Heat Transfer Fluids Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Type (Mineral Oils, Synthetic Fluids, Glycols, and Others); Industry (Chemical, Oil & Gas, Food & Beverage, Pharmaceuticals, Renewables, Automotive, HVAC-R, and Others); and Region and Country
The global heat transfer fluids market is likely to showcase a growth of around 4% during the forecast period. Heat transfer fluid is widely consumed in industries for several applications ranging from a simple static design to advanced multisystem performing several functions in a chemical or oil & gas industries. It is used to maintain the required temperature in the industrial process. Water is the most common type of heat transfer fluid, however, in several cases engineered heat transfer fluid is used over water due to its better freezing and boiling temperature. This report covers only the engineered heat transfer fluid only. Industries like chemical, oil & gas, food & beverage, pharmaceutical, renewable, automotive, and HVAC-R, among others are among the largest consumer of engineered heat transfer fluid. Further, greater control, accuracy, and homogeneity can be achieved in the heating or cooling process with heat transfer fluid, therefore in many cases, it is considered over the direct heat process. As global industrial operations are growing, the consumption of heat transfer fluid is likely to increase. For instance, the global chemical industry reached a market size of over USD 4 trillion in 2018 from around USD 3.1 trillion in 2010. However, the industry witnessed a downfall in 2019 and 2020 owing to supply chain constraints, COVID-19, raw material price fluctuation, and low growth in the end-use industry.
Insights Presented in the Report
“Amongst type, the mineral oil-based heat transfer fluids held a prominent share in the market in 2020”
Based on type, the market is categorized into mineral oils, synthetic fluids, glycols, and others. Among these, the mineral oils segment held a prominent share in the market. This can be attributed to its low cost due to which it is widely consumed in the chemical and oil & gas industry. Further, developing nations like China and India, preferred low-cost thermal fluid to maintain the operational expenditure, thereby maintaining competitiveness in the market.
“Amongst industry, the renewable sector is likely to showcase substantial growth during the forecast period”
Based on industry, the market is categorized into chemical, oil & gas, food & beverage, pharmaceuticals, renewables, automotive, HVAC-R, and others. Of these, the renewable segment is likely to showcase robust growth during the forecast period owing to increasing investment in the renewable sector including CSP. Countries across the globe have set the target to increase the renewable share in the overall country energy mix. Thus, it is expected that with the increasing number of CSP projects, the consumption of heat transfer fluids in the renewable sector is likely to increase.
“Asia-Pacific accounted for a considerable share in the global heat transfer fluids market”
For a better understanding of the market adoption of heat transfer fluids, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a prominent share in the market owing to the large base of chemicals, automotive, and oil & gas industries which are among the largest consumer of heat transfer fluid. Further, the region’s economies are taking several steps to promote the renewable sector, which is again fueling the regional heat transfer fluids market.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive country-level analysis of the industry
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|1.1. Market Definitions|
|1.3. Stake Holders|
|1.4. Currency used in Report|
|2.1. Research Process of the Heat Transfer Fluids Market|
|2.2. Research Methodology of the Heat Transfer Fluids Market|
|2.3. Forecasting Method|
|2.4. Respondent Profile|
|2.5. Main Objective of the Heat Transfer Fluids Market Study|
|3. MARKET SYNOPSIS|
|4. EXECUTIVE SUMMARY|
|5. GLOBAL HEAT TRANSFER FLUIDS MARKET COVID-19 IMPACT|
|6. GLOBAL HEAT TRANSFER FLUIDS MARKET REVENUE (USD MN), 2019-2027F|
|7.1. Mineral Oils|
|7.2. Synthetic Fluids|
|8.2. Oil & Gas|
|8.3. Food & Beverage|
|9.1. North America Heat Transfer Fluids Market|
|9.1.3.Rest of North America|
|9.2. Europe Heat Transfer Fluids Market|
|9.2.6.Rest of Europe|
|9.3. Asia Pacific Heat Transfer Fluids Market|
|9.3.5.Rest of Asia Pacific|
|9.4. Rest of World Heat Transfer Fluids Market|
|10.1. Market Drivers|
|10.2. Market Challenges|
|10.3. Impact Analysis|
|11. HEAT TRANSFER FLUIDS MARKET OPPORTUNITIES|
|12. HEAT TRANSFER FLUIDS MARKET TRENDS|
|13. LEGAL & REGULATORY FRAMEWORK|
|14.1. Demand Side Analysis|
|14.2. Supply Side Analysis|
|14.2.1. Top Product Launches|
|14.2.2. Top Business Partnerships|
|14.2.3. Top Business Expansions, Investments, and Divestitures|
|14.2.4. Top Merger and Acquisitions|
|15. VALUE CHAIN ANALYSIS|
|16.1. Porters Fiver Forces Analysis|
|16.1.1. Bargaining Power of Buyer|
|16.1.2. Bargaining Power of Supplier|
|16.1.3. Intensity of Rivalry|
|16.1.4. Threats of New Entrant|
|16.1.5. Threat of Substitute|
|16.2. Company Share Analysis, by Revenue|
|17.1. Eastman Chemical Company|
|17.2. Dow Inc.|
|17.3. Exxon Mobil Corporation|
|17.4. Chevron Corporation|
|17.5. Huntsman Corporation|
|17.6. Royal Dutch Shell plc|
|17.7. Lanxess AG|
|17.8. Clariant AG|
|17.9. BP plc|
Research Methodology for Global Heat Transfer Fluids Market Analysis (2019-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of heat transfer fluids, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the heat transfer fluids industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of Heat Transfer Fluids through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the heat transfer fluids market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by type and industry. Further regional and country-level analyses were conducted to evaluate the overall adoption of heat transfer fluids globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Heat Transfer Fluids. Further, we conducted factor analysis using dependent and independent variables such as expanding industrial production and increasing awareness pertaining to energy conservation. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the heat transfer fluids industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global heat transfer fluids market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Heat Transfer Fluids across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Heat Transfer Fluids market. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants by Stakeholders and Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global heat transfer fluids market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of type and industry.
The main objective of the heat transfer fluids market study
The current & future market trends of global heat transfer fluids were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Heat Transfer Fluids in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segment in the study include the area of type and industry
- Defined analysis of the regulatory framework for the Heat Transfer Fluids industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of Heat Transfer Fluids for the major countries
- Major regions/countries analyzed in the report include North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
- Company profiles of the heat transfer fluids market players and the growth strategies adopted by them to sustain in the growing market
- Deep dive country-level analysis of the industry