The heat transfer fluids market is projected to reach USD 5.4 billion by 2029, at a CAGR of 4.9% from USD 4.3 billion in 2024. The market growth is driven by increasing urbanization and globalization along with rising demand for energy efficient solutions. The heat transfer fluids (HTF) market is driven by several key factors that highlight its critical role in various industries. Increasing industrialization and urbanization are significantly boosting the demand for efficient thermal management systems, propelling the need for advanced heat transfer fluids. The growing adoption of renewable energy sources, such as solar and wind power, necessitates the use of HTFs in concentrated solar power (CSP) plants and wind turbine cooling systems. Additionally, the rising focus on energy efficiency and stringent environmental regulations are prompting industries to invest in high-performance HTFs to optimize their thermal processes and reduce emissions. The expanding automotive sector, with its emphasis on electric and hybrid vehicles, further drives the demand for HTFs in battery thermal management and cooling applications. Moreover, the continuous advancements in industrial manufacturing processes, particularly in the chemical and petrochemicals industries, require reliable and effective heat transfer solutions to maintain operational efficiency and safety. These factors, combined with technological innovations in HTF formulations to enhance performance and sustainability, are expected to propel the growth of the heat transfer fluids market in the coming years.
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The key players in heat transfer fluids market are Dow (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron Corporation (US), Huntsman Corporation (US), Shell PLC (UK), Lanxess (Germany), Clariant (Switzerland), Wacker Chemie AG (Germany), Indian Oil Corporation Ltd. (India), Schultz Canada Chemicals Ltd. (Canada) etc. These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions and acquisitions.
Dow
Dow is one of the leading manufacturers and marketers of chemical products. The company has organized its operations through four segments: Packaging & Specialty Plastics, Industrial Intermediaries & Infrastructure, Performance Materials & Coatings, and Corporate. It offers HTFs through its Industrial Intermediaries & Infrastructure segment. It manufactures HTF under the brand name DOWTHERM, UCARTHERM, DOWSIL, AMBITROL, SYLTHERM. The company has a presence in 160 countries. It serves various end-user industries, such as chemical manufacturing, oil & gas, consumer goods and appliances, electronics, industrial and institutional cleaning, mining, paints & coatings, power, water, and telecommunications. Dow has significant geographical presence across North America, Europe, Asia Pacific, Middle East & Africa and South America with manufacturing facilities and innovation centers in US, Canada, Germany, Spain, Belgium, UK, India, South Korea, China, Japan, Australia, Singapore, Brazil and Saudi Arabia among other countries.
EASTMAN CHEMICAL COMPANY
Eastman Chemical Company is one of the major manufacturers and marketers of chemical products. The company has organized its operations through the Additives & Functional Products, Advanced Materials, Chemical Intermediaries, and Fibers segments. The Additives & Functional Products provides specialty additives, coatings, adhesives, and performance chemicals for various industries, including packaging, automotive, construction, and textiles. The Advanced Materials segment offers high-performance materials, polymers, and fibres for applications in consumer electronics, transportation, medical devices, and durable goods. The chemical Intermediates segment produces basic chemicals, solvents, and intermediates used in the manufacture of various end products, such as plastics, fibres, and coatings. The fibres segment manufactures specialty fibres and yarns used in apparel, home furnishings, industrial fabrics, and nonwovens. The company manufactures HTF under the brand name, Therminol, which is a part of the Additives & Functional Products segment. The HTF manufactured by the company serves various industries, such as chemical processing, food & beverage, pharmaceutical, heat processing, and plastic processing. The company serves customers across 100 countries. It has approximately 57 manufacturing sites globally and has production sites and R&D centers across North America, Europe, Middle East & Africa, Asia Pacific, and South America.
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CHEVRON CORPORATION
Chevron Corporation is a global chemical company majorly serving the oil, natural gas, and geothermal industries. It is one of the world’s largest integrated energy companies, involved in exploration, production, refining, marketing, and distribution of petroleum products. The company mainly operates through Downstream and Upstream segments. The upstream segment involves exploration, development, and production of crude oil and natural gas. Chevron engages in upstream activities globally, with a focus on major oil and gas basins and offshore fields. The downstream segment includes refining of crude oil into petroleum products such as gasoline, diesel, jet fuel, and lubricants. Chevron also operates petrochemical plants that produce a range of chemicals used in various industries. Chevron offers HTFs under the CHEVRON brand, which is a part of the Downstream segment. The company is engaged in the exploration and production, refining, transportation, supply, and trading products and services, lubricants, chemicals, and additives to several industries, such as chemical, food & beverage, agriculture, power generation, oil & gas, rubber, and plastic manufacturing and serves customers across 180 countries. The company operates across North America, Europe, South America, Middle East & Africa and Asia Pacific and has a significant presence across the West Coast of North America, the US Gulf Coast, Southeast Asia, South Korea, and Australia.
SHELL PLC
Shell PLC is one of the largest energy and petrochemical companies in the world. The company serves the exploration and production, refining, transport, distribution and marketing, petrochemical, power generation, trading, and renewable energy sectors. It functions through five segments: Upstream, Integrated Gas, Chemicals & Products, Renewable & Energy Solutions and Marketing. Shell’s upstream segment involves exploration, development, and production of crude oil, natural gas, and natural gas liquids (NGLs). The company operates oil and gas fields worldwide, including offshore deepwater projects, shale gas developments, and conventional onshore assets. The integrated gas segment focuses on liquefied natural gas (LNG) projects, natural gas production, and gas-to-liquids (GTL) technologies. Shell PLC is a leading player in the global LNG market, with investments in LNG production facilities, LNG shipping, and LNG trading activities. Shell’s chemicals segment produces and markets petrochemicals, specialty chemicals, and intermediates used in various industries such as plastics, coatings, automotive, and construction. The company’s chemical products include ethylene, polyethylene, polypropylene, styrene, and performance chemicals. Shell is expanding its presence in renewable energy and energy solutions. The company invests in renewable power generation, including wind, solar, and biofuels. Shell also offers energy solutions such as electric vehicle charging, energy storage, and energy efficiency services. Shell PLC offers HTFs under its Oil Products segment.The company has operations in over 70 countries covering major regions like Asia Pacific, Europe, North America, South America, and Middle East & Africa.
EXXONMOBIL
ExxonMobil is an American multinational oil & gas company formed by the merger of Exxon and Mobil on November 30, 1999. ExxonMobil operates across the entire energy spectrum, from exploration and production to refining, distribution, and marketing of petroleum and petrochemical products. The company has a long history and is recognized for its technological innovations, global operations, and commitment to energy efficiency and environmental stewardship. It has organized its operations through four segments: Upstream, Specialty Products, Chemicals and Energy products. The Upstream segment involves exploration, development, and production of crude oil and natural gas. ExxonMobil engages in upstream activities globally, with a focus on major oil and gas basins. The downstream segment which includes specialty products, chemicals and energy products consists of refining of crude oil into petroleum products such as gasoline, diesel, jet fuel, and lubricants. ExxonMobil also operates petrochemical plants that produce a range of chemicals used in various industries. ExxonMobil’s chemical segment focuses on the production and marketing of petrochemicals, including olefins, polyethylene, polypropylene, and specialty chemicals. These products are used in plastics, packaging, automotive, construction, and other industries. ExxonMobil offers HTFs under the brand Mobiltherm through the Downstream segment. It offers its products to the textile, solar, rubber, petroleum, chemical, food & beverage, and pharmaceutical industries. The company serves customers in various countries globally. ExxonMobil has nearly 37 oil refineries in 21 countries globally and has a geographical presence across Europe, North America, South America, Middle East & Africa, and Asia Pacific.
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