The heat transfer fluids market is projected to reach USD 7.24 billion by 2032.
From GlobeNewswire: 2025-04-04 10:00:00
The heat transfer fluids market is expected to reach USD 7.24 billion by 2032, growing at a CAGR of 5.51% from 2024 to 2032. Key drivers include global demand for energy-efficient systems, increased focus on sustainability, and growth in renewable energy, particularly solar. The auto industry and government regulations also play important roles in driving market growth.
In 2023, mineral oil-based heat transfer fluids held the majority market share of around 56%, mainly due to their accessibility, lower cost, and high heat capacity. These fluids are used in various industries such as metal processing, manufacturing, chemical processing, food & beverage, and HVAC systems.
The Asia Pacific region dominated the global market share for heat transfer fluids in 2023, with over 52% share. Quick industrialization in countries like China and India, along with the demand for energy-efficient solutions, drove market growth. Europe, particularly countries like Germany and France, also showed significant adoption of energy-efficient solutions across industries. The region’s strict environmental regulations are driving the use of high-performance heat transfer fluids in power generation and industrial applications. Dow Chemical and Paratherm Corporation have introduced new fluids to meet demand in renewable energy and HVAC industries. Chevron Corporation also launched an innovative fluid for refrigeration systems to improve energy efficiency and sustainability.
In 2023, Dow Chemical Company introduced new heat transfer fluids to meet the growing demand for efficient thermal management in renewable energy systems. These fluids offer improved heat transfer properties, increased energy efficiency, and longer operational life, supporting the growth of the renewable energy sector. Paratherm Corporation expanded its production capacity to meet rising demand from industries like food and beverage, pharmaceuticals, and HVAC. Chevron Corporation introduced an innovative heat transfer fluid for use in industrial and commercial refrigeration systems to improve energy efficiency and reduce operating costs.
The market for heat transfer fluids is segmented by product type and end-use industry, with a focus on regional analysis and company profiles. SNS Insider offers comprehensive research reports on the Heat Transfer Fluids Market from 2024-2032, providing statistical insights, trends, and competitive landscape analysis. Contact [email protected] for more information or customization options.
Read more at GlobeNewswire: Heat Transfer Fluids Market Projected to Reach USD 7.24