 INTRODUCTION
           7.1.1 PHYSICAL PROPERTIES
                 TABLE 5 PHYSICAL PROPERTIES OF MOLTEN SALTS
           7.1.2 THERMODYNAMIC PROPERTIES
                 TABLE 6 THERMODYNAMIC PROPERTIES OF MOLTEN SALTS
           7.1.3 MIXTURE OF MOLTEN SALTS
           7.1.4 VALUE-CHAIN ANALYSIS
                 FIGURE 18 OVERVIEW OF MOLTEN SALTS VALUE CHAIN
                    7.1.4.1 Raw material suppliers
                    7.1.4.2 Manufacturers
                    7.1.4.3 Distributors/EPC contractors/maintenance agencies
                    7.1.4.4 End users
    7.2 CHARACTERISTICS OF MOLTEN SALTS
           7.2.1 BENEFITS OF MOLTEN SALTS
           7.2.2 PROBLEMS ASSOCIATED WITH MOLTEN SALTS
    7.3 COST OF MOLTEN SALTS
           7.3.1 PRICE COMPARISON OF DIFFERENT TYPES OF HEAT TRANSFER FLUIDS
    7.4 APPLICATIONS OF MOLTEN SALTS
           7.4.1 RENEWABLE ENERGY
           7.4.2 VULCANIZATION
           7.4.3 GALVANIZING
           7.4.4 PYROPROCESSING
           7.4.5 CARBURIZING
           7.4.6 MOLTEN SALT (PYROPROCESSING) OF NON-FERROUS METALS
           7.4.7 MOLTEN SALT ELECTROLYTICS - FUEL CELLS
           7.4.8 MOLTEN SALT OXIDATION (MSO) - COAL GASIFICATION
           7.4.9 MOLTEN SALT OXIDATION (MSO) - CHEMICAL WEAPONS
           7.4.10 MOLTEN SALT REACTOR (MSR) - A TYPE OF NUCLEAR REACTOR
    7.5 COMPANIES IN THE MARKET
           7.5.1 YARA INTERNATIONAL
                    7.5.1.1 Business overview
                            FIGURE 19 YARA INTERNATIONAL: COMPANY SNAPSHOT
                    7.5.1.2 Products offered
           7.5.2 SQM
                    7.5.2.1 Business overview
                            FIGURE 20 SQM: COMPANY SNAPSHOT
                    7.5.2.2 Products offered
           7.5.3 BASF
                    7.5.3.1 Business overview
                            FIGURE 21 BASF: COMPANY SNAPSHOT
                    7.5.3.2 Products offered
           7.5.4 ENESOON
                    7.5.4.1 Business overview
                    7.5.4.2 Products offered
           7.5.5 DYNALENE
                    7.5.5.1 Business overview
                    7.5.5.2 Products offered
           7.5.6 SHANXI KNLAN CHEMICAL
                    7.5.6.1 Business overview
                    7.5.6.2 Products offered
           7.5.7 XIAXIAN YUNLI CHEMICAL
                    7.5.7.1 Business overview
                    7.5.7.2 Products offered
           7.5.8 ZHEJIANG LIANDA CHEMICAL
                    7.5.8.1 Business overview
                    7.5.8.2 Products offered
           7.5.9 DUBOIS CHEMICALS
                    7.5.9.1 Business overview
                    7.5.9.2 Products offered
           7.5.10 COMPETITIVE LANDSCAPE OF MOLTEN SALTS MARKET
    7.6 POWER GENERATION THROUGH CSP
           7.6.1 USE OF MOLTEN SALTS
           7.6.2 PROBLEMS ASSOCIATED WITH MOLTEN SALT IN CSP TECHNOLOGY
           7.6.3 WORKING OF SOLAR TOWER TECHNOLOGY PLANT
                    7.6.3.1 Without molten salt storage tank
                    7.6.3.2 With molten salt storage tank

8 HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY (Page No. - 71)
    8.1 INTRODUCTION
        FIGURE 22 CHEMICAL TO BE LARGEST END-USE INDUSTRY OF HEAT TRANSFER FLUIDS
        TABLE 7 HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (KILOTON)
        TABLE 8 HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD MILLION)
    8.2 CHEMICAL
           8.2.1 WASTE HEAT RECOVERY
                    8.2.1.1 A valuable energy source
           8.2.2 PLASTIC PROCESSING
                    8.2.2.1 Heat transfer fluids used for temperature control
                            TABLE 9 HEAT TRANSFER FLUIDS MARKET SIZE IN CHEMICAL, BY REGION, 2018-2025 (TON)
                            TABLE 10 HEAT TRANSFER FLUIDS MARKET SIZE IN CHEMICAL, BY REGION, 2018-2025 (USD THOUSAND)
    8.3 OIL & GAS
           8.3.1 ONE OF THE MAJOR END-USE INDUSTRIES
                 TABLE 11 HEAT TRANSFER FLUIDS MARKET SIZE IN OIL & GAS, BY REGION, 2018-2025 (TON)
                 TABLE 12 HEAT TRANSFER FLUIDS MARKET SIZE IN OIL & GAS, BY REGION, 2018-2025 (USD THOUSAND)
    8.4 AUTOMOTIVE
           8.4.1 LUBRICATION, ANTI-FREEZE, AND COOLING ARE THE MAJOR APPLICATIONS
                 TABLE 13 HEAT TRANSFER FLUIDS MARKET SIZE IN AUTOMOTIVE, BY REGION, 2018-2025 (TON)
                 TABLE 14 HEAT TRANSFER FLUIDS MARKET SIZE IN AUTOMOTIVE, BY REGION, 2018-2025 (USD THOUSAND)
    8.5 RENEWABLE ENERGY
           8.5.1 CSP
                    8.5.1.1 Biodiesel production
                              8.5.1.1.1 Heat transfer fluids help in achieving high-temperature stability
                    8.5.1.2 Wind Turbine
                              8.5.1.2.1 Heat transfer fluids store energy, transfer heat, and provide cooling
                    8.5.1.3 Geothermal
                              8.5.1.3.1 Geothermal plants mostly utilize glycol-based heat transfer fluids
                                        TABLE 15 HEAT TRANSFER FLUIDS MARKET SIZE IN RENEWABLE ENERGY, BY REGION, 2018-2025 (TON)
                                        TABLE 16 HEAT TRANSFER FLUIDS MARKET SIZE IN RENEWABLE ENERGY, BY REGION, 2018-2025 (USD THOUSAND)
    8.6 PHARMACEUTICAL
           8.6.1 WIDE TEMPERATURE RANGE OF HEAT TRANSFER FLUIDS USEFUL IN THIS INDUSTRY
                 TABLE 17 HEAT TRANSFER FLUIDS MARKET SIZE IN PHARMACEUTICAL, BY REGION, 2018-2025 (TON)
                 TABLE 18 HEAT TRANSFER FLUIDS MARKET SIZE IN PHARMACEUTICAL, BY REGION, 2018-2025 (USD THOUSAND)
    8.7 FOOD & BEVERAGE
           8.7.1 USE OF HEAT TRANSFER FLUIDS HELP IN SAFE AND EFFICIENT OPERATION IN FOOD PROCESSING
                 TABLE 19 HEAT TRANSFER FLUIDS MARKET SIZE IN FOOD & BEVERAGE, BY REGION, 2018-2025 (TON)
                 TABLE 20 HEAT TRANSFER FLUIDS MARKET SIZE IN FOOD & BEVERAGE, BY REGION, 2018-2025 (USD THOUSAND)
    8.8 HVACR
           8.8.1 HEAT TRANSFER FLUIDS ENHANCE THE PERFORMANCE OF EQUIPMENT AND REDUCE MAINTENANCE COSTS
                 TABLE 21 HEAT TRANSFER FLUIDS MARKET SIZE IN HVACR, BY REGION, 2018-2025 (TON)
                 TABLE 22 HEAT TRANSFER FLUIDS MARKET SIZE IN HVACR, BY REGION, 2018-2025 (USD THOUSAND)
    8.9 OTHERS
           8.9.1 ELECTRONICS
           8.9.2 AEROSPACE
                 TABLE 23 HEAT TRANSFER FLUIDS MARKET SIZE IN OTHER END-USE INDUSTRIES, BY REGION, 2018-2025 (TON)
                 TABLE 24 HEAT TRANSFER FLUIDS MARKET SIZE IN OTHER END-USE INDUSTRIES, BY REGION, 2018-2025 (USD THOUSAND)

9 HEAT TRANSFER FLUIDS MARKET, BY REGION (Page No. - 83)
    9.1 INTRODUCTION
        FIGURE 23 APAC TO BE THE LARGEST AND FASTEST-GROWING MARKET
        TABLE 25 HEAT TRANSFER FLUIDS MARKET SIZE, BY REGION, 2018-2025 (KILOTON)
        TABLE 26 HEAT TRANSFER FLUIDS MARKET SIZE, BY REGION, 2018-2025 (USD MILLION)
    9.2 APAC
        FIGURE 24 APAC: HEAT TRANSFER FLUIDS MARKET SNAPSHOT
        TABLE 27 APAC: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (TON)
        TABLE 28 APAC: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (USD THOUSAND)
        TABLE 29 APAC: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
        TABLE 30 APAC: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.2.1 CHINA
                    9.2.1.1 Growth in the number of industries to propel the market
                            TABLE 31 CHINA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 32 CHINA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.2.2 INDIA
                    9.2.2.1 Foreign investments and improvement in the standard of living driving the market
                            TABLE 33 INDIA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 34 INDIA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.2.3 JAPAN
                    9.2.3.1 Automobile industry to boost the market
                            TABLE 35 JAPAN: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 36 JAPAN: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.2.4 SOUTH KOREA
                    9.2.4.1 Government policies to attract foreign investors
                            TABLE 37 SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 38 SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.2.5 INDONESIA
                    9.2.5.1 Development in chemical, food & beverage, and automotive industries to drive the market
                            TABLE 39 INDONESIA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 40 INDONESIA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.2.6 THAILAND
                    9.2.6.1 Petrochemical industry to lead the market
                            TABLE 41 THAILAND: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 42 THAILAND: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.2.7 REST OF APAC
                            TABLE 43 REST OF APAC: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 44 REST OF APAC: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
    9.3 EUROPE
        FIGURE 25 EUROPE: HEAT TRANSFER FLUIDS MARKET SNAPSHOT
        TABLE 45 EUROPE: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (TON)
        TABLE 46 EUROPE: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (USD THOUSAND)
        TABLE 47 EUROPE: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
        TABLE 48 EUROPE: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.3.1 GERMANY
                    9.3.1.1 Strong manufacturing sector propelling the market
                            TABLE 49 GERMANY: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 50 GERMANY: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.3.2 RUSSIA
                    9.3.2.1 Increased oil & gas activities to boost the market
                            TABLE 51 RUSSIA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 52 RUSSIA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.3.3 FRANCE
                    9.3.3.1 Well-developed industrial infrastructure to drive the market
                            TABLE 53 FRANCE: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 54 FRANCE: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.3.4 UK
                    9.3.4.1 Chemical, automotive, and power generation industries to increase the use of heat transfer fluids
                            TABLE 55 UK: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 56 UK: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.3.5 ITALY
                    9.3.5.1 Research on making highly sustainable products to fuel the market
                            TABLE 57 ITALY: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 58 ITALY: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.3.6 REST OF EUROPE
                 TABLE 59 REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                 TABLE 60 REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
    9.4 NORTH AMERICA
        FIGURE 26 NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET SNAPSHOT
        TABLE 61 NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (TON)
        TABLE 62 NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (USD THOUSAND)
        TABLE 63 NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
        TABLE 64 NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.4.1 US
                    9.4.1.1 Advanced infrastructure propelling the market
                            TABLE 65 US: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 66 US: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.4.2 CANADA
                    9.4.2.1 Expertise in emerging technologies to attract major investments
                            TABLE 67 CANADA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 68 CANADA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.4.3 MEXICO
                    9.4.3.1 Increased foreign investments in oil & gas industry to boost the market
                            TABLE 69 MEXICO: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 70 MEXICO: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
    9.5 MIDDLE EAST & AFRICA
        TABLE 71 MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (TON)
        TABLE 72 MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (USD THOUSAND)
        TABLE 73 MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
        TABLE 74 MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.5.1 SAUDI ARABIA
                    9.5.1.1 Strong industrial base to boost the market
                            TABLE 75 SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 76 SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.5.2 UAE
                    9.5.2.1 Growth of renewable energy to spur the demand for heat transfer fluids
                            TABLE 77 UAE: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 78 UAE: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.5.3 REST OF MIDDLE EAST & AFRICA
                            TABLE 79 REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 80 REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
    9.6 SOUTH AMERICA
        TABLE 81 SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (TON)
        TABLE 82 SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY COUNTRY, 2018-2025 (USD THOUSAND)
        TABLE 83 SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
        TABLE 84 SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.6.1 BRAZIL
                    9.6.1.1 Growing industrialization to boost the demand for heat transfer fluids
                            TABLE 85 BRAZIL: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 86 BRAZIL: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.6.2 ARGENTINA
                    9.6.2.1 Recovery in Argentina's economy to favor the market growth
                            TABLE 87 ARGENTINA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                            TABLE 88 ARGENTINA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)
           9.6.3 REST OF SOUTH AMERICA
                 TABLE 89 REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (TON)
                 TABLE 90 REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET SIZE, BY END-USE INDUSTRY, 2018-2025 (USD THOUSAND)

10 COMPETITIVE LANDSCAPE (Page No. - 122)
     10.1 OVERVIEW
          FIGURE 27 COMPANIES ADOPTED NEW PRODUCT LAUNCH AS THE KEY GROWTH STRATEGY BETWEEN 2015 AND 2019
     10.2 COMPETITIVE LEADERSHIP MAPPING, 2019
            10.2.1 VISIONARY LEADERS
            10.2.2 INNOVATORS
            10.2.3 DYNAMIC DIFFERENTIATORS
            10.2.4 EMERGING COMPANIES
                   FIGURE 28 HEAT TRANSFER FLUIDS MARKET: COMPETITIVE LEADERSHIP MAPPING, 2019
     10.3 COMPETITIVE BENCHMARKING
            10.3.1 STRENGTH OF PRODUCT PORTFOLIO
                   FIGURE 29 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN HEAT TRANSFER FLUIDS MARKET
            10.3.2 BUSINESS STRATEGY EXCELLENCE
                   FIGURE 30 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN HEAT TRANSFER FLUIDS MARKET
     10.4 RANKING OF KEY PLAYERS
          FIGURE 31 THE DOW CHEMICAL COMPANY LED THE MARKET IN 2019
            10.4.1 THE DOW CHEMICAL COMPANY
            10.4.2 EASTMAN CHEMICAL COMPANY
            10.4.3 EXXONMOBIL
            10.4.4 CHEVRON
            10.4.5 HUNTSMAN CORPORATION
     10.5 COMPETITIVE SCENARIO
            10.5.1 NEW PRODUCT LAUNCH
                   TABLE 91 NEW PRODUCT LAUNCH, 2015-2019
            10.5.2 INVESTMENT & EXPANSION
                   TABLE 92 INVESTMENT & EXPANSION, 2015-2019
            10.5.3 MERGER & ACQUISITION
                   TABLE 93 MERGER & ACQUISITION, 2015-2019

11 COMPANY PROFILES (Page No. - 129)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, current focus and strategies, Right to win)*
     11.1 THE DOW CHEMICAL COMPANY
          FIGURE 32 THE DOW CHEMICAL COMPANY: COMPANY SNAPSHOT
          FIGURE 33 THE DOW CHEMICAL COMPANY: SWOT ANALYSIS
     11.2 EASTMAN CHEMICAL COMPANY
          FIGURE 34 EASTMAN CHEMICAL COMPANY: COMPANY SNAPSHOT
          FIGURE 35 EASTMAN CHEMICAL COMPANY: SWOT ANALYSIS
     11.3 EXXONMOBIL
          FIGURE 36 EXXONMOBIL: COMPANY SNAPSHOT
          FIGURE 37 EXXONMOBIL: SWOT ANALYSIS
     11.4 CHEVRON
          FIGURE 38 CHEVRON: COMPANY SNAPSHOT
          FIGURE 39 CHEVRON: SWOT ANALYSIS
     11.5 HUNTSMAN CORPORATION
          FIGURE 40 HUNTSMAN CORPORATION: COMPANY SNAPSHOT
          FIGURE 41 HUNTSMAN CORPORATION: SWOT ANALYSIS
     11.6 ROYAL DUTCH SHELL
          FIGURE 42 ROYAL DUTCH SHELL: COMPANY SNAPSHOT
     11.7 LANXESS
          FIGURE 43 LANXESS: COMPANY SNAPSHOT
     11.8 PARATHERM
     11.9 CLARIANT
          FIGURE 44 CLARIANT: COMPANY SNAPSHOT
     11.10 SCHULTZ CANADA CHEMICALS
     11.11 OTHER COMPANIES
             11.11.1 ARKEMA
             11.11.2 BASF
             11.11.3 BRITISH PETROLEUM
             11.11.4 DALIAN RICHFORTUNE CHEMICALS
             11.11.5 DUPONT TATE AND LYLE
             11.11.6 DYNALENE
             11.11.7 GLOBAL HEAT TRANSFER
             11.11.8 HINDUSTAN PETROLEUM CORPORATION
             11.11.9 INDIAN OIL CORPORATION
             11.11.10 ISEL
             11.11.11 PARAS LUBRICANTS LIMITED
             11.11.12 PETRO-CANADA
             11.11.13 PHILLIPS 66
             11.11.14 RADCO INDUSTRIES
             11.11.15 SASOL
             11.11.16 SCHAEFFER SPECIALIZED LUBRICANTS
             11.11.17 SOLVAY

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, current focus and strategies, Right to win might not be captured in case of unlisted companies.

12 APPENDIX (Page No. - 151)
     12.1 DISCUSSION GUIDE
     12.2 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
     12.3 AVAILABLE CUSTOMIZATIONS
     12.4 RELATED REPORTS
     12.5 AUTHOR DETAILS

The study involved four major activities in estimating the current market size of heat transfer fluids (HTFs). Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments. 

Secondary Research

In the secondary research process, various secondary sources such as Hoovers, Bloomberg Business Week, Factiva, World Bank, and Industry Journals have been referred to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, and databases. 

Primary Research

The HTFs market comprises several stakeholders, such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the development of the chemical, renewable energy, automotive, oil & gas, pharmaceuticals, HVACR, and food & beverage industries. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following the breakdown of primary respondents – 

Heat Transfer Fluids Market Size

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the HTFs market. These methods were also used extensively to estimate the size of various sub-segments in the market. The research methodology used to estimate the market size includes the following: 

  • The key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. 

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and sub-segments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the chemical, renewable energy, automotive, oil & gas, pharmaceuticals, HVACR, and food & beverage industries. 

Report Objectives

  • To define, segment, and project the global market size for HTFs
  • To understand the structure of the HTFs market by identifying its various sub-segments
  • To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To analyze the micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
  • To project the size of the market and its submarkets, in terms of value, with respect to the four regions (along with their respective key countries)
  • To profile key players and comprehensively analyze their core competencies
  • To understand the competitive landscape and identify major growth strategies adopted by players across key regions
  • To analyze the competitive developments such as expansions & investments, new product launches, mergers & acquisitions, joint ventures, and agreements in the HTFs market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report: 

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company 

Regional Analysis

  • Further breakdown of the Rest of Europe algae products market into Russia, Norway, and Denmark 

Company Information

  • Detailed analysis and profiling of additional market players (up to five)
COVID-19

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Benchmarking the rapid strategy shifts of the Top 100 companies in the Heat Transfer Fluids Market

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