Enjoy complimentary customisation on priority with our Enterprise License!
The heat transfer fluid market share is expected to increase by USD 824.5 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.11%.
This heat transfer fluid market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers heat transfer fluid market segmentation by end-user (oil and gas, chemicals, csp, food, and beverage, and others), type (silicones and aromatics, mineral oils, glycol-based fluids, and others), and geography (North America, Europe, APAC, South America, and MEA). The heat transfer fluid market report also offers information on several market vendors, including BASF SE, BP Plc, Chevron Corp., Clariant International Ltd., Dow Inc., Dynalene Inc., Eastman Chemical Co., Exxon Mobil Corp., LANXESS AG, and Royal Dutch Shell Plc among others.
Download Report Sample to Unlock the Heat Transfer Fluid Market Size for the Forecast Period and Other Important Statistics
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The developing chemical industry in china and india is notably driving the heat transfer fluid market growth, although factors such as fluctuating crude oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the heat transfer fluid industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Heat Transfer Fluid Market Driver
Developing the chemical industry in China and India is one of the key factors driving the growth of the global heat transfer fluid market. The chemical industry contributes significantly to the industrial and economic growth of a nation. As this industry has several forward and backward links, it is called the backbone of the manufacturing and agricultural development of the country and provides building blocks to many downstream industries. This industry is crucial for other manufacturing sectors such as paper, textiles, leather, and paints. High domestic consumption is a key driver of the chemical industry in India. Though China’s economic growth has decelerated, the country continues to be a key market for all the leading global chemical suppliers. By 2025, the country is anticipated to be a key importer of commodity chemicals. However, global companies in the country will produce products that will be crucial for the economic growth of the country. The growth of the chemical industry in India and China is anticipated to drive the demand for heat transfer fluids during the forecast period.
Key Heat Transfer Fluid Market Trend
Technological advances in heat transfer fluids product portfolio will fuel the global heat transfer fluid market growth. Commercial concentrated solar power (CSP) plants are still largely based on mineral oil parabolic trough technology (developed approximately 30 years ago) and molten salt and direct steam generation towers. The inability to store energy negates the benefits of solar thermal power. New developments in heat transfer media (HTM) that help attain high temperatures and enable easy storage are essential to unleash the true potential of CSP systems. Attaining high temperatures is crucial for cost reductions as they can increase power conversion efficiencies and enhance storage densities. These factors decrease the cost of storage units and the overall cost of the collector field. Enhancement in heat transfer fluids (HTFs) and storage solutions reduce the Levelized cost of electricity (LCOE) by 2.4% in the central receiver and 5.7% in parabolic troughs CSP plants. Moreover, advances in receivers that enhance the efficiency of solar power plants require significant investments. The development of new molten salts that have low melting temperatures and resist high temperatures are likely to considerably improve the performance of the existing receivers.
Key Heat Transfer Fluid Market Challenge
Fluctuating crude oil prices are major challenges for the global heat transfer fluid market growth. Fluctuations in the prices of crude oil and natural gas have a corresponding effect on the profit margins of oil and gas producing companies. Hence, these companies adopt various cost-cutting measures. Moreover, the prices of diversified chemicals are directly dependent on their manufacturing costs. Fluctuations in the prices of crude oil and natural gas have a corresponding effect on the manufacturing cost of crude products, which significantly affects the prices of chemicals and compels market suppliers to adopt various cost-cutting measures. Thus, the price volatility of petroleum-based raw materials is hindering the growth of the global diversified chemicals industry. Such strong fluctuations in crude oil and natural gas prices are caused by a systematic demand-supply imbalance in the global crude oil and natural gas market. Moreover, fluctuating oil prices have made advanced drilling activities, such as offshore exploration and unconventional resources development, economically challenging in regions such as Europe and North America. Several offshore drilling companies minimize cost by reducing the number of operations during a dip in crude oil prices, which adversely affects the vendors of heat transfer fluids.
This heat transfer fluid market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global heat transfer fluid market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the heat transfer fluid market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the heat transfer fluid market encompasses successful business strategies deployed by the key vendors. The heat transfer fluid market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The heat transfer fluid market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the heat transfer fluid market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global specialty chemicals market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.