Heat Transfer Fluid (HTF) Market size worth USD 3.92 Billion by 2023: Global Market Insights Inc.

Market Size - $2.15 bn in 2015, Market Growth - CAGR of 7.9%, Market Trends – Increasing biodiesel usage and CSP installations in order to meet rising fuel and energy demand

Ocean View, Delaware, June 28, 2016 (GLOBE NEWSWIRE) -- Global Heat Transfer Fluids (HTF) Market size was 484.0 kilo tons in 2015 as per the latest research report by Global Market Insights, Inc. Industry expansion in BRIC economies pertaining to manufacturing sectors including metal processing, automotive, oil & gas industries, and chemical and should foster heat transfer fluids market size growth.

Global heat transfer fluid market size may register USD 3.92 billion by 2023. CSP and biodiesel industry expansion owing to growing preference for sustainable resources should aid product penetration in these industries.

Browse key industry insights spread across 172 pages with 209 market data tables & 16 figures from the report, “Heat Transfer Fluid (HTF) Market Size By Product (Glycol, Mineral Oils, Silicones & Aromatics), By Application (HVAC, Pharmaceuticals, Plastics, Food & Beverages, Concentrated Solar Power (CSP), Chemical Industry, Oil & Gas), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, China, India, Japan) Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:


Need to manage excessive heat in automotive, metal processing, pharmaceuticals, and food processing application has driven product consumption in manufacturing industries. Surging requirement for application specific product with optimum thermal coefficient is claimed to be another lucrative factor driving heat transfer fluids (HTF) market size growth.

Increasing gas production in GCC should enhance heat transfer oil market growth. It is essential in crude oil or natural gas processing, transportation and refining. It is also used for facility heating and glycols regeneration in order to remove water from natural gas processed in offshore platforms.

Heat transfer oils offer enhanced safety, low maintenance, better temperature control, and low cost of these systems when compared to other thermal media. This is estimated to provide a sufficient stimulus for industry expansion and propel heat transfer fluid demand.

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Concentrated solar power (CSP) is set to achieve highest growth rate, increasing at 7.7% CAGR up to 2023. Strong application outlook towards storing and energy transfer in CSP along with increasing installations is considered to drive product demand.

Biodegradability and recyclability accompanied by its petrochemical and mineral oil formulation may hinder demand and affect heat transfer fluid markets price trend.

Key insights from the report include:

  • Global heat transfer fluids (HTF) market size is estimated to witness 6.3% CAGR and reach 786.0 kilo tons by 2023. Oil & gas industry expansion accompanied by increasing scope in CSP application are noted to lead industry growth.
  • USDA and FDA permission to use food grade based heat transfer fluid ingredients in food & beverages application may increase application scope. Non-toxic, non-hazardous, and low maintenance are key properties.
  • Glycol fluids products are projected to attain highest gains at 7.0% CAGR up to 2023. It is majorly used as antifreeze in food & beverage industry. Need of these oils in CSP applications has created new avenues for future investment.
  • Oil & gas application led the application landscape and was valued at over USD 470 million in 2015. Rising use in offshore oil & gas thermal processes has led the industry application demand. Increasing LNG terminals and offshore oil & gas production facilities should positively drive industry growth.
  • Europe, predominant by Germany heat transfer fluid market size, dominated the regional industry demand and may reach close to 240 kilo tons by 2023 with expected gains at above 5.5% CAGR. Oil & gas industry and CSP were the major applications.
  • Germany food & beverages application may observe significant gains at 6.6% CAGR and surpass 13 kilo tons by 2023.
  • APAC is set to grow significantly at 7.1% CAGR up to 2023. Automotive and oil & gas industry expansion accompanied by government initiatives for foreign investment in China and India are promising factor foster regional demand.
  • China mineral oil demand may witness 7.1% CAGR and register close to 32 kilo tons by 2023.
  • Heat transfer fluid market share is consolidated; Dow Chemicals, ExxonMobil, British Petroleum, Shell and Eastman were the dominant industry players. Bio-based product innovation to attain biodegradability is potential strategic initiatives.
  • Indian Oil Corporation, Huntsman, Hindustan Petroleum, Dynalene, Inlet Petroleum, CFR Chemicals, Chevron, KOST USA, BASF, and Phillips 66 are other market participants.

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Global Market Insights has segmented the heat transfer fluid industry on the basis of product, application and region:

Heat Transfer Fluidx Market Product Analysis (Volume: Kilo Tons; Revenue, USD Million, 2012 - 2023)

  • Glycol
  • Mineral oils
  • Silicone & aromatics
  • Other

Heat Transfer Fluidx Market Application Analysis (Volume: Kilo Tons; Revenue, USD Million, 2012 - 2023)

  • HVAC
  • Pharmaceuticals
  • Plastics
  • Food & beverages
  • CSP
  • Chemical industry
  • Oil & gas
  • Others

Heat Transfer Fluids Market Regional Analysis (Volume: Kilo Tons; Revenue, USD Million, 2012 - 2023)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
  • Middle East & Africa


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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.


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