Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, HVACR, and Others), and Region - Global Forecast to 2024
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Request For Special Pricing[140 Pages Report] Heat transfer fluids (HTFs) maintain the temperature of a system by transferring heat from one system to another and enhance energy savings. These fluids store heat to prevent overheating of any thermal devices by circulating the fluid through its mechanical parts. The HTFs possess properties such as low toxicity, low viscosity at low temperatures, high specific heat, thermal conductivity, and high flash point. Major HTFs include mineral oil, synthetic fluids, glycols, fluorinated fluids, bio-based fluids, molten salts, and ionic fluids, among others. These are commonly used in various industries, including oil & gas, chemical, automotive, renewable energy, Heating, ventilation, air conditioning, and refrigeration (HVACR), pharmaceutical, food & beverage, and others.
The HTFs market size was USD 3.0 billion in 2018 and is projected to reach USD 5.09 billion at a CAGR of 9.3% between 2019 and 2024. The HTFs market size by volume was 714 kilotons in 2019 and is projected to reach 1,024 kiltons in 2024 at a CAGR of 7.5%. This high growth is due to the increasing awareness regarding energy conservation and increased demand for heat exchangers, heat pumps, chillers in end-use industries.
Synthetic fluids to register the highest CAGR in the market
The demand for this type of HTF is increasing in the chemical, renewable energy, HVACR, food & beverages, and pharmaceutical industries. There is a high demand for silicones & aromatics in North America, owing to the stringent regulations in the region. Mineral oils accounted for the second-largest market size, in terms of value, owing to their low cost.
Chemical end-use industry to lead the HTFS market between 2019 and 2024
Chemical is the largest end-use industry for HTFs, owing to the high demand for HTFs in the plastic manufacturing application. This has resulted in the increased demand for HTFs, suitable for low, medium as well as high temperatures, in the chemical industry. There is a high demand for all the major types of HTFs, namely, mineral oils, synthetic fluids, and glycols in this industry.
In 2018, North America accounted for a quarter of the global HTFs market in terms of volume
The market in the region is driven by high demand from oil & gas, chemical, and automotive industries. The oil & gas industry in the region has a huge growth as North America is the world’s second-largest consumer and producer of crude oil, according to BP Statistical Review of World Energy June 2017. North America has been segmented into the US, Canada, and Mexico. The US is estimated to be the largest, while Mexico is projected to be the fastest-growing HTFs market in North America.
After the dominant region APAC, Europe was the second largest market, of the overall HTFs market in 2018
The strong industrial base in countries such as Germany, the UK, France, Russia, Spain, and Italy is leading to high consumption of HTFs. Europe has planned to reduce the average global temperature by 2°C, according to its energy and climate policies. Owing to these policies, countries in Europe are planning to invest more in renewable energy. The demand for HTFs in renewable energy such as Concentrated Solar Power (CSP) and biogas is projected to grow at the fastest rate due to these policies implemented for reducing global warming.
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 the open vented heat transfer systems, chemical processing equipment, laminating and calendaring rolls, molds & dies in the rubber and plastic industries, die-cast zinc, and aluminum alloys. The use of thermal HTFs leads to an increase in the production volume, improved product quality, and low maintenance. Along with the reduction of operating costs, thermal HTFs minimize the consumption of energy in the processing industries. All these factors are driving the demand for HTFs.
Restraint: 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 such as HTFs. 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. Strict procedural control is required to change the HTFs and remove the lower flash point components from the fluid to reduce the risk of explosion. Regular thermal tests can help reduce the degree of risk. However, in the absence of strict tests and timely checks, this risk is inevitable. Thus, explosion hazards posed by HTFs restrain market growth.
Opportunity: High potential for the development of bio-based HTFs
Effective heat transfer is essential for both low-temperature and high-temperature applications. The use of bio-based raw materials for the production of HTFs will help provide environment-friendly products that comply with the stringent regulations. Products such as propanediol and bio-based glycol are used as primary ingredients in HTFs. Propanediol has the same chemical formula as that of propylene glycol but has a different chemical structure. This slight structural modification gives it enhanced thermal stability and longer life in high-heat applications such as solar power, geothermal process heating, natural gas compressors, and secondary loop refrigeration. In addition, propanediol exhibits a more favorable viscosity at low temperatures than propylene glycol, and enhance energy efficiency, thereby reducing maintenance costs.
Challenge: Fluctuating raw material prices
A major issue in the global HTFs market is the continuous fluctuation of raw material prices. Increasing energy costs are expected to be a major challenge. The prices of raw materials such as phenol, benzene, and others are affected by crude oil prices, hence they are volatile. Continuous change in raw material prices reduces demand for HTFs and defers end-user spending. The producers continue to cope with high and volatile raw material costs by passing on the price rise to the end-users. Cost pressures, coupled with the high raw material costs, are expected to reduce profit margins for the market players. This scenario has compelled market players to enhance the efficiency and productivity of their operations to sustain and preserve market share.
Scope of the Report
|
Report Metric |
Details |
|
Market size available for years |
2017–2024 |
|
Historical year considered |
2017 |
|
Base year considered |
2018 |
|
Forecast period |
2019–2024 |
|
Forecast units |
USD million and kiloton |
|
Segments covered |
Product Type, End-use Industry, and Region |
|
Geographies covered |
North America, APAC, Europe, Middle East & Africa, and South America |
|
Companies covered |
The Dow Chemical Company (US), ExxonMobil Corporation (US), Eastman Chemical Company (US), Chevron Corporation (US), Huntsman Corporation (US), Paratherm (US), Schultz Canada Chemicals Ltd. (Canada), LANXESS AG (Germany), Royal Dutch Shell Plc. (Netherlands), Clariant AG (Switzerland), and others. |
This research report categorizes the global HTFs market on the basis of type, end-use industry, and region.
By Product Type:
- Mineral Oils
- Synthetic Fluids
- Glycols
- Others (molten salts, nano fluids, ionic fluids, and fluorinated fluids)
By End-use Industry:
- Chemical
- Oil & gas
- Food & beverage
- Pharmaceutical
- Renewable Energy
- Automotive
- HVACR
- Others (electronics, aerospace, textile, machinery, and marine)
By Region:
- North America
- US
- Canada
- Mexico
- APAC
- China
- South Korea
- India
- Japan
- Thailand
- Indonesia
- Rest of APAC
- Europe
- Russia
- Germany
- Italy
- France
- UK
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of the Middle East and Africa
- South America
- Brazil
- Argentina
- Rest of South America
Key Market Players
The Dow Chemical Company, ExxonMobil, Eastman Chemical Company, Huntsman Corporation, Chevron
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 September 2018, Global Heat Transfer launched two new HTFs. Globaltherm HF, which has the highest flash point in its class and Globaltherm MXT, which has unique resistant fouling additives. The additions complement the existing portfolio of the company.
- 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 HTF for solar thermal systems, Antrifrogen SOLAR. It is propylene glycols-based liquid HTF that is specially developed for flat plate collectors and heat pipe systems. This product helped the company to strengthen its product portfolio.
- In July 2015, Dow expanded its heat transfer solution service for power plants, namely, Noor I, Morocco, and Bokpoort in South Africa. The company is also planning to supply HTFs DOWTHERM to these plants. This development has expanded the market share of the company in the African region.
Critical questions the report answers:
- What are the upcoming trends in the heat transfer fluids market? What impact would they make post-2020?
- What is the analysis with respect to individual growth trends, prospects, and contributions?
- What are the major factors influencing the growth of the heat transfer fluids market?
- What are the key strategies adopted by the top players to increase their revenue?
- What are the significant growth trends at the forefront of new market innovations?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 17)
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 Stakeholders
2 Research Methodology (Page No. - 20)
2.1 Research Data
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
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Limitations
2.5 Assumptions
3 Executive Summary (Page No. - 27)
4 Premium Insights (Page No. - 31)
4.1 Attractive Opportunities in The HTFS Market
4.2 HTFS Market, By Type
4.3 HTFS Market, By End-Use Industry
4.4 APAC HTFS Market, By End-Use Industry and Country
4.5 HTFS Market, By Key Countries
5 Market Overview (Page No. - 34)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 High Demand in The Chemical Industry
5.2.1.2 Increasing Need for Energy Conservation
5.2.1.3 Improved Performance of HTFS
5.2.2 Restraints
5.2.2.1 Fire and Explosion Hazards
5.2.3 Opportunities
5.2.3.1 High Growth Potential in The Csp Industry
5.2.3.2 High Potential for The Development of Bio-Based HTFS
5.2.4 Challenges
5.2.4.1 Fluctuating Raw Material Prices
5.3 Porter’s Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Buyers
5.3.4 Bargaining Power of Suppliers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Overview
5.4.1 Real GDP Growth Rate and per Capita GDP of Major Economies
5.4.2 Trends of Automotive Industry
5.4.3 Trends of Renewable Energy Industry
5.4.4 Trends of HVACR Industry
5.4.4.1 Demand for AC Units in North America
5.4.4.2 Demand for AC Units in Europe
5.4.4.3 Demand for AC Units in APAC
6 HTFS Market, By Type (Page No. - 44)
6.1 Introduction
6.2 Mineral Oils
6.2.1 Low Price of Mineral Oils is Driving Their Demand in The Market
6.3 Synthetic Fluids
6.3.1 Chemical/Synthetic Aromatics
6.3.1.1 Maximized Oxidation Resistance with Minimized Deposits Will Drive The Demand for Synthetic Aromatics
6.3.2 Synthetics (Paos and Silicones)
6.3.2.1 Non-Corrosive and Durable Properties Are Likely to Spur The Demand for Synthetics-Based HTFS
6.4 Glycols
6.4.1 Reduced Wear and Maintenance, Solubility in Water and Low Freezing Points Lead to High Demand for Glycols in The Market
6.5 Others
6.5.1 Molten Salts
6.5.2 Nanofluids
6.5.3 Ionic Fluids
6.5.4 Bio-Based Fluids
6.5.5 Fluorinated Fluids
7 HTFS Market, By End-Use Industry (Page No. - 49)
7.1 Introduction
7.2 Chemical
7.2.1 Waste Heat Recovery
7.2.1.1 Optimized Energy Costs and Reduced Pollution Are Fueling The Market for HTFS
7.2.2 Plastic Processing
7.2.2.1 HTFS Ability to Control The Broad Range of Temperature Are Fueling Their Market
7.3 Oil & Gas
7.3.1 Need for Energy Saving is Expected to Boost The Demand for HTFS in The Oil & Gas Industry
7.4 Food & Beverage
7.4.1 Reduced Operating Costs and Efficient Production Are Likely to Drive The Market in This Segment
7.5 Pharmaceuticals
7.5.1 Requirement of Precise Temperature Control Across Cooling and Heating Applications Are Expected to Drive The Market in This End-Use Industry
7.6 Renewable Energy
7.6.1 Csp
7.6.1.1 Rising Demand for Clean Energy is Driving The Csp Industry, Which, in Turn, is Boosting The Demand for HTFS
7.6.2 Biodiesel Production
7.6.2.1 Temperature Control Capability Without Compromising The Product Quality Will Positively Influence The Demand for HTFS
7.6.3 Wind Turbine
7.6.3.1 Need for Energy Storage and Heat Transfer in Wind Turbines Are Expected to Drive The HTFS Market
7.6.4 Geothermal
7.6.4.1 Heat Exchangers and Heat Pumps Demand HTFS on A Large Scale
7.7 Automotive
7.7.1 Excellent Heat Transfer Properties of HTFS Will Drive The Market in The Automotive Industry
7.8 Hvacr
7.8.1 Improved Performance & Longevity Along with Reduced Maintenance Costs of Equipment Due to The Use of HTFS Influence The Market Positively
7.9 Others
8 HTFS Market, By Region (Page No. - 55)
8.1 Introduction
8.2 APAC
8.2.1 China
8.2.1.1 Industrial Growth in The Country is Driving The HTFS Market
8.2.2 India
8.2.2.1 Growing Industrialization to Propel The HTFS Demand
8.2.3 Japan
8.2.3.1 Highly Developed Industries in Japan Will Boost Market Growth
8.2.4 South Korea
8.2.4.1 Focus on Clean Energy Production is Driving The Renewable Energy Sector Thus Increasing The Demand for HTFS
8.2.5 Indonesia
8.2.5.1 Growth of The Manufacturing Sector in The Country is Anticipated to Spur The Demand for HTFS
8.2.6 Thailand
8.2.6.1 Developing Industries Are Expected to Drive The HTFS Market in Thailand
8.2.7 Rest of APAC
8.3 Europe
8.3.1 Germany
8.3.1.1 Large Industrial Base is Likely to Drive The HTFS Market in Germany
8.3.2 Russia
8.3.2.1 Increasing Industrial Output, Large Export Base, and Urbanization Are Estimated to Drive The HTFS Market
8.3.3 France
8.3.3.1 Well-Developed Industrial Infrastructure is Expected to Lead to Market Growth in France
8.3.4 Uk
8.3.4.1 The Growth of The Industrial Sector is Expected to Spur The Demand for HTFS
8.3.5 Italy
8.3.5.1 Rapid Industrialization is Expected to Boost The Growth of The Market in The Country
8.3.6 Rest of Europe
8.4 North America
8.4.1 US
8.4.1.1 Advancement in Manufacturing and an Increase in Exports Are Estimated to Drive The HTFS Market
8.4.2 Canada
8.4.2.1 Increasing Presence of Chemical and Renewable Energy Industries is Likely to Influence The Market in Canada Positively
8.4.3 Mexico
8.4.3.1 Growing Industrial Landscape in Mexico is Estimated to Drive The HTFS Market
8.5 Middle East & Africa
8.5.1 Saudi Arabia
8.5.1.1 Growing Industrialization is Expected to Spur The Demand for HTFS
8.5.2 UAE
8.5.2.1 Expansion of Renewable Energy Sector is Likely to Increase The Demand for HTFS
8.5.3 Rest of The Middle East & Africa
8.6 South America
8.6.1 Brazil
8.6.1.1 Strong Industrial Base in The Country Will Boost The Growth of The Market
8.6.2 Argentina
8.6.2.1 Growth of Renewable Energy is Expected to Spur The Demand for HTFS
8.6.3 Rest of South America
9 Competitive Landscape (Page No. - 97)
9.1 Overview
9.2 Competitive Leadership Mapping, 2018
9.2.1 Dynamic Differentiators
9.2.2 Innovators
9.2.3 Visionary Leaders
9.2.4 Emerging Players
9.2.5 Strength of Product Portfolio
9.2.6 Business Strategy Excellence
9.3 Ranking of Key Players
9.4 Competitive Scenario
9.4.1 New Product Launch
9.4.2 Investment & Expansion
9.4.3 Merger & Acquisition
10 Company Profiles (Page No. - 105)
(Business Overview, Products Offered, Recent Developments, Swot Analysis, MNM View)*
10.1 The Dow Chemical Company
10.2 Exxonmobil
10.3 Huntsman Corporation
10.4 Eastman Chemical Company
10.5 Chevron
10.6 Lanxess
10.7 Global Heat Transfer Ltd
10.8 Royal Dutch Shell Plc.
10.9 Schultz Canada Chemicals, Ltd.
10.1 Paratherm
10.11 Clariant
10.12 Other Key Players
10.12.1 Sasol
10.12.2 Arkema
10.12.3 BP
10.12.4 Dynalene, Inc
10.12.5 BASF
10.12.6 Isel
10.12.7 Phillips 66
10.12.8 Dalian Richfortune Chemicals
10.12.9 Hindustan Petroleum Corporation Ltd.
10.12.10 Indian Oil Corporation Ltd.
10.12.11 Radco Industries
10.12.12 Petro-Canada
10.12.13 Paras Lubricants Limited
10.12.14 Schaeffer Specialized Lubricants
10.12.15 Dupont Tate & Lyle
10.12.16 Solvay
*Details on Business Overview, Products Offered, Recent Developments, Swot Analysis, MNM View Might Not Be Captured in Case of Unlisted Companies.
11 Appendix (Page No. - 133)
11.1 Discussion Guide
11.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
11.3 Available Customizations
11.4 Related Reports
11.5 Author DetailsTable of Contents
List of Tables (133 Tables)
Table 1 Annual Percent Change of Real GDP Growth Rates (2016–2023)
Table 2 Trends and Forecast of GDP per Capita, By Country, 2016–2020 (USD)
Table 3 Automotive Production, Million Unit (2013–2018)
Table 4 Overall AC Demand in North America, 2015–2017 (Thousand Units)
Table 5 Overall AC Demand in Europe, 2015–2017 (Thousand Units)
Table 6 Overall AC Demand in APAC, 2015–2017 (Thousand Units)
Table 7 HTFS Market Size, By Type, 2017–2024 (Kiloton)
Table 8 HTFS Market Size, By Type, 2017–2024 (USD Million)
Table 9 HTFS Market Size, By End-Use Industry, 2017–2024 (Kiloton)
Table 10 HTFS Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 11 HTFS Market Size, By Region, 2017–2024 (Kiloton)
Table 12 HTFS Market Size, By Region, 2017–2024 (USD Million)
Table 13 APAC: HTFS Market Size, By Country, 2017–2024 (Kiloton)
Table 14 APAC: HTFS Market Size, By Country, 2017–2024 (USD Million)
Table 15 APAC: HTFS Market Size, By Type, 2017–2024 (Kiloton)
Table 16 APAC: HTFS Market Size, By Type, 2017–2024 (USD Million)
Table 17 APAC: HTFS Market Size, By End-Use Industry, 2017–2024 (Kiloton)
Table 18 APAC: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 19 China: HTFS Market Size, By Type, 2017–2024 (Kiloton )
Table 20 China: HTFS Market Size, By Type, 2017–2024 (USD Million)
Table 21 China: HTFS Market Size, By End-Use Industry, 2017–2024 (Kiloton)
Table 22 China: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 23 India: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 24 India: HTFS Market Size, By Type, 2017–2024 (USD Million)
Table 25 India: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 26 India: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 27 Japan: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 28 Japan: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 29 Japan: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 30 Japan: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 31 South Korea: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 32 South Korea: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 33 South Korea: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 34 South Korea: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 35 Indonesia: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 36 Indonesia: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 37 Indonesia: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 38 Indonesia: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 39 Thailand: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 40 Thailand: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 41 Thailand: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 42 Thailand: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 43 Rest of APAC: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 44 Rest of APAC: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 45 Rest of APAC: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 46 Rest of APAC: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 47 Europe: HTFS Market Size, By Country, 2017–2024 (Ton)
Table 48 Europe: HTFS Market Size, By Country, 2017–2024 (USD Million)
Table 49 Europe: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 50 Europe: HTFS Market Size, By Type, 2017–2024 (USD Million)
Table 51 Europe: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 52 Europe: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 53 Germany: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 54 Germany: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 55 Germany: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 56 Germany: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 57 Russia: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 58 Russia: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 59 Russia: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 60 Russia: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 61 France: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 62 France: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 63 France: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 64 France: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 65 UK: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 66 UK: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 67 UK: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 68 UK: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 69 Italy: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 70 Italy: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 71 Italy: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 72 Italy: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 73 Rest of Europe: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 74 Rest of Europe: HTFS Market Size, By Type, 2017–2024 (USD Thousands)
Table 75 Rest of Europe: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 76 Rest of Europe: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousands)
Table 77 North America: HTFS Market Size, By Country, 2017–2024 (Kiloton)
Table 78 North America: HTFS Market Size, By Country, 2017–2024 (USD Million)
Table 79 North America: HTFS Market Size, By Type, 2017–2024 (Kiloton)
Table 80 North America: HTFS Market Size, Type, 2017–2024 (USD Million)
Table 81 North America: HTFS Market Size, By End-Use Industry, 2017–2024 (Kiloton)
Table 82 North America: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 83 US: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 84 US: HTFS Market Size, By Type, 2017–2024 (USD Million)
Table 85 US: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 86 US: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 87 Canada: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 88 Canada: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 89 Canada: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 90 Canada: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 91 Mexico: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 92 Mexico: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 93 Mexico: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 94 Mexico: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 95 Middle East & Africa: HTFS Market Size, By Country, 2017–2024 (Kiloton)
Table 96 Middle East & Africa: HTFS Market Size, By Country, 2017–2024 (USD Million)
Table 97 Middle East & Africa: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 98 Middle East & Africa: HTFS Market Size, By Type, 2017–2024 (USD Million)
Table 99 Middle East & Africa: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 100 Middle East & Africa: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 101 Saudi Arabia: HTFS Market Size, Type, 2017–2024 (Ton)
Table 102 Saudi Arabia: HTFS Market Size, Type, 2017–2024 (USD Thousand)
Table 103 Saudi Arabia: HTFS Market Size, End-Use Industry, 2017–2024 (Ton)
Table 104 Saudi Arabia: HTFS Market Size, End-Use Industry, 2017–2024 (USD Thousand)
Table 105 UAE: HTFS Market Size, Type, 2017–2024 (Ton)
Table 106 UAE: HTFS Market Size, Type, 2017–2024 (USD Thousand)
Table 107 UAE: HTFS Market Size, End-Use Industry, 2017–2024 (Ton)
Table 108 UAE: HTFS Market Size, End-Use Industry, 2017–2024 (USD Thousand)
Table 109 Rest of The Middle East & Africa: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 110 Rest of The Middle East & Africa: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 111 Rest of The Middle East & Africa: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 112 Rest of The Middle East & Africa: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 113 South America: HTFS Market Size, By Country, 2017–2024 (Kiloton)
Table 114 South America: HTFS Market Size, By Country, 2017–2024 (USD Million)
Table 115 South America: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 116 South America: HTFS Market Size, By Type, 2017–2024 (USD Million)
Table 117 South America: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 118 South America: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 119 Brazil: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 120 Brazil: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 121 Brazil: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 122 Brazil: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 123 Argentina: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 124 Argentina: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 125 Argentina: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 126 Argentina: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 127 Rest of South America: HTFS Market Size, By Type, 2017–2024 (Ton)
Table 128 Rest of South America: HTFS Market Size, By Type, 2017–2024 (USD Thousand)
Table 129 Rest of South America: HTFS Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 130 Rest of South America: HTFS Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 131 New Product Launch, 2015–2019
Table 132 Investment & Expansion, 2015–2019
Table 133 Merger & Acquisition, 2015–2019
List of Figures (41 Figures)
Figure 1 HTFS Market: Research Design
Figure 2 HTFS Market: Bottom-Up Approach
Figure 3 HTFS Market: Top-Down Approach
Figure 4 HTFS Market: Data Triangulation
Figure 5 Synthetic Fluids Dominated The HTFS Market in 2018
Figure 6 Chemical End-Use Industry to Lead The HTFS Market Between 2019 and 2024
Figure 7 APAC Accounted For The Largest Market Share in 2018
Figure 8 Growth in Demand For Heat Exchangers to Drive The HTFS Market During The Forecast Period
Figure 9 Mineral Oils to be The Largest Type Segment By 2024
Figure 10 Chemical to be The Largest End-Use Industry of HTFS
Figure 11 Chemical Was The Largest End-Use Industry and China The Largest Market in APAC in 2018
Figure 12 India to Register The Highest Cagr in The HTFS Market
Figure 13 Drivers, Restraints, Opportunities, and Challenges in The HTFS Market
Figure 14 World Chemical Sales Double As Emerging Market Shares Surge
Figure 15 Crude Oil Price (Dollars per Barrel)
Figure 16 HTFS Market: Porter’s Five Forces Analysis
Figure 17 Share of Wind and Solar Energy in Global Electricity Production
Figure 18 Synthetic Fluids to be The Largest Type Segment in The HTFS Market
Figure 19 Chemical to be The Largest End-Use Industry of HTFS
Figure 20 APAC to be The Largest HTFS Market
Figure 21 APAC: HTFS Market Snapshot
Figure 22 Europe: HTFS Market Snapshot
Figure 23 North America: HTFS Market Snapshot
Figure 24 Companies Adopted New Product Launch As The Key Growth Strategy Between 2015 and 2019
Figure 25 HTFS Market: Competitive Leadership Mapping, 2018
Figure 26 The Dow Chemical Company Led The Market in 2018
Figure 27 The Dow Chemical Company: Company Snapshot
Figure 28 The Dow Chemical Company: Swot Analysis
Figure 29 Exxonmobil: Company Snapshot
Figure 30 Exxonmobil: Swot Analysis
Figure 31 Huntsman Corporation: Company Snapshot
Figure 32 Huntsman Corporation: Swot Analysis
Figure 33 Eastman Chemical Company: Company Snapshot
Figure 34 Eastman Chemical Company: Swot Analysis
Figure 35 Chevron: Company Snapshot
Figure 36 Chevron: Swot Analysis
Figure 37 Lanxess: Company Snapshot
Figure 38 Global Heat Transfer Ltd: Company Snapshot
Figure 39 Global Heat Transfer Ltd: Swot Analysis
Figure 40 Royal Dutch Shell Plc.: Company Snapshot
Figure 41 Clariant: Company Snapshot
The study involved four major activities to estimate the current market size of heat transfer fluids (HTFs). Exhaustive secondary research was done to collect information on market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation was 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 were referred to for identifying and collecting 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, pharmaceutical, HVACR, and food & beverage industries. The supply side is characterized by advancements in technology and diverse application segments. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents
To know about the assumptions considered for the study, download the pdf brochure
Research Design:
Research Resource Matrix
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Outlook |
Primary sources |
Secondary sources |
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Demand side |
Interviews with:
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Supply side |
Interviews with:
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Market Analysis Matrix
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Qualitative analysis |
Quantitative analysis |
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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 were identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were 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, pharmaceutical, 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 micro markets 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 and volume, with respect to the five 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 APAC heat transfer fluids market
Company Information
- Detailed analysis and profiling of additional market players (up to five)
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Heat Transfer Fluids Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
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