New York, United States, June 27, 2023 (GLOBE NEWSWIRE) -- The Global Heat Transfer Fluid (HTF) Market Size is to grow from USD 7.2 Billion in 2022 to USD 17.5 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.2% during the projected period.
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Typically, the heat transfer function is used as an intermediary fluid to move heat from a heating source to other heat demands or cold sources. Heat Transfer Fluid (HTF) is used in a wide variety of applications and industrial processes that require heating or cooling, frequently in closed circuits and in continuous operations. HTFs are widely used in the chemical, oil & gas, and renewable energy industries. The increased need for heat transfer fluids from chemical companies has resulted from increased chemical requirements in vehicle production, energy and resources, development, consumer items, electronics, and health and nutrition. Furthermore, HTFs are used in the oil and gas industry to heat buildings, regenerate glycols used to extract water from natural gas, and heat reboilers and columns used in the distillation of oil and petroleum-based compounds in refineries and offshore drilling platforms. To ensure compliance with regulatory limits, major corporate actors are switching to bio-based thermic oils, with significant investments in scientific research and development. The shift in emphasis from synthetic to bio-based thermic fluids is projected to be a disruptive development, driven by stringent regulations and a thorough examination of present market items.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on, "Global Heat Transfer Fluid (HTF) Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids, Others), By End-Use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical, HVAC & Refrigeration, Food & Beverages, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The mineral oils segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global heat transfer fluid market is segmented into mineral oils, synthetic fluids, glycol-based fluids, and others Among these, the mineral oils segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Mineral oils are commonly used in a range of simple radiator heating systems used in both business and residential settings. Furthermore, the glycol-based fluids heat transfer fluid market is expected to outpace the mineral oils segment during the projected period.
The chemical & petrochemical segment accounted for the largest revenue share of more than 43.2% over the forecast period.
On the basis of end-use, the global heat transfer fluid market is segmented into chemical & petrochemical, oil & gas, automotive, renewable energy, pharmaceutical, HVAC & refrigeration, food & beverages, and others. Among these, the chemical & petrochemical segment is dominating the market with the largest revenue share of 43.2% over the forecast period. The chemical manufacturing market has grown as demand from the automotive, energy and resources, building, consumer products, electronics, and health and nutrition industries has increased. Furthermore, the oil and gas industry are predicted to grow at the quickest CAGR during the projection period.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 58.7% market share over the forecast period. The region's widespread availability of low-cost raw materials and labor, combined with expanding local demand, makes it an interesting investment destination for the heat transfer fluids market. On the other hand, North America is predicted to expand the fastest during the forecast period. Heat transfer fluids are used in the North American oil and gas industry, which is a major engine of growth in the US economy. During the forecast period, the Europe market is expected to rise at a significant CAGR. This is due to the fact that the rising population and growing energy demand have spurred the growth of the power and energy industries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Heat Transfer Fluid (HTF) Market include ExxonMobil, Delta Western, Inc., The Dow Chemical Company, Phillips 66 Company, Arkema, Chevron Co., Huntsman Corporation, Eastman Chemical Company, Shell plc, Hindustan Petroleum Corporation Ltd., BASF SE, Paratherm, KOST USA, Inc, British Petroleum, and among others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Heat Transfer Fluid (HTF) Market based on the below-mentioned segments:
Heat Transfer Fluid (HTF) Market, Product Type Analysis
- Mineral Oils
- Synthetic Fluids
- Glycol-Based Fluids
- Others
Heat Transfer Fluid (HTF) Market, By End-Use Analysis
- Chemical & Petrochemical
- Oil & Gas
- Automotive
- Renewable Energy
- Pharmaceutical
- HVAC & Refrigeration
- Food & Beverages
- Others
Heat Transfer Fluid (HTF) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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