Heat Transfer Fluids Market - Historic Data (2019-2024), Global Trends 2025, Growth Forecasts 2037
Heat Transfer Fluids Market in 2025 is estimated at USD 6.99 billion. The global Market size was valued at around USD 6.34 billion in 2024 and is projected to grow at a CAGR of more than 12.8%, reaching USD 30.35 billion revenue by 2037. Asia Pacific is poised to yield USD 13.96 billion by 2037, fueled by rapid developments in industrialization, urbanization, and infrastructure in the region, along with population growth.
The high demand for clean energy, such as solar power, all over the world is thought to be the major factor driving the growth of the market. Further, the market should also benefit from applications in different industries, including food & beverage, chemical, automotive, renewable energy, pharmaceuticals, oil and gas, and more. According to International Energy Agency (IEA), the power generation from solar photovoltaic (PV) increased by 179 terawatt hours (TWh) between 2020 and 2021. The agency also adds that about 3.6% of the globally generated electricity got generated for Solar PV.
In addition to these factors, the market should also benefit from the rapid and steady growth of urbanization and industrialization in the world. For instance, according to the World Bank, the urban population as a percentage of the world's total population increased steadily from 52% in 2010 to 56% by 2021. Similarly, the total urban population in the world, which stood at 4 billion in 2021, has been projected to grow to 7 billion by 2050. Further, business expansions, acquisitions, and the launch of new innovative products should also create many opportunities for the growth of the market during the forecast period.
