Heat Transfer Fluids Market to Spread at an impressive 7.59% CAGR between 2021 and 2030
The Heat Transfer Fluids Market to surpass USD 14.64 billion by 2030 from USD 7.05 billion in 2020 at a CAGR of 7.59% within the coming years, i.e., 2020-30. The main drivers to boom the Global Heat Transfer Fluids Market are the use of heat transfer fluids, which are industrial products derived from petroleum sources, to prevent overheating and store thermal energy, and the increasing demand for the product due to its low viscosity, non-corrosive nature, high thermal conductivity and diffusivity and extreme phase transition temperatures of the market for heat transfer fluids.
"Heat transfer fluids (HTF) are gases or liquids that are specially made to transfer heat from one system to another. These fluids are made from highly refined petroleum, synthetic hydrocarbons, or siloxanes (silicone). They deliver high temperatures at very low system temperatures. Pressures and also provide safety, low maintenance, and longer lifespan as main benefits. This is expected to have an impact on the HTF market at a later date. Heat transfer fluids are used to prevent overheating of substances during the heat transfer process."
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Key Players in the Market
Arkema S.A., BASF SE, BP PLC, Daicel Chemical Industries, Ltd., Exxon Mobil Corporation, JX Holdings, Inc, Lyondell Basell Industries N.V., Nippon Refine Co. Ltd., Royal Dutch Shell PLC, Sinopec Corp., SK Innovation Co., Ltd.
Market Dynamics
Drivers
- Improved performance of HTFs
- Overheating prevention properties
Restraints
- Fire and explosion hazards
- Impact of the COVID-19 on the Heat Transfer Fluids Market
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Heat Transfer Fluids Market -Geographical Analysis
- North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
- Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
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