As stated in our extensive report; the Global Heat Transfer Fluids Market accounted forUSD 3,285.1 Millionin 2021.
Heat Transfer Fluids, which are industrial products derived from petroleum sources, are used to prevent overheating and to store thermal energy. The market for these products is driven by the widespread use of these fluids and by the critical characteristics they possess, such as their non-corrosiveness, low viscosity, high thermal conductivity & diffusivity, and intense phase transition temperatures.
Heat Transfer Fluids helps maintain the temperature of a system and improve energy savings via transferring heat from one system to another. Such fluids store heat to stop overheating any thermal device by circulating the fluids using its mechanical parts, further driving the global market share.
Factors Influencing Global Heat Transfer Fluids Market Growth
The growth of the Global Heat Transfer Fluids Market can be attributable to the following:
- Expanding demand from the chemical industry and the rising need for energy conservation are significant factors driving the global market growth during the forecast period.
- The augmented need to maintain temperatures in end-use industries propels the market growth.
- The rise in awareness about energy conservation is likely to propel the growth of the Heat Transfer Fluids Market.
- The high growth potential of bio-based HTFs will provide growth prospects for the Heat Transfer Fluids Market in the future.
On the other hand, the adoption of stringent regulations and the growing concerns about fire and explosion hazards might hinder the market growth of Heat Transfer Fluids.
North America Region to Take Over the Market
North Americaholds the most significant share in theHeat Transfer Fluids Market and is anticipated to continue this trend during the forecast period. High per capita income & manufacturing output, industrialization, and the availability of base stock drive the market growth in this region. In addition, the ongoing product innovation and government initiatives and the adoption of stringent regulations will support the market growth in this region.
As per our latest research report, the adoption of concentrated solar power globally, driving the demand for HTFs, has positively influenced the overall Heat Transfer Fluids Market sales.
The well-known players of the Global Heat Transfer Fluids Market include Dow (U.S.), Eastman (U.S.), Exxon Mobil (U.S.), Chevron (U.S.), Paratherm (U.S.), BASF (Germany), Lanxess (Germany), Huntsman (U.S.), Global Heat Transfer (U.K.), Royal Dutch Shell PLC (Netherlands), Phillips 66 (U.S.), Arkema (France), Schultz Canada Chemicals Ltd. (Canada), Radco Industries (U.S.) and others.