The global heat transfer fluids market is expected to reach USD 5,372.24 million by 2027. The rising demand for concentrated solar power will drive market growth in the coming years. A report by Fortune Business Insights, titled “Heat Transfer Fluids Market Size, Share & Industry Analysis, By Type (Silicone Fluids, Aromatic Fluids, Mineral Oils, Glycol Based Fluids, and Others), By Application (Oil & Gas, Chemical, Concentrated Solar Power, Food & Beverages, Plastics, Pharmaceutical, HVAC and Others), and Regional Forecast, 2024-2027,” states that the market was valued at USD 3,477.90 million in 2019 and is projected to grow at a CAGR of 5.78% during the forecast period from 2024 to 2027.
Heat transfer fluids market size are extensively utilized in various industries such as oil and gas, healthcare, chemicals, pharmaceuticals, and more. These fluids facilitate the transfer of heat between two objects or areas, cooling one side and heating the other. The presence of numerous large-scale companies with extensive consumer bases and excellent product portfolios presents significant growth opportunities for the market. Significant investments in the research and development of efficient products will also support market growth. The growing demand for concentrated solar power is expected to drive the adoption of heat transfer fluids globally, impacting both large enterprises and SMEs.
The report profiles several companies:
Element Solutions Inc (U.S.)
Caldic B.V. (Netherlands)
Eastman Chemical Company (U.S.)
Schultz Chemicals (Canada)
Arkema S.A. (France)
Isel (Florida)
FRAGOL AG (Germany)
Clearco Products Co., Inc. (U.S.)
Arteco (Belgium)
Eastern Petroleum (North Carolina)
Dynalene, Inc. (Pennsylvania)
Honeywell International Inc. (U.S.)
Exxon Mobil Corporation (U.S.)
Chevron Corporation (U.S.)
The Dow Chemical Company (U.S.)
Huntsman Corporation (U.S.)
The increasing number of company mergers and acquisitions has significantly influenced market growth. Major companies' substantial investments in developing efficient products are expected to benefit the market in the coming years. For instance, in April 2019, Eastman Chemical completed the acquisition of Marlotherm, which has an attractive range of heat transfer fluids and intellectual property, proper formulations, and a broad consumer base. This acquisition aims to expand Eastman’s global presence in the heat transfer fluids market, contributing to overall market growth.
Information Source: -
https://www.fortunebusinessinsights.com/heat-transfer-fluids-market-105543
North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyzes ongoing market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge dominant in the coming years. The stringent regulations surrounding the overall carbon emissions will lead to a wider adoption of heat transfer fluids across this region. Moreover, the high investment in product innovations will bode well for market growth. The market in North America will derive substantial growth from the presence of several large scale manufacturers in this region. As of 2019, the market in 2018 was worth USD 834.52 million and this value is projected to increase further in the coming years.
Blog Related Insights: https://www.globenewswire.com/en/news-release/2023/05/24/2674921/0/en/Heat-Transfer-Fluids-Market-to-Hit-USD-5372-24-Million-by-2027-Exclusive-Report-by-Fortune-Business-Insights.html