Heat Transfer Fluids Market by Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids), End Use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical), and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027
Updated on : September 25, 2023
Heat Transfer Fluids Market
The global heat transfer fluids market was valued at USD 3.7 billion in 2022 and is projected to reach USD 5.8 billion by 2027, growing at 9.3% cagr during the forecast period. The increasing number of concentrated solar power plants with the rising demand for clean energy drives the growth of the Heat Transfer Fluids Market. Also, HTF finds applications in various end use industries like chemical, automotive, oil & gas, renewable energy, food & beverage, HVAC and pharmaceutical industries.
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COVID-19 impact
The impact of COVID-19 on the chemical & petrochemical, oil & gas, automotive, HVAC, food & beverage industries, has been severe. Global economy declined as the most of the countries implemented lockdowns during Covid-19 pandemic.
In the chemical sector, the Heat Transfer Fluids Market was sluggish in 2020 when the impact caused a major decline in the chemical manufacturing industries. The market in US and Europe also saw a decline in the chemical manufacturing capacity as the plants were shut down or operated with a limited workforce.
To recover from the losses caused due to pandemic, the most of the manufacturers limited their budget in the R&D department to restructure them for maintaining their fundamental function in the various end use industry.
Heat Transfer Fluids Market Dynamics
Driver: Rapid industrialization and supportive renewable energy policies in Asia Pacific
Asia Pacific is a highly attractive market for HTFs. The rapid industrialization witnessed by the emerging economies in the region, especially in China and India, is creating a high demand for HTFs. Leading HTF manufacturers such as Dow, Indian Oil Corporation, Hindustan Petroleum Corporation Limited, and Dalian Rich Fortune Chemical Company are adopting marketing strategies such as product launches and developments to increase their share in the Asia Pacific Heat Transfer Fluids Market. The renewable energy sector in India is likely to be one of the fast-growing segments in the Heat Transfer Fluids Market in Asia Pacific. The increasing utilization of renewable energy for protecting the environment, social development, and economic benefits also accelerate the HTF market growth in Asia Pacific. Moreover, the Government of India is encouraging the manufacturing sector to utilize green energy. For this, the government is introducing supportive policies promoting renewable energy. For instance, the Government of India has launched Pradhan Mantri Kisan Urja Suraksha edam Utahan Mahabhiyaan (PM KUSUM). This scheme aims to add solar and other renewable capacities of 25,750 MW by 2022. This is driving the demand for HTFs in the country.
Restraint: Volatile raw material prices
The raw material prices of HTFs are one of the major challenges for manufacturers. Primarily raw materials used in HTFs include phenol, benzene, and glycol. The rise or fall in crude oil prices directly impacts the price movements of raw materials required for HTFs. Manufacturers need to cope up with volatile raw material costs, which reduces their profit margins. This scenario has compelled market players to enhance the efficiency and productivity of their operations to sustain growth and retain their market share/position.
Opportunity: Government schemes focused on energy efficiency and renewable energy
The National Action Plan for Energy Efficiency (2017–2023) is a private–public initiative created by the US government to fulfill a sustainable, aggressive national commitment to energy efficiency through using different means, such as HTFs. Governments of various countries, such as the US, Spain, China, and India, have invested heavily to set up solar power plants to meet the growing energy requirements of their countries, thereby reducing the carbon footprints and dependency on fossil fuels to fulfill the energy requirement and ensure economic growth. As a result, the demand for HTFs across renewable energy applications is likely to increase.
Challenge: Fire and explosion hazards related to thermal HTFs
Various high-temperature applications in the chemical plant, such as plastic processing, metal processing, and specialty chemical production, demand organic fluids as these applications can form explosive atmospheres, and HTFs are not suitable for such high-temperature applications. These heat-transfer fluids are often handled at temperatures above their flash point and fall under the “Dangerous Substances and Explosive Atmosphere” Regulations 2002 (DSEAR). Moreover, HTFs based on mineral oils degrade over time. This degradation may decrease the fluid’s flash point, and thermal fluids that were not flammable at the operating temperature when installed initially become flammable at the operating conditions over time. Also, these thermal fluids may form explosive mist atmospheres when handled under pressure, even at temperatures below the flash point. Strict procedural control is required to change the HTF 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 heat-transfer fluids are restraining their use.
Heat Transfer Fluids Market Ecosystem
Synthetic fluids were the most extensively consumed product type in the HTF market in 2021
Synthetic fluids are superior to mineral oils as they do not experience oxidation, thermal breakdown, and oil sludge problems, as well as help decrease evaporation losses. Their consistent molecular structure and strength bonds make them thermally stable and durable and provide them with an increased viscosity index. They are also environmentally friendly as they produce less oil waste. However, they are much more expensive than mineral oils.
Renewable energy industry to register highest CAGR during the forecast period
HTFs are used concentrated solar power (CSP) plants, biodiesel production systems, wind turbines, and geothermal systems. In addition, the heat transfer fluid can also be used to store energy from the sunlight, allowing consistent power provision despite the intermittent supply of sunlight Government regulation on clean energy and demand for solar energy is expected to propel the growth of HTF in renewable energy industry.
Asia Pacific to register highest CAGR during the forecast period
Asia Pacific is the key market for HTFs and is projected to exhibit a CAGR of 10.5% in the Heat Transfer Fluids Market, in terms of value, during the forecast period. The availability of low-cost raw materials and labor, coupled with increasing domestic demand, makes the region an attractive destination for HTF manufacturers to invest in. The rising population, rapid industrialization, and growing focus of developing countries such as India and China on energy infrastructure development in China and India are some key factors that will drive the HTF market growth in this region.
Source: Secondary Research, Primary Interviews, and MarketsandMarkets Analysis
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Heat Transfer Fluids Market Players
Major players operating in the Heat Transfer Fluids Market includes Eastman Chemical Company (US), The Dow Chemical Company (US), ExxonMobil (US), Chevron (US), Lanxess (Germany), Shell plc (Netherlands), Hindustan Petroleum Corporation Limited (India), Phillips 66 Company (US), Preterm (US), and Arkema (France).
Heat Transfer Fluids Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2022 |
USD 3.7 billion |
|
Revenue Forecast in 2027 |
USD 5.8 billion |
|
CAGR |
9.3% |
|
Years considered for the study |
2018–2027 |
|
Base year |
2021 |
|
Forecast period |
2022–2027 |
|
Units considered |
Value (USD Million/USD Billion), Volume (Kilo Ton) |
|
Segments |
By product type, By end use, and By Region |
|
Regions |
North America, APAC, Europe, South America, and the Middle East & Africa |
|
Companies |
The Dow Chemical Company (US), Eastman Chemical Company (US), Exxon Mobil (US), Chevron (US), Shell plc (Netherlands), Huntsman Corporation (US), Paratherm (US), Phillips 66 Company (US), and Arkema (France). Total 25 major players covered |
This research report categorizes the heat transfer fluids market is segmented by product type, by end use, and by region.
Heat Transfer Fluids Market based on Product Type:
- Mineral Oils
- Synthetic Fluids
- Glycol-based Fluids
- Others
Heat Transfer Fluids Market based on End Use:
- Chemical & Petrochemical
- Oil & Gas
- Automotive
- Renewable Energy
- HVAC
- Pharmaceutical
- Others
Heat Transfer Fluids Market based on the Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In 2022, Chevron completed the acquisition of the Renewable Energy Group. Chevron completed the acquisition of the Renewable Energy Group. This acquisition is expected to help company leverage its strengths to deliver lower carbon energy.
- In 2022, Eastman announced to expand the Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama. Plant expansion is expected to be completed in 2024 and will increase US-based capacity by 50%.
- In 2019, Eastman expanded its product offerings by acquiring Marlotherm from Sasol (South Africa). Marlotherm is a brand of HTFs.
- In 2018, The Dow Chemical Company launched DOWTHERM SR-1 which is Inhibited Ethylene Glycol-based used in ice rinks for the PyeongChang 2018 ice venues including the Gangneung and Kwandong Hockey Centers, the Gangneung Oval, and the practice arena for short-track skaters.
Frequently Asked Questions (FAQ):
What is the current size of the global Heat Transfer Fluids Market?
The global market for HTFs size is estimated to USD 3.7 Billion in 2022 and is projected to reach USD 5.8 Billion by 2027, at a CAGR of 9.3% between 2022 and 2027.
What are the factors influencing the growth of HTF market?
The growth of this market can be attributed to growth of chemical & petrochemical processing, oil & gas and automotive industries.
What is the biggest restraint for HTF?
Volatility of prices of raw material the major restraining factor for the growth of the market.
Who are the major manufacturers?
Major manufacturers include includes Eastman Chemical Company (US), The Dow Chemical Company (US), ExxonMobil (US), Chevron (US), Lanxess (Germany), Shell plc (Netherlands) among many others.
What is the impact of COVID-19 on the overall HTF market?
HTF are used in various end use industries including of chemical & petrochemical processing, oil & gas and automotive industries. Due to the ongoing pandemic, these industries have been severely affected throughout the world. Manpower shortage, logistical restrictions, material unavailability, and other restrictions have slowed the growth of the industry in a considerable manner.
What will be the growth prospects of the HTF market?
Demand for CSP in renewable energy industry is expected to offer significant growth opportunities to manufacturers of Heat Transfer Fluids Market. .
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 25)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
TABLE 1 Heat Transfer Fluids Market: INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
FIGURE 1 Heat Transfer Fluids Market SEGMENTATION
1.3.2 GEOGRAPHIC SCOPE
1.3.3 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 UNIT CONSIDERED
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 30)
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 interviews – demand and supply side
2.1.2.3 Key industry insights
2.1.2.4 Breakdown of primary interviews
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
FIGURE 3 Heat Transfer Fluids Market: BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
FIGURE 4 Heat Transfer Fluids Market: TOP-DOWN APPROACH
FIGURE 5 MARKET SIZE ESTIMATION: Heat Transfer Fluids Market
2.3 CONTRIBUTION OF DRIVERS TOWARD MARKET GROWTH
FIGURE 6 MARKET PROJECTIONS
2.4 DATA TRIANGULATION
FIGURE 7 Heat Transfer Fluids Market: DATA TRIANGULATION
2.5 FACTOR ANALYSIS
2.6 RESEARCH ASSUMPTIONS
2.7 RESEARCH LIMITATIONS AND RISKS ASSESSMENT
3 EXECUTIVE SUMMARY (Page No. - 39)
FIGURE 8 SYNTHETIC FLUIDS SEGMENT TO DOMINATE HTF MARKET, BY PRODUCT TYPE, THROUGHOUT FORECAST PERIOD
FIGURE 9 CHEMICAL & PETROCHEMICAL SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE FROM 2022 TO 2027
FIGURE 10 ASIA PACIFIC LED HTF MARKET IN 2021
4 PREMIUM INSIGHTS (Page No. - 42)
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HTF MARKET
FIGURE 11 GROWING DEMAND FOR RENEWABLE ENERGY APPLICATIONS TO DRIVE MARKET
4.2 ASIA PACIFIC: Heat Transfer Fluids Market, BY END USE AND COUNTRY
FIGURE 12 CHINA AND CHEMICAL & PETROCHEMICAL SEGMENT COMMANDED HTF MARKET IN ASIA PACIFIC IN 2021
4.3 HTF MARKET, BY PRODUCT TYPE
FIGURE 13 MINERAL OILS TO CAPTURE MAJORITY OF MARKET SHARE, IN TERMS OF VOLUME, BETWEEN 2022 AND 2027
4.4 HTF MARKET, BY END USE
FIGURE 14 CHEMICAL & PETROCHEMICAL SEGMENT TO LEAD HTF MARKET THROUGHOUT FORECAST PERIOD
4.5 Heat Transfer Fluids Market, BY COUNTRY
FIGURE 15 INDIA TO BE FASTEST-GROWING Heat Transfer Fluids Market DURING FORECAST PERIOD
5 MARKET OVERVIEW (Page No. - 45)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 16 Heat Transfer Fluids Market: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Rapid industrialization and supportive renewable energy policies in Asia Pacific
FIGURE 17 INDUSTRIAL DEVELOPMENTS IN ASIA PACIFIC IN 2021
5.2.1.2 Growing number of concentrating solar power projects
TABLE 2 CONCENTRATED SOLAR POWER PLANTS WORLDWIDE
5.2.1.3 Increased use of HTFs to reduce operating costs and save energy
5.2.2 RESTRAINTS
5.2.2.1 Volatile raw material prices
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing need for energy conservation and clean energy
5.2.3.2 Government schemes focused on energy efficiency and renewable energy
5.2.4 CHALLENGES
5.2.4.1 Fire and explosion hazards related to thermal HTFs
5.3 PORTER'S FIVE FORCES ANALYSIS
FIGURE 18 HTF MARKET: PORTER'S FIVE FORCES ANALYSIS
TABLE 3 HTF MARKET: PORTER'S FIVE FORCES ANALYSIS
5.3.1 BARGAINING POWER OF BUYERS
5.3.2 BARGAINING POWER OF SUPPLIERS
5.3.3 THREAT OF NEW ENTRANTS
5.3.4 THREAT OF SUBSTITUTES
5.3.5 INTENSITY OF COMPETITIVE RIVALRY
5.4 VALUE CHAIN ANALYSIS
FIGURE 19 OVERVIEW OF HTF MARKET VALUE CHAIN
5.4.1 RAW MATERIAL SUPPLIERS
5.4.2 HTF MANUFACTURERS
5.4.3 DISTRIBUTORS
5.4.4 END USERS
5.5 ECOSYSTEM
FIGURE 20 ECOSYSTEM OF HTF MARKET
TABLE 4 HTF MARKET: ROLE OF STAKEHOLDERS IN ECOSYSTEM
5.6 COVID-19 IMPACT ANALYSIS
5.6.1 COVID-19 ECONOMIC ASSESSMENT
5.6.2 EFFECTS ON COUNTRY-LEVEL GDP
5.6.3 IMPACT ON END-USERS
FIGURE 21 GLOBAL PROPAGATION OF COVID-19 AT UNPRECEDENTED PACE
5.7 PRICING ANALYSIS
5.7.1 AVERAGE SELLING PRICE, BY REGION
FIGURE 22 HTF PRICES IN DIFFERENT REGIONS, 2020–2021 (USD/KG)
5.7.2 AVERAGE SELLING PRICE, BY PRODUCT TYPE
TABLE 5 HTF PRICES FOR DIFFERENT PRODUCT TYPES, 2020–2027 (USD/KG)
FIGURE 23 AVERAGE SELLING PRICE OF HTFS OFFERED BY KEY PLAYERS, BY END USE
5.7.3 AVERAGE SELLING PRICE, BY KEY PLAYER
TABLE 6 KEY PLAYERS: AVERAGE SELLING PRICE (USD/KG)
5.8 TRADE ANALYSIS
TABLE 7 IMPORT TRADE DATA FOR MEDIUM OIL FOR TOP 10 COUNTRIES, 2021 (USD MILLION)
TABLE 8 EXPORT TRADE DATA FOR MEDIUM OIL FOR TOP 10 COUNTRIES, 2021 (USD MILLION)
5.9 MACROECONOMIC DATA
TABLE 9 REAL AND PROJECTED GDP GROWTH OF KEY COUNTRIES, 2018–2025 (ANNUAL PERCENTAGE)
5.9.1 OIL PRODUCTION DATA
TABLE 10 OIL PRODUCTION DATA, BY COUNTRY, 2019–2021 (MILLION TONNE)
5.9.2 RENEWABLE ENERGY PRODUCTION DATA
TABLE 11 RENEWABLE ENERGY GENERATION DATA, BY COUNTRY, 2019–2021 (TERAWATT HOURS)
5.9.3 AUTOMOTIVE PRODUCTION DATA
TABLE 12 AUTOMOTIVE PRODUCTION DATA, BY COUNTRY, 2019–2021 (MILLION UNITS)
5.10 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
FIGURE 24 RISE IN ADOPTION OF RENEWABLE ENERGY TO INFLUENCE HTF MARKET
5.11 CASE STUDY ANALYSIS
5.11.1 EASTMAN OFFERED THERMINOL HEAT-TRANSFER FLUID TO INDORAMA VENTURES TO INCREASE ITS PLANT EFFICIENCY
5.11.2 HYDROMX SAVED 35% ENERGY COSTS BY INSTALLING GLYCOL-BASED CRAC UNITS IN CASS COUNTY ELECTRIC COOPERATIVE BUILDING
5.11.3 CHROMALOX AND EASTMAN MEET HIGH-TEMPERATURE DEMANDS OF CHEMICAL PRODUCTION PLANT
5.12 KEY CONFERENCES AND EVENTS, 2022–2023
TABLE 13 DETAILED LIST OF CONFERENCES AND EVENTS
5.13 FACTORS INFLUENCING BUYING DECISIONS
5.13.1 QUALITY
5.13.2 SERVICES
FIGURE 25 KEY BUYING CRITERIA
TABLE 14 HTF MARKET: KEY BUYING CRITERIA AND RATINGS
5.14 TARIFF AND REGULATORY LANDSCAPE
5.14.1 ASIA PACIFIC
5.14.2 EUROPE
5.14.3 NORTH AMERICA
5.14.3.1 US
5.14.3.2 Canada
TABLE 15 LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.15 PATENT ANALYSIS
5.15.1 METHODOLOGY
5.15.2 PATENTS GRANTED WORLDWIDE, 2011–2021
TABLE 16 TOTAL NUMBER OF PATENTS
FIGURE 26 TOTAL NUMBER OF PATENTS
5.15.3 PATENT PUBLICATION TRENDS
FIGURE 27 TOTAL NUMBER OF PATENTS DURING LAST 10 YEARS
5.15.4 INSIGHTS
5.15.5 LEGAL STATUS OF PATENTS
FIGURE 28 PATENT ANALYSIS, BY LEGAL STATUS
5.15.6 JURISDICTION-WISE PATENT ANALYSIS
FIGURE 29 TOP JURISDICTIONS FOR HTF PATENTS
5.15.7 TOP COMPANIES/APPLICANTS
FIGURE 30 TOP 10 COMPANIES/APPLICANTS WITH HIGHEST NUMBER OF PATENTS
5.15.8 TOP 10 PATENT OWNERS (US) IN LAST 10 YEARS
TABLE 17 TOP 10 PATENT OWNERS
6 HTF MARKET, BY PRODUCT TYPE (Page No. - 73)
6.1 INTRODUCTION
FIGURE 31 SYNTHETIC FLUIDS SEGMENT TO LEAD Heat Transfer Fluids Market, BY PRODUCT TYPE, IN 2027
TABLE 18 HTF MARKET, BY PRODUCT TYPE, 2018–2021 (KILOTON)
TABLE 19 HTF MARKET, BY PRODUCT TYPE, 2022–2027 (KILOTON)
TABLE 20 HTF MARKET, BY PRODUCT TYPE, 2018–2021 (USD MILLION)
TABLE 21 HTF MARKET, BY PRODUCT TYPE, 2022–2027 (USD MILLION)
6.2 MINERAL OILS
6.2.1 DESIGNED FOR INDUSTRIAL APPLICATION BELOW 300°C
6.3 SYNTHETIC FLUIDS
6.3.1 SUI TABLE FOR HIGH-TEMPERATURE APPLICATIONS
6.4 GLYCOL-BASED FLUIDS
6.4.1 REDUCE MAINTENANCE COSTS AS THEY COMPRISE ANTI-CORROSIVE ADDITIVES
6.5 OTHERS
7 HTF MARKET, BY END USE (Page No. - 79)
7.1 INTRODUCTION
FIGURE 32 CHEMICAL & PETROCHEMICAL SEGMENT TO COMMAND Heat Transfer Fluids Market, BY END USE, DURING FORECAST PERIOD
TABLE 22 HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 23 HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 24 HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 25 HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
7.2 CHEMICAL & PETROCHEMICAL
7.2.1 IMPLEMENTATION OF HTFS IN CHEMICAL PLANTS OWING TO THEIR CORROSION RESISTANCE, NONTOXICITY, AND LOW VOLATILITY PROPERTIES
7.3 OIL & GAS
7.3.1 ADOPTION OF HTFS IN OIL & GAS PLANTS TO REDUCE VIBRATIONS IN TRANSDUCERS, CABLES, AND CONTROL VALVES
7.4 AUTOMOTIVE
7.4.1 USE OF HTFS IN AUTOMOBILE BATTERIES, COMPRESSORS, AND MOTORS FOR EFFICIENT HEAT TRANSFER
7.5 FOOD & BEVERAGE
7.5.1 UTILIZATION OF HTFS AS SUBSTITUTE FOR STEAM IN FOOD PROCESSING PLANTS
7.6 RENEWABLE ENERGY
7.6.1 DEPLOYMENT OF HTFS IN CSP PLANTS DUE TO THEIR HIGH OXIDATION RESISTANCE AND THERMAL STABILITY
7.7 PHARMACEUTICAL
7.7.1 IMPLEMENTATION OF FOOD-GRADE HTFS IN PHARMACEUTICAL APPLICATIONS BECAUSE OF THERMAL STABILITY AND HIGH PURITY REQUIREMENTS
7.8 HVAC
7.8.1 CORROSION RESISTANCE AND LONG-TERM STABILITY OF HTFS TO INCREASE THEIR DEMAND FOR HVAC APPLICATIONS
7.9 OTHERS
8 HTF MARKET, BY REGION (Page No. - 86)
8.1 INTRODUCTION
FIGURE 33 ASIA PACIFIC TO CREATE LUCRATIVE OPPORTUNITIES FOR Heat Transfer Fluids Market PLAYERS
TABLE 26 Heat Transfer Fluids Market, BY REGION, 2018–2021 (KILOTON)
TABLE 27 HTF MARKET, BY REGION, 2022–2027 (KILOTON)
TABLE 28 HTF MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 29 HTF MARKET, BY REGION, 2022–2027 (USD MILLION)
8.2 ASIA PACIFIC
FIGURE 34 ASIA PACIFIC: Heat Transfer Fluids Market SNAPSHOT
TABLE 30 ASIA PACIFIC: Heat Transfer Fluids Market, BY COUNTRY, 2018–2021 (KILOTON)
TABLE 31 ASIA PACIFIC: HTF MARKET, BY COUNTRY, 2022–2027 (KILOTON)
TABLE 32 ASIA PACIFIC: HTF MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 33 ASIA PACIFIC: HTF MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
TABLE 34 ASIA PACIFIC: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 35 ASIA PACIFIC: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 36 ASIA PACIFIC: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 37 ASIA PACIFIC: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.2.1 CHINA
8.2.1.1 Thriving chemical sector to drive Heat Transfer Fluids Market growth
TABLE 38 CHINA: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 39 CHINA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 40 CHINA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 41 CHINA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.2.2 JAPAN
8.2.2.1 Booming electronics industry to witness high demand for HTFs
TABLE 42 JAPAN: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 43 JAPAN: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 44 JAPAN: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 45 JAPAN: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.2.3 INDIA
8.2.3.1 Abundant solar energy to create new avenues for HTF business growth
TABLE 46 INDIA: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 47 INDIA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 48 INDIA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 49 INDIA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.2.4 SOUTH KOREA
8.2.4.1 Flourishing electronics industry to witness high demand for HTFs
TABLE 50 SOUTH KOREA: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 51 SOUTH KOREA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 52 SOUTH KOREA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 53 SOUTH KOREA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.2.5 REST OF ASIA PACIFIC
TABLE 54 REST OF ASIA PACIFIC: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 55 REST OF ASIA PACIFIC: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 56 REST OF ASIA PACIFIC: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 57 REST OF ASIA PACIFIC: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.3 EUROPE
FIGURE 35 EUROPE: Heat Transfer Fluids Market SNAPSHOT
TABLE 58 EUROPE: Heat Transfer Fluids Market, BY COUNTRY, 2018–2021 (KILOTON)
TABLE 59 EUROPE: HTF MARKET, BY COUNTRY, 2022–2027 (KILOTON)
TABLE 60 EUROPE: HTF MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 61 EUROPE: HTF MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
TABLE 62 EUROPE: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 63 EUROPE: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 64 EUROPE: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 65 EUROPE: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.3.1 GERMANY
8.3.1.1 Strong manufacturing sector to propel market growth
TABLE 66 GERMANY: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 67 GERMANY: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 68 GERMANY: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 69 GERMANY: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.3.2 FRANCE
8.3.2.1 Strong base of manufacturing firms to provide impetus to use HTFs
TABLE 70 FRANCE: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 71 FRANCE: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 72 FRANCE: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 73 FRANCE: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.3.3 ITALY
8.3.3.1 Country’s strong focus on environmental protection to foster market growth
TABLE 74 ITALY: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 75 ITALY: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 76 ITALY: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 77 ITALY: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.3.4 UK
8.3.4.1 Rising use of renewable energy to spur demand for HTFs
TABLE 78 UK: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 79 UK: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 80 UK: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 81 UK: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.3.5 SPAIN
8.3.5.1 Production of energy using renewables to propel market growth
TABLE 82 SPAIN: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 83 SPAIN: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 84 SPAIN: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 85 SPAIN: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.3.6 REST OF EUROPE
TABLE 86 REST OF EUROPE: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 87 REST OF EUROPE: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 88 REST OF EUROPE: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 89 REST OF EUROPE: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.4 NORTH AMERICA
FIGURE 36 NORTH AMERICA: Heat Transfer Fluids Market SNAPSHOT
TABLE 90 NORTH AMERICA: HTF MARKET, BY COUNTRY, 2018–2021 (KILOTON)
TABLE 91 NORTH AMERICA: HTF MARKET, BY COUNTRY, 2022–2027 (KILOTON)
TABLE 92 NORTH AMERICA: HTF MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 93 NORTH AMERICA: HTF MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
TABLE 94 NORTH AMERICA: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 95 NORTH AMERICA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 96 NORTH AMERICA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 97 NORTH AMERICA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.4.1 US
8.4.1.1 Increasing demand for renewable energy to boost market
TABLE 98 US: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 99 US: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 100 US: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 101 US: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.4.2 CANADA
8.4.2.1 Expertise in emerging technologies to attract major investments
TABLE 102 CANADA: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 103 CANADA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 104 CANADA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 105 CANADA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.4.3 MEXICO
8.4.3.1 Increased foreign investments in oil & gas industry to boost HTF market
TABLE 106 MEXICO: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 107 MEXICO: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 108 MEXICO: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 109 MEXICO: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.5 SOUTH AMERICA
TABLE 110 SOUTH AMERICA: HTF MARKET, BY COUNTRY, 2018–2021 (KILOTON)
TABLE 111 SOUTH AMERICA: HTF MARKET, BY COUNTRY, 2022–2027 (KILOTON)
TABLE 112 SOUTH AMERICA: HTF MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 113 SOUTH AMERICA: HTF MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
TABLE 114 SOUTH AMERICA: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 115 SOUTH AMERICA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 116 SOUTH AMERICA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 117 SOUTH AMERICA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.5.1 BRAZIL
8.5.1.1 Growing industrialization to boost market
TABLE 118 BRAZIL: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 119 BRAZIL: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 120 BRAZIL: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 121 BRAZIL: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.5.2 ARGENTINA
8.5.2.1 Economic recovery to favor market growth
TABLE 122 ARGENTINA: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 123 ARGENTINA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 124 ARGENTINA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 125 ARGENTINA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.5.3 REST OF SOUTH AMERICA
TABLE 126 REST OF SOUTH AMERICA: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 127 REST OF SOUTH AMERICA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 128 REST OF SOUTH AMERICA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 129 REST OF SOUTH AMERICA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.6 MIDDLE EAST & AFRICA
TABLE 130 MIDDLE EAST & AFRICA: HTF MARKET, BY COUNTRY, 2018–2021 (KILOTON)
TABLE 131 MIDDLE EAST & AFRICA: HTF MARKET, BY COUNTRY, 2022–2027 (KILOTON)
TABLE 132 MIDDLE EAST & AFRICA: HTF MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 133 MIDDLE EAST & AFRICA: HTF MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
TABLE 134 MIDDLE EAST & AFRICA: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 135 MIDDLE EAST & AFRICA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 136 MIDDLE EAST & AFRICA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 137 MIDDLE EAST & AFRICA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.6.1 SAUDI ARABIA
8.6.1.1 Growing oil & gas and chemicals industries to push market growth
TABLE 138 SAUDI ARABIA: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 139 SAUDI ARABIA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 140 SAUDI ARABIA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 141 SAUDI ARABIA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.6.2 UAE
8.6.2.1 Rising demand for HTFs from oil & gas industry to support market growth
TABLE 142 UAE: Heat Transfer Fluids Market, BY END USE, 2018–2021 (KILOTON)
TABLE 143 UAE: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 144 UAE: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 145 UAE: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
8.6.3 REST OF MIDDLE EAST & AFRICA
TABLE 146 REST OF MIDDLE EAST & AFRICA: HTF MARKET, BY END USE, 2018–2021 (KILOTON)
TABLE 147 REST OF MIDDLE EAST & AFRICA: HTF MARKET, BY END USE, 2022–2027 (KILOTON)
TABLE 148 REST OF MIDDLE EAST & AFRICA: HTF MARKET, BY END USE, 2018–2021 (USD MILLION)
TABLE 149 REST OF MIDDLE EAST & AFRICA: HTF MARKET, BY END USE, 2022–2027 (USD MILLION)
9 COMPETITIVE LANDSCAPE (Page No. - 142)
9.1 OVERVIEW
9.2 STRATEGIES ADOPTED BY KEY PLAYERS
FIGURE 37 INVESTMENTS & EXPANSIONS KEY GROWTH STRATEGY BETWEEN 2015 AND 2022
9.3 MARKET RANKING ANALYSIS
FIGURE 38 RANKING OF TOP FIVE PLAYERS IN HTF MARKET, 2022
9.4 MARKET SHARE ANALYSIS
FIGURE 39 HTF MARKET SHARE, BY COMPANY (2021)
TABLE 150 HTF MARKET: DEGREE OF COMPETITION
9.5 REVENUE ANALYSIS OF TOP PLAYERS
TABLE 151 HTF MARKET: REVENUE ANALYSIS, 2019 TO 2021 (USD BILLION)
9.6 MARKET EVALUATION MATRIX
TABLE 152 MARKET EVALUATION MATRIX
9.7 COMPANY EVALUATION MATRIX
9.7.1 STARS
9.7.2 EMERGING LEADERS
9.7.3 PERVASIVE PLAYERS
9.7.4 PARTICIPANTS
FIGURE 40 HTF MARKET: COMPANY EVALUATION MATRIX, 2021
9.8 START-UPS AND SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION MATRIX
9.8.1 RESPONSIVE COMPANIES
9.8.2 STARTING BLOCKS
FIGURE 41 HTF MARKET: START-UP AND SME MATRIX, 2022
9.9 COMPETITIVE BENCHMARKING
9.9.1 COMPANY PRODUCT TYPE FOOTPRINT
9.9.2 COMPANY END USE FOOTPRINT
9.9.3 COMPANY REGION FOOTPRINT
9.10 STRENGTH OF PRODUCT PORTFOLIO
FIGURE 42 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN Heat Transfer Fluids Market
9.11 BUSINESS STRATEGY EXCELLENCE
FIGURE 43 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN Heat Transfer Fluids Market
9.12 COMPETITIVE SCENARIO
9.12.1 PRODUCT LAUNCHES
TABLE 153 PRODUCT LAUNCHES
9.12.2 EXPANSIONS, COLLABORATIONS, AND INVESTMENTS
TABLE 154 EXPANSIONS, COLLABORATIONS, AND INVESTMENTS
9.12.3 MERGERS & ACQUISITIONS
TABLE 155 MERGERS & ACQUISITIONS
10 COMPANY PROFILES (Page No. - 157)
10.1 MAJOR PLAYERS
(Business Overview, Products/Solutions/Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
10.1.1 THE DOW CHEMICAL COMPANY
TABLE 156 THE DOW CHEMICAL COMPANY: COMPANY OVERVIEW
FIGURE 44 THE DOW CHEMICAL COMPANY: COMPANY SNAPSHOT
TABLE 157 THE DOW CHEMICAL COMPANY: PRODUCT OFFERINGS
TABLE 158 THE DOW CHEMICAL COMPANY: NEW PRODUCT LAUNCHES
TABLE 159 THE DOW CHEMICAL COMPANY: OTHER DEVELOPMENTS
10.1.2 EASTMAN CHEMICAL COMPANY
TABLE 160 EASTMAN CHEMICAL COMPANY: COMPANY OVERVIEW
FIGURE 45 EASTMAN CHEMICAL COMPANY: COMPANY SNAPSHOT
TABLE 161 EASTMAN CHEMICAL COMPANY: PRODUCT OFFERINGS
TABLE 162 EASTMAN CHEMICAL COMPANY: NEW PRODUCT LAUNCHES
TABLE 163 EASTMAN CHEMICAL COMPANY: DEALS
TABLE 164 EASTMAN CHEMICAL COMPANY: OTHER DEVELOPMENTS
10.1.3 EXXONMOBIL
TABLE 165 EXXONMOBIL: COMPANY OVERVIEW
FIGURE 46 EXXONMOBIL: COMPANY SNAPSHOT
TABLE 166 EXXONMOBIL: PRODUCT OFFERINGS
TABLE 167 EXXONMOBIL: DEALS
10.1.4 CHEVRON
TABLE 168 CHEVRON: COMPANY OVERVIEW
FIGURE 47 CHEVRON: COMPANY SNAPSHOT
TABLE 169 CHEVRON: PRODUCT OFFERINGS
TABLE 170 CHEVRON: DEALS
10.1.5 HUNTSMAN CORPORATION
TABLE 171 HUNTSMAN CORPORATION: COMPANY OVERVIEW
FIGURE 48 HUNTSMAN CORPORATION: COMPANY SNAPSHOT
TABLE 172 HUNTSMAN CORPORATION: PRODUCT OFFERINGS
10.1.6 SHELL PLC
TABLE 173 SHELL PLC: COMPANY OVERVIEW
FIGURE 49 SHELL PLC: COMPANY SNAPSHOT
TABLE 174 SHELL PLC: PRODUCT OFFERINGS
10.1.7 LANXESS
TABLE 175 LANXESS: COMPANY OVERVIEW
FIGURE 50 LANXESS: COMPANY SNAPSHOT
TABLE 176 LANXESS: PRODUCT OFFERINGS
10.1.8 CLARIANT AG
TABLE 177 CLARIANT AG: COMPANY OVERVIEW
TABLE 178 CLARIANT AG: PRODUCT OFFERINGS
10.1.9 WACKER CHEMIE AG
TABLE 179 WACKER CHEMIE AG: COMPANY OVERVIEW
FIGURE 51 WACKER CHEMIE AG: COMPANY SNAPSHOT
TABLE 180 WACKER CHEMIE AG: PRODUCT OFFERINGS
10.1.10 INDIAN OIL CORPORATION
TABLE 181 INDIAN OIL CORPORATION: COMPANY OVERVIEW
FIGURE 52 INDIAN OIL CORPORATION: COMPANY SNAPSHOT
TABLE 182 INDIAN OIL CORPORATION: PRODUCT OFFERINGS
10.1.11 SCHULTZ CANADA CHEMICALS LTD.
TABLE 183 SCHULTZ CANADA CHEMICALS LTD.: COMPANY OVERVIEW
TABLE 184 SCHULTZ CANADA CHEMICALS LTD.: PRODUCT OFFERINGS
* Business Overview, Products/Solutions/Services Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
10.2 OTHER PLAYERS
10.2.1 PARATHERM
10.2.2 ARKEMA
10.2.3 BASF
10.2.4 DALIAN RICHFORTUNE CHEMICALS
10.2.5 BRITISH PETROLEUM
10.2.6 DUPONT TATE & LYLE
10.2.7 DYNALENE
10.2.8 HINDUSTAN PETROLEUM CORPORATION
10.2.9 GLOBAL HEAT TRANSFER
10.2.10 ISEL
10.2.11 PARAS LUBRICANTS LIMITED
10.2.12 PETRO-CANADA
10.2.13 PHILLIPS 66
10.2.14 RADCO INDUSTRIES
10.2.15 SCHAEFFER SPECIALIZED LUBRICANTS
11 APPENDIX (Page No. - 185)
11.1 DISCUSSION GUIDE
11.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
11.3 CUSTOMIZATION OPTIONS
11.4 RELATED REPORTS
11.5 AUTHOR DETAILS
Overview of Thermic Fluid Market:
The thermic fluid market is a segment of the industrial fluids market that deals with heat transfer fluids used for various industrial applications such as oil and gas, chemical processing, pharmaceuticals, food and beverage, and power generation. These fluids are engineered to provide high thermal stability and efficiency for heat transfer in industrial processes.
The thermic fluid market is a sub-segment of the heat transfer fluids market. Heat transfer fluids are used in various industries to transfer heat from one point to another. Thermic fluids are a type of heat transfer fluid that are specifically engineered for high-temperature applications. Thus, the thermic fluid market is a specialized segment within the broader heat transfer fluids market.
The growth of the thermic fluid market is expected to positively impact the heat transfer fluids market. The increasing demand for thermic fluids in various industries such as oil and gas, chemical processing, and power generation is expected to drive the growth of the overall heat transfer fluids market. Additionally, the development of new and improved thermic fluids with better thermal stability and efficiency is expected to further boost the growth of the heat transfer fluids market.
Futuristic Growth Use-Cases of Thermic Fluid Market:
The thermic fluid market is expected to witness significant growth in the future due to the increasing demand for high-temperature heat transfer fluids. Some of the potential growth use-cases for thermic fluids include solar thermal power plants, waste heat recovery systems, and energy storage systems.
Top Players in Thermic Fluid Market:
Some of the top players operating in the thermic fluid market include Eastman Chemical Company, ExxonMobil Corporation, Royal Dutch Shell PLC, Dow Chemical Company, and BASF SE.
Other Industries Impacted by Thermic Fluid Market:
Apart from the industries mentioned earlier, the thermic fluid market is also expected to impact other industries such as automotive, aerospace, and electronics. These industries require heat transfer fluids for various applications, and the increasing demand for high-temperature heat transfer fluids is expected to drive the growth of the thermic fluid market in these industries as well.
Speak to our Analyst today to know more about Thermic Fluid Market!
The study involved four major activities to estimate the current market size of HTF. Exhaustive secondary research was done to collect information on the market, the peer market, and the 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. Thereafter, 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 Factiva, Zauba, Hoovers, and Bloomberg BusinessWeek 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, regulations form agencies such as International Association of Oil & Gas Producers (IOGP), International Renewable Energy Agency (IRENA), International Organization of Motor Vehicle Manufacturers (OICA), and others.
Primary Research
Extensive primary research has been conducted after acquiring an understanding of the HTF market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand- (HTF manufacturers) and supply-side (end-product manufacturers, buyers, and distributors) players across four major regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and South America. Approximately 70% and 30% of primary interviews have been conducted from the demand and supply side, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report. After interacting with industry experts, brief sessions were conducted with experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.
Following is the breakdown of primary respondents:
Notes: Companies are classified based on their revenue–Tier 1 = > USD 1 billion, Tier 2 = USD 500 million– USD 1 billion, and Tier 3 = < USD 500 million.
Other designations include sales representatives, production heads, and technicians.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total size of HTF 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 included 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.
Global HTF Market Size: Bottom-Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
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. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, 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.
Report Objectives
- To analyze and forecast the HTF market size, terms of value, and volume.
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
- To define, describe, and forecast the market by product type, by end use, and by region.
- To forecast the size of the market with respect to five regions, namely, Asia Pacific (APAC), Europe, North America, South America, and the Middle East & Africa (MEA), along with their countries
- To strategically analyze micro markets with respect to individual growth trends, future prospects, and their contribution to the overall market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for the market leaders
- To analyze competitive developments such as new product launch, merger & acquisition, and investment & expansion in the market
- To strategically profile the key players and comprehensively analyze their revenue and core competencies.
Available Customizations
MarketsandMarkets offers customizations according to the specific needs of the companies with the given market data.
The following customization options are available for the HTF market report:
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company
Regional Analysis
- A further breakdown of the HTF market, by segments
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Generating Response ...
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Market growth trends and major company profiles along with the strategies adopted by key players present in the market
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