New York , Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global Heat Transfer Fluids Market size is projected to grow at a CAGR of over 13% from 2023 to 2035. The market is expected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of USD 5 billion in the year 2022. The growth of the sector is set to be encouraged by growing demand for automotive. Nearly 65 million cars were sold worldwide in 2021, however, the total sales rose to about 66 million in 2022. However, automotive has scope for more heating which is why the market demand for heating transfer fluids is rising.
Additionally, the popularity of hybrid and electric vehicles is also rising. In 2022, there were more than 9 million electric vehicle sales globally, and it is anticipated that this year's sales will increase by another about 34% to a total of approximately 13 million. Due to this rapid growth, the market share of electric automobiles rose from about 3% in 2020 to over 13% in 2022 and is expected to reach close to 17% this year. However, the prevalence of overheating is also growing in these vehicles. As a consequence, the market revenue is poised to rise.
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Heat Transfer Fluids Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- Minerals oil segment to garner the highest growth
- Market in Europe to grow at the highest rate
Growing Demand for Renewable Energy to Boost the Growth of Global Heat Transfer Fluids Market
Between 2022 and 2027, an estimated about 2,399 GW (or nearly 74%) more renewable energy is projected to be produced worldwide. Hence, with this, the demand for heat transfer fluids is also slated to grow. In heating and cooling systems that employ renewable energies, such as solar panel heating or ground source heat pumps, heat transfer fluids serve a crucial role. They are employed in systems to transmit heat or avoid freezing. Moreover, the government of all regions is investing heavily in renewable energy in order to achieve a zero emission targets which would further encourage the growth of the market for heat transfer fluids.
Heat Transfer Fluids Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Urbanization to Influence the Market Growth in Asia Pacific
The Asia Pacific heat fluids market is set to capture the largest share of about 48% over the forecast period. The major factor for the growth of the market in this region is rising urban population. Over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. Asia's urban population is projected to increase by 50% by 2050, or by an additional 1.2 billion people. Hence the demand for energy and various other factors is surging in this region.
Rising Government Initiatives to Drive the Market Growth in Europe
The heat transfer fluids in Europe is projected to have significant growth in the market by the end of 2035. The major factor driving the market expansion in this region is rising government initiatives for clean energy. The European Climate Law intends to achieve climate neutrality for the EU by 2050 in the energy sector. In the updated Renewable Energy Directive, a 32% minimum binding target for the share of renewable energy in the EU's gross final energy consumption by 2030 is also added.
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Heat Transfer Fluids, Segmentation by Type
- Mineral Oils
- Synthetic Fluids
- Glycols
- Others
The mineral oils segment is poised to capture share of about 47% over the forecast period. The growth of the segment is set to be influenced by growing production of mineral oils. Global crude oil output rose by a record of about 4% rate in 2022, which was significantly greater than the growth rates of 2021 and the period from 2010 to 2019.
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Heat Transfer Fluids, Segmentation by End-Use Industry
- Chemical
- Oil & Gas
- Food & Beverage
- Pharmaceuticals
- Renewable Energy
- Automotive Industry
- HVAC & Refrigeration
- Others
The oil & gas segment is expected to garner the largest share of about ~24% over the forecast period. This growth of the segment is set to grow on account of rising offshore drilling activities. From 2022 to 2025, there will be over 65 licensing rounds and over USD 199 billion in deep-water project final investment decisions. Moreover, there has been growing depletion of resource onshore. Therefore, offshore drilling activities are growing further encouraging the segment growth.
A few of the well-known market leaders in the global heat transfer fluids market that are profiled by Research Nester are Eastman Chemical Company, Dynalene, Inc., Indian Oil Corporation Ltd., KOST USA, Inc., Hindustan Petroleum Corporation Limited, The Dow Chemical Company, Delta Western Petroleum, LLC, BP International Limited., Huntsman International LLC., Royal Dutch Shell plc, and others.
Recent Developments in the Market
- In order to increase its market share in southeastern Europe, Eastman Chemical Company said that it was modifying its contract with Krahn Chemie GmbH for the distribution of its heat transfer fluids (HTF).
- In response to the country's rising "consumption of electric vehicles," Royal Dutch Shell announced intentions for its subsidiary, Shell Lubricants, to introduce electric vehicle (EV) battery coolants in India.
- In comparison to the same period in the previous year, Hindustan Petroleum Corporation Limited reported an increase in Profit after Tax (PAT) of 192% for the period of April to December 2020.
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