Heat Transfer Fluids Market 2024 Trend, Marketing Channels and Investment Feasibility
Heat Transfer Fluids Industry The global heat transfer fluids market size is projected to reach USD 14.22 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 3.7% 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 ...