Heat Transfer Fluid Market is Forecasted to Reach US$ 13.14 Billion in 2028, Says Stratview Research

The global heat transfer fluid market is projected to witness a growth rate of 4.1% annually from 2023 to 2028, with an anticipated size of US$ 13.14 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global heat transfer fluid market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/1058/heat-transfer-fluid-market.html#form

Report Highlights:
Market Size in 2028: US$ 13.14 billion
Growth (CAGR): 4.1% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Heat Transfer Fluid Market:

The global heat transfer fluid market is segmented based on product type, application type, and region.

Based on product type - The heat transfer fluid market is segmented as silicones & aromatics, mineral oils, glycol, and others. Silicone & aromatics accounted for the highest market share in 2022 and are estimated to register a strong growth rate over the forecast period. The growth of the segment is attributed to its extensive use in industries where processes need a very high temperature, such as plastics, wood processing, spinning and weaving, chemicals, and food. Other major factors, such as high thermal stability, better physical & chemical resistive properties to change when exposed to elevated temperatures accompanied by oxidation conditions, and ongoing technological enhancements in manufacturing sectors such as automotive, plastics, and metal processing, are expected to fuel the product demand in the market during the forecast period.

Based on application type - The market is segmented as oil & gas, chemical industry, concentrated solar power, food & beverages, plastics, pharmaceuticals, heating, ventilation & air conditioning, and others. Oil & gas occupied a market share of more than 20% in 2022 and is estimated to register a strong growth rate during the forecast period. The growth can be attributed to the application of products for warming oils for offshore oil & gas thermal processes. Additionally, the setting up of new LNG terminals and new oil & gas exploration projects in Asia-Pacific and in the European region, are expected to fuel the product demand during the forecast timeframe.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/1058/heat-transfer-fluid-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific held a market share of more than 45% in 2022 and is estimated to dominate the heat transfer fluid market during the forecast period. This growth outlook is majorly attributed to the following-

• 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.
• Europe is estimated to hold a significant share of the market in the coming years. The major factors such as the increasing population the rising demand for energy, and the ongoing construction of new solar plants accompanied by existing demand for heat transfer fluids in industrial sectors including automotive and metal processing, are expected to fuel the demand for the industry in the regional market.
• Furthermore, strict rules and regulations regarding the environment in Europe, accompanied by an unstable supply of crude oil, and base oils will encourage the development of biodegradable heat transfer fluids and will provide lucrative growth opportunities in the regional market during the forecast period.

Heat Transfer Fluid Market Drivers:

Some of the key drivers listed in the report are given below.
• Rapid growth & development in emerging economies, especially in metal processing, automotive, chemical, oil & gas sectors.
• Growing requirements for temperature maintenance in these sectors, and growing demand for particular application-based HTF for optimum energy efficiency.
• In addition, properties such as elevated temperature control and cost-saving operation in comparison with its counterparts including, steam and electric & high-temperature control.
• The safety of the environment, production efficiency, and, low maintenance.

Top Companies in the Heat Transfer Fluid Market:

Stratview Research has identified the following companies as the top market 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.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Heat Transfer Fluid Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Postal Address:
400 Renaissance Center, Suite 2600,
Detroit, Michigan, MI 48243
United States of America

Website: www.stratviewresearch.com
Mail Us: sales@stratviewresearch.com
Press: media@stratviewresearch.com
Call Us: +13133074176h

About Us:
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.