Heat Transfer Fluids Market worth $5.0 billion by 2024 | Key Players include Dow Chemical Company, ExxonMobil, Eastman Chemical Company, Chevron, Huntsman Corporation

According to recent market research "Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, HVACR, and Others), and Region - Global Forecast to 2024", The heat transfer fluids (HTFs) market is expected to grow from USD 3.2 billion in 2019 to USD 5.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. The major factors driving the HTFs market include high demand from the chemical industry, increasing need for energy conservation, and excellent properties of heat transfer fluids.

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The HTFs market has been segmented on the basis of type into four categories: mineral oils, synthetic fluids, glycols, and others. Among these types, the synthetic fluids segment accounted for the largest market share in 2018. Synthetic fluids are superior to other types and offer high thermal stability. The synthetic fluids segment is also projected to be the fastest-growing segment of the overall HTFs market during the forecast period as they offer enhanced lubricity at different temperatures and high thermal stability.

The renewable energy end-use industry is growing rapidly owing to the rising demand for clean energy production. HTFs are used to store energy, control temperature, transfer heat, and cooling during various processes in this industry. They also offer excellent oxidation resistance, enhance system efficiency and provide high thermal stability in these processes. With the increasing demand for renewable energy, the HTFs market has high growth prospects in this end-use segment.

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The heat transfer fluids (HTFs) market size is expected to grow from USD 3.2 billion in 2019 to USD 5.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. The major driving factors for the market are high demand from chemical industry, improved performance of HTFs, and increasing need for energy conservation.

The major players in the market include The Dow Chemical Company (US), ExxonMobil (US), Eastman Chemical Company (US), Chevron (US), Huntsman Corporation (US), LANXESS (Germany), Royal Dutch Shell Plc. (Netherlands), Schultz Canada Chemicals Ltd. (Canada), Paratherm (US), and Clariant (Switzerland), Sasol Limited (South Africa), Arkema (France), Global Heat Transfer Ltd. (UK), British Petroleum (UK), Dynalene, Inc. (US), Isel (US), Phillips 66 (US), Dalian Richfortune Chemicals Ltd. (China), Hindustan Petroleum Corporation Ltd. (India), Solvay (Belgium), Indian Oil Corporation Ltd. (India), Radco Industries Inc. (US), DuPont Tate & Lyle (UK), Petro-canada (Canada), BASF (Germany), Paras Lubricants Limited (India), and Schaeffer Manufacturing Co. (US). These players have adopted various growth strategies, such as new product launch, investment & expansion, and merger & acquisition to further expand their presence in the HTFs market. New product launch and investment & expansion have been the dominating strategies adopted by the major players from 2015 to 2019, which helped them to innovate their offerings and broaden their customer base.

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ExxonMobil (US) focuses on building long-term strategic partnerships with companies that are involved in the value chain of HTFs market. In August 2017, the company acquired Jurong Aromatics Corporation (Singapore), which is one of the world's largest aromatics plants. This plant enabled the company's aromatic business growth and can produce 1.90 million tons of ethylene annually. With this acquisition, ExxonMobil's Singapore aromatics production has increased to over 3.5 million tons per year. This acquisition strategy has helped ExxonMobil strengthen its production and logistics systems and ensure synergy in the HTFs market.

Eastman Chemical Company (US) is progressing in the HTFs market by providing solutions to closed and forced circulation heat transfer systems. The company acquired Marlotherm HTFs manufacturing assets located in Germany from Sasol (South Africa) in April 2019. This acquisition helped the company expand its heat transfer product offerings to customers around the globe. In June 2015, Eastman invested in a production unit of Therminol 55 at Scandiflex manufacturing site in Mauá, Brazil. Therminol 55 is a synthetic HTF that is used for low pressure or non-pressurized systems. It offers reliable, efficient, and uniform heat exchange. The product is produced locally and caters to the demand for HTFs in South America. Earlier this plant was focused on plasticizers production, but now it supports the specialty fluids and intermediates businesses. This plant helped the company improve its services in the region.

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