Heat Transfer Fluids Market Revenue to Reach $8,247.1 Million by 2030, Says P&S Intelligence

NEW YORK, Dec. 6, 2022 /PRNewswire/ -- The total size of the heat transfer fluids market in 2021 was $3,628.1 million, and it will witness a growth rate of 9.6% in the years to come, to generate $8,247.1 million by 2030, according to the latest market research study published by P&S Intelligence.

Heat transfer fluids are used as a carrier or medium for transmitting heat from one place to another. They are preferred for their high diffusivity, low viscosity, thermal conductivity, and non-corrosive nature.

Endless Opportunities in APAC and LATAM

• Growing economies, such as India, China, Mexico, and Brazil, reflect numerous opportunities for the producers of heat transfer fluids.
• Furthermore, in APAC, these chemicals will be consumed the most at concentrated solar power plants.
• Additionally, a strong requirement for these fluids from the manufacturing and chemical industries in the APAC region offers prospects for producers to expand their facilities and capitalize on the market potential.

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High Competition Helping in Launch of More-Effective Fluids

Market players are entering into long-standing partnerships with reliable HTF manufacturers who can cater to their specifications. Customers also purchase products from established players because of the quality assurance for the delivered products, reliable manner of delivery, and verified track records.

Moreover, the major industry players are concentrating on product innovations as a result of the trend of bio-based solutions, for adhering to the regulations of governments.

Further, they are collaborating with e-commerce companies for distributing their products within a region or worldwide, as these channels permit easy comprehension of product information, round-the-clock ordering, and competitive pricing.

Large Variety of Product Applications Drive Market

Heat exchangers are used virtually in every business where energy is needed for reaction, combustion, or the alteration of a precise chemical. These fluids, in heat exchangers, gather heat and transmit it from one place to another.

These fluids are vital for a plethora of applications in the oil and gas sector, where they are utilized in heat exchangers for heat collection and transfer across different machines in petrochemical facilities and refineries.

They are similarly utilized in gas processing plants for generating amine concentration, for the treatment of sour gas.

Browse detailed report on Heat Transfer Fluids Market Share, Growth and Demand Forecast to 2030

North America Is Major Contributor

North America is emerging as a major market concerning both sales and production, due to its high manufacturing output and per capita income. The thriving CSP and biodiesel industries are another significant element that propels the potential requirement for HTFs.

APAC will experience the fastest growth, of over 12%, with a considerably increasing demand for all key HTFs. This is a desirable location for stalwarts for investing because of the access to low-cost raw materials and labor, along with the increasing local demand.

Heat Transfer Fluids Market Report Coverage

By Type

• Mineral Oils
• Synthetic
• Aromatics & Silicone
• Glycols

By End User

• Oil & Gas
• Concentrating Solar Power
• Chemical Industry
• Manufacturing Processes
• Bio-Diesel Production

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence