Heat Transfer Fluids Market Analysis

By Type (Mineral Oils, Synthetic Fluids, Glycols)

The global industry is segmented and analyzed for demand and supply by type into mineral oils, synthetic fluids, glycols, and others. Out of the three types, the subsegment of mineral oils is expected to hold the largest market share by 2037. Mineral oils should hold a market share of up to 47% by 2037. The growth of the subsegment can be attributed to the high demand for mineral oils in various applications in different industries, including chemicals, pharmaceuticals, food & beverages, and others. For instance, the demand for white oil-grade mineral oil in the United States (U.S.) alone is expected to surpass 399999 tons in 2025. The low cost of mineral oils and their easy availability from refineries make mineral oil the most popular preference for different applications. Even though synthetic fluids soon follow mineral oils, the cost involved in replacing the mineral oils is much less compared to synthetic fluids. Further, mineral oil is in wide use in several regions of the world, including the Asia Pacific and the Middle East and Africa.

End-use Industry (Chemical, Oil & Gas, Food & Beverage, Pharmaceuticals, Renewable Energy, Automotive industry, HVAC & Refrigeration)

The global heat transfer fluids market is also segmented and analyzed for demand and supply by end-use industry into chemical, oil & gas, food & beverage, pharmaceuticals, renewable energy, automotive industry, HVAC and refrigeration, and others. Amongst these end-use industries, the industry of oil & gas is expected to hold the largest market share by the end of the forecast period. It is estimated that the oil & gas industry should hold a market share of 24% by 2037. The inevitable role of heat transfer fluids in all phases of oil production is the major factor driving the demand for these fluids in the oil & gas industry. In offshore oil drilling, the heating and regeneration of glycols make use of liquid-phase heat transfer fluids to separate natural gas and water. There were more than 200 offshore rigs in the world by the end of 2021. Similarly, the number of operational oil rigs on land in the world by the end of 2021 was about 1310.

Our in-depth analysis of the global market includes the following segments: