Heat Transfer Fluid Market: Revenue and growth prediction till 2028
June 23, 2023
June 23rd,2023/IndustryNewsGlobal/ -- This new report from Stratview Research analyses the Heat transfer fluid market over the trend period from 2017 to 2021 and the forecast period from 2023 to 2028. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.
Heat transfer fluid market Overview:
The heat transfer fluid market is estimated to grow from USD 10.29 billion in 2022 to USD 13.14 billion by 2028 at a CAGR of 4.10% during the forecast period. Heat transfer fluids are created with excellent thermal stability and effective heat transfer qualities in mind. They can resist high temperatures and transfer heat in a steady and controlled manner. These fluids have a high boiling point, a low freezing point, and a low viscosity, allowing them to flow smoothly through heat exchangers and other heat transfer system components.
The Heat transfer fluid market is segmented by–
- by Product Type (Silicones & Aromatics, Mineral Oils, Glycol, and Others)
- by Application Type (Oil & Gas, Chemical Industry, Concentrated Solar Power, Food & Beverages, Plastics, Pharmaceuticals, Heating, Ventilation & Air Conditioning, and Others)
- by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Key Players:
- British Petroleum
- CFR Chemicals
- Dynalene, Inc.
- Eastman Chemical Company
- Hindustan Petroleum Corporation Ltd.
- Huntsman Corporation
- Indian Oil Corporation Ltd.
- Inlet Petroleum Company
- KOST USA, Inc.
- Royal Dutch Shell Plc.
Regional analysis:
Asia-Pacific held a market share of more than 45% in 2022 and is estimated to dominate the market during the forecast period, on account of the growing demand for thermal management, accompanied by the promotion of renewable energy with emerging economies, such as China and Japan, which are the major countries offering lucrative growth opportunities.
Also, the growing demand for energy from various industrial sectors is expected to fuel the development of new solar plants, which in turn, is likely to boost the industry demand in APAC as well.
About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
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Author : Meha Prasad
Frequently Asked Questions (FAQs)
Asia-Pacific held a market share of more than 45% in 2022 and is estimated to dominate the market during the forecast period, on account of the growing demand for thermal management, accompanied by the promotion of renewable energy with emerging economies, such as China and Japan, which are the major countries offering lucrative growth opportunities.
British Petroleum, CFR Chemicals, Dynalene, Inc., Eastman Chemical Company, Hindustan Petroleum Corporation Ltd., Huntsman Corporation, Indian Oil Corporation Ltd., Inlet Petroleum Company, KOST USA, Inc., and Royal Dutch Shell Plc are among the key players in the market.
Some of the major factors driving the growth of heat transfer fluid market are rapid growth & development in emerging economies, especially in metal processing, automotive, chemical and oil & gas sectors, growing requirements for temperature maintenance in these sectors, growing demand for particular application-based HTF for optimum energy efficiency.