DUBLIN--(BUSINESS WIRE)--The "Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, & Others), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, HVACR, and Others), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Heat Transfer Fluids (HTFs) Market Size is Expected to Grow from USD 3.2 Billion in 2019 to USD 5.0 Billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.3%.
The increasing need for energy conservation is expected to drive the overall HTFs market.
The HTFs market is driven by various factors such as high demand from the chemical industry, increasing the need for energy conservation, and high performance of HTFs. However, fire and explosion hazards associated with the use of HTFs can hinder the growth of the market.
Synthetic fluids are the fastest-growing segment of the HTFs market, by type. Synthetic fluids provide maximized oxidation resistance with minimized deposits, and they possess higher thermal stability, superior radiation resistance, and better durable properties compared to other types. They also provide enhanced lubricity at different temperatures. The glycols segment is also expected to grow during the forecast period due to its odorless property and high performance.
APAC is expected to have the highest growth rate during the forecast period, due to the increased need for energy conservation, population, and urbanization. The increasing developments related to chemical, automotive, oil & gas, CSP, bio-diesel production, and HVAC & refrigeration industries in China, India, Japan, and South Korea provide huge opportunities for the HTFs market. North America is projected to be the second-largest market during the forecast period.
New product launch and expansion were the key strategies adopted by players in the HTFs market to increase their product portfolio and global presence to cater to the growing demand. The companies invest in R&D to manufacture bio-based and biocompatible HTFs as per the applications and also introduce new products with innovative characteristics to create product differentiation and compete with major players.
- High Demand in the Chemical Industry
- Increasing Need for Energy Conservation
- Improved Performance of HTFs
- Fire and Explosion Hazards
- High Growth Potential in the CSP Industry
- High Potential for the Development of Bio-Based HTFs
- Fluctuating Raw Material Prices
- Dalian Richfortune Chemicals
- Dupont Tate & Lyle
- Dynalene, Inc
- Eastman Chemical Company
- Global Heat Transfer Ltd.
- Hindustan Petroleum Corporation Ltd.
- Huntsman Corporation
- Indian Oil Corporation Ltd.
- Paras Lubricants Limited
- Phillips 66
- Radco Industries
- Royal Dutch Shell Plc.
- Schaeffer Specialized Lubricants
- Schultz Canada Chemicals, Ltd.
- Dow Chemical Company
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