Latest Market Research Reports

  Heat Transfer Fluids Industry The global heat transfer fluids market size was estimated at USD 11.06 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030. The rapid adoption of concentrated solar power globally is one of the major factors driving demand. Heat transfer fluids are industrial products derived from petroleum sources that prevent overheating and store thermal energy. The primary raw materials involved in production are crude oil, silica, and base oils. The essential characteristics that define a heat transfer fluid are low viscosity, non-corrosive nature, high thermal conductivity and diffusivity, and extreme phase transition temperatures. Heat transfer fluids are traditionally used for the sole purpose of transferring heat to the process stream. However, the selection of the right HTF is a multi-dimensional complication wherein factors such as pumpability, thermal stability, and pressure requirements are put int...

  Heat Transfer Fluids Industry The global  heat transfer fluids market  size is projected to reach USD 14.2 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 3.2% during the forecast period. The growing demand from the manufacturing and energy sectors is expected to drive the global market. Thermal oils are typically formulated from petrochemicals and mineral oils, which eventually harm the environment in terms of recyclability, biodegradability, and aqueous toxicity. Due to multiple strict regulations laid down by governments across the globe, the growth of heat transfer fluids (HTFs) has taken a hit. Major innovators in the field are trying to bring imminent changes in the production process, such as the usage of bio-based products, increased extraction efficiency, and enhanced solvent recovery. The COVID-19 pandemic caused serious disruption in businesses and supply chains. The decrease in supply and demand f...