The global heat transfer fluids market size is estimated to USD 3.7 billion in 2022 and is projected to reach USD 5.8 billion by 2027, at a CAGR of 9.3 % between 2022 and 2027. The increasing number of concentrated solar power plants with the rising demand for clean energy drives the growth of the HTF market. However, fire and explosion hazards related to HTFs are likely to hinder market growth, mostly in developed regions, including Europe and North America. The increased need for energy conservation is expected to create opportunities for manufacturers during the forecast period.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=861
Some major players active in the HTF market are The Dow Chemical Company (US), Eastman Chemical Company (US), Exxon Mobil (US), Chevron (US), Dow (US), Shell plc (Netherlands), Hindustan Petroleum Corporation Limited (India), Paratherm (US), Phillips 66 Company (US), and Arkema (France). These players have adopted various growth strategies to expand their presence in the market. New product launches and investment & expansion have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global HTF market.
The Dow Chemical Company is the largest player operating in the HTFs market. The company offers a variety of HTFs which find use in various industries such as pharmaceutical, food & beverage, HVAC, chemical, renewable energy, and environmental test chambers. It has a high focus on low-cost production to serve emerging markets worldwide and has many registered patents owing to its extensive R&D efforts. It manufactures HTF under than brand name Dowtherm and Ucartherm. The company has a presence in 160 countries.
Eastman is the second-largest player in the HTFs market with operations in more than 100 countries. It focuses on synthetic oil based HTFs and has approximately 50 manufacturing facilities globally. In April 2019, Eastman acquired the Marlotherm HTFs manufacturing assets located in Germany from Sasol Limited (South Africa). The company also focuses on R&D activities to achieve high growth in the market. The company manufactures HTF under than brand name, Therminol, which is a part of the Additives & Functional Products segment. In July 2022, the company announced the plan to expand the Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama. Plant expansion is expected to be completed in 2024 and will increase US-based capacity by 50%.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=861
Another important player in the HTF market is ExxonMobil. The company provides mineral oil- and synthetic oil-based HTFs for various industries including chemical, textile, rubber, solar, petroleum, pharmaceutical, and food & beverage. In recent years, ExxonMobil has adopted mergers and acquisitions as its key business strategy to strengthen its position in the HTFs market
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The Knowledge Store™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Company Name: MarketsandMarkets Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States