Heat Transfer Fluids Market Size

Heat Transfer Fluids Market size was valued at USD 5.64 Billion in 2023 and is projected to reach USD 26.66 Billion by the end of 2036, registering around 12.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of heat transfer fluids is assessed at USD 6.28 Billion. 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.