熱伝導流体市場 : 2029年までの世界予測

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 growth of the heat transfer fluids market is fueled by several critical factors, including rapid industrialization, the increasing need for energy efficiency, and the expansion of key end-use industries. As industrial processes become more sophisticated and widespread, especially in emerging economies, the demand for effective thermal management solutions becomes essential. Industries such as chemical and petrochemical, automotive, food and beverages, pharmaceuticals, HVAC among others heavily depend on heat transfer fluids to maintain optimal operating temperatures and ensure efficient processes. The heightened focus on energy conservation and efficiency further drives the market, as heat transfer fluids play a vital role in reducing energy consumption and enhancing the overall efficiency of thermal systems. Moreover, the rising adoption of renewable energy sources, like solar and wind power, requires advanced heat transfer fluids for energy storage and transfer applications. Technological advancements and innovations in heat transfer fluid formulations, which offer improved thermal stability, lower maintenance, and higher operational safety, also contribute to market growth. Additionally, stringent environmental regulations and the move towards sustainable industrial practices promote the use of high-performance, environmentally friendly heat transfer fluids, thereby expanding the market. These combined factors generate strong demand for heat transfer fluids across various sectors, propelling market growth.

“Synthetic Fluids, by product type, accounts for the second-largest market share in 2023.”
Synthetic fluids account for the second largest market share in the heat transfer fluids market due to their superior performance characteristics, which make them highly suitable for demanding industrial applications. Unlike mineral oils and glycol-based fluids, synthetic fluids offer exceptional thermal stability, allowing them to operate efficiently at both high and low temperatures without degrading. This makes them ideal for industries with stringent thermal requirements, such as chemical processing, pharmaceuticals, and high-temperature manufacturing. Additionally, synthetic fluids possess excellent heat transfer efficiency and lower volatility, which enhances system safety and longevity. Their advanced formulations also provide better resistance to oxidation and fouling, reducing maintenance costs and extending the lifespan of heat transfer systems. Furthermore, synthetic fluids often meet stricter environmental and safety regulations, making them a preferred choice in regions with rigorous standards. Although they are more expensive than mineral oils, their long-term performance benefits and operational efficiency justify the investment, thereby securing their significant market share.

“Renewable energy is expected to be the fastest growing end-use industry for heat transfer fluids market during the forecast period, in terms of value.”
The renewable energy end-use industry is the fastest-growing segment in the heat transfer fluids market due to the global shift towards sustainable energy sources and the increasing adoption of technologies like solar and wind power. As countries strive to reduce carbon emissions and meet international climate goals, investments in renewable energy infrastructure are accelerating. Solar thermal power plants, which require efficient heat transfer fluids to capture and store solar energy, are expanding rapidly. Similarly, wind energy systems often utilize heat transfer fluids for cooling and thermal management in power generation and storage processes. The growing emphasis on energy storage solutions, crucial for balancing intermittent renewable energy supply, further boosts the demand for advanced heat transfer fluids that can maintain stable performance over wide temperature ranges. Additionally, favorable government policies, subsidies, and technological advancements in renewable energy systems enhance the efficiency and economic viability of these projects, driving further market growth. The combined effect of these factors propels the renewable energy end-use industry as the fastest-growing segment in the heat transfer fluids market, reflecting the broader global commitment to transitioning towards cleaner energy sources.

“Based on region, Europe was the second largest market for heat transfer fluids in 2023.”
Europe is the second largest region in terms of market share for the heat transfer fluids market, following Asia Pacific, due to several key factors. The region boasts a well-established industrial base with significant demand from various end-use industries such as chemical and petrochemicals, automotive, and HVAC. Europe’s advanced manufacturing sector requires efficient thermal management solutions to maintain high operational standards and energy efficiency. Additionally, the region’s strong emphasis on energy conservation and stringent environmental regulations drive the adoption of high-performance, environmentally friendly heat transfer fluids. Europe’s commitment to renewable energy also plays a crucial role. Countries within the region are leaders in deploying solar thermal and wind power projects, which necessitate the use of advanced heat transfer fluids for energy storage and transfer applications. The presence of key market players and continuous investments in research and development further support the market’s growth by driving innovations in heat transfer fluid technologies. Furthermore, Europe’s proactive policies and subsidies for energy efficiency and renewable energy projects provide a conducive environment for the heat transfer fluids market. The combination of a robust industrial base, stringent environmental standards, and strong support for renewable energy positions Europe as a significant player in the global heat transfer fluids market, second only to Asia Pacific.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees is as follows:
• By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
• By Designation: C-Level – 20%, Director Level – 10%, and Others – 70%
• By Region: North America – 20%, Europe -30%, Asia Pacific – 30%, Middle East & Africa – 10%, and South America-10%
The key players in this 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.

Research Coverage
This report segments the market for the heat transfer fluids market on the basis of product type, end-use industry and region. It provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for the heat transfer fluids market.
Key benefits of buying this report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the heat transfer fluids market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:
• Analysis of key drivers: Increasing industrialization and urbanization globally coupled with rising demand for energy-efficient solutions and technological developments in the heat transfer fluids formulations.
• Market Penetration: Comprehensive information on the heat transfer fluids market offered by top players in the global heat transfer fluids market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the heat transfer fluids market.
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for the heat transfer fluids across regions.
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global heat transfer fluids market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the heat transfer fluids market.

Table of Contents

1            INTRODUCTION            34

1.1         STUDY OBJECTIVES      34

1.2         MARKET DEFINITION   34

1.2.1      INCLUSIONS & EXCLUSIONS     35

1.3         STUDY SCOPE  35

FIGURE 1           HEAT TRANSFER FLUIDS: MARKET SEGMENTATION     35

1.3.1      REGIONS COVERED      36

1.3.2      YEARS CONSIDERED     36

1.3.3      CURRENCY CONSIDERED          37

1.3.4      UNITS CONSIDERED     37

1.4         LIMITATIONS   37

1.5         STAKEHOLDERS            37

1.6         SUMMARY OF CHANGES            38

2            RESEARCH METHODOLOGY     39

2.1         RESEARCH DATA           39

FIGURE 2           HEAT TRANSFER FLUIDS MARKET: RESEARCH DESIGN 39

2.1.1      SECONDARY DATA       40

2.1.1.1   Key data from secondary sources     40

2.1.2      PRIMARY DATA 40

2.1.2.1   Key data from primary sources         41

2.1.2.2   Primary data sources          41

2.1.2.3   Key primary participants    41

2.1.2.4   Breakdown of interviews with experts            42

2.1.2.5   Key industry insights          42

2.2         BASE NUMBER CALCULATION  43

2.2.1      SUPPLY-SIDE APPROACH          43

FIGURE 3           MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE APPROACH       43

2.2.2      DEMAND-SIDE APPROACH        43

FIGURE 4           MARKET SIZE ESTIMATION METHODOLOGY: DEMAND-SIDE APPROACH       43

2.3         FORECAST NUMBER CALCULATION     43

2.3.1      SUPPLY SIDE    43

2.3.2      DEMAND SIDE  44

2.4         MARKET SIZE ESTIMATION       44

FIGURE 5           MARKET SIZE ESTIMATION METHODOLOGY: REVENUE OF MARKET PLAYERS         44

2.4.1      BOTTOM-UP APPROACH           45

FIGURE 6           MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH       45

2.4.2      TOP-DOWN APPROACH             45

FIGURE 7           MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH       45

2.5         DATA TRIANGULATION             46

FIGURE 8           HEAT TRANSFER FLUIDS MARKET: DATA TRIANGULATION              46

2.6         RESEARCH ASSUMPTIONS         47

2.7         IMPACT OF RECESSION 47

2.8         GROWTH FORECAST    47

2.9         RISK ASSESSMENT         48

2.10       FACTOR ANALYSIS        48

3            EXECUTIVE SUMMARY 49

FIGURE 9           MINERAL OILS TO DOMINATE MARKET BETWEEN 2024 AND 2029      50

FIGURE 10         CHEMICAL & PETROCHEMICALS END-USE INDUSTRY TO LEAD MARKET BETWEEN 2024 AND 2029            50

FIGURE 11         ASIA PACIFIC TO DOMINATE MARKET DURING FORECAST PERIOD              51

4            PREMIUM INSIGHTS      52

4.1         ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HEAT  TRANSFER FLUIDS MARKET            52

FIGURE 12         GROWING DEMAND FROM CHEMICALS & PETROCHEMICALS AND  RENEWABLE ENERGY SECTORS TO DRIVE MARKET         52

4.2         HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY       52

FIGURE 13         RENEWABLE ENERGY TO BE FASTEST-GROWING END-USE INDUSTRY SEGMENT DURING FORECAST PERIOD        52

4.3         HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE 53

FIGURE 14         SYNTHETIC FLUIDS TO BE FASTEST-GROWING PRODUCT TYPE SEGMENT DURING FORECAST PERIOD    53

4.4         HEAT TRANSFER FLUIDS MARKET, BY KEY COUNTRY   53

FIGURE 15         INDIA TO BE FASTEST-GROWING MARKET DURING FORECAST PERIOD              53

5            MARKET OVERVIEW     54

5.1         INTRODUCTION            54

5.2         MARKET DYNAMICS     54

FIGURE 16         DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN HEAT TRANSFER FLUIDS MARKET    54

5.2.1      DRIVERS            55

5.2.1.1   Increasing industrialization and urbanization 55

5.2.1.2   Rising demand for energy-efficient solutions 55

5.2.1.3   Technological development bringing innovative and advanced formulations              56

5.2.2      RESTRAINTS     56

5.2.2.1   Stringent regulatory compliances     56

5.2.2.2   Volatility in raw material prices        56

5.2.3      OPPORTUNITIES           57

5.2.3.1   Focus on renewable energy and government schemes and initiatives        57

5.2.4      CHALLENGES   58

5.2.4.1   Fire and explosion hazards related to thermal  heat transfer fluids          58

5.2.4.2   Competition from alternative technologies    58

6            INDUSTRY TRENDS       59

6.1         INTRODUCTION            59

6.2         TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS       59

6.2.1      REVENUE SHIFT AND NEW REVENUE POCKETS FOR HEAT TRANSFER FLUID MANUFACTURERS          59

FIGURE 17         REVENUE SHIFT OF HEAT TRANSFER FLUIDS MARKET 60

6.3         VALUE CHAIN ANALYSIS            60

FIGURE 18         HEAT TRANSFER FLUIDS MARKET: VALUE CHAIN ANALYSIS              60

6.3.1      RAW MATERIAL SUPPLIERS       61

6.3.2      MANUFACTURERS        61

6.3.3      DISTRIBUTORS 61

6.3.4      END-USE INDUSTRIES  62

6.4         PRICING ANALYSIS        62

6.4.1      AVERAGE SELLING PRICE TREND, BY REGION  62

TABLE 1             AVERAGE SELLING PRICE, BY REGION, 2020–2029 (USD/KG)              62

FIGURE 19         HEAT TRANSFER FLUIDS MARKET: AVERAGE SELLING PRICE TREND, BY REGION       62

6.4.2      AVERAGE SELLING PRICE TREND, BY PRODUCT TYPE  63

TABLE 2             AVERAGE SELLING PRICE, BY PRODUCT TYPE, 2020–2029 (USD/KG)          63

6.4.3      AVERAGE SELLING PRICE TREND, BY END-USE INDUSTRY         63

TABLE 3             AVERAGE SELLING PRICE, BY END-USE INDUSTRY, 2020–2029 (USD/KG)          63

6.4.4      AVERAGE SELLING PRICE TREND OF KEY PLAYERS,  BY TOP 3 PRODUCT TYPES           63

TABLE 4             AVERAGE SELLING PRICE OF KEY PLAYERS, BY PRODUCT TYPE, 2020–2029 (USD/KG)         63

FIGURE 20         AVERAGE SELLING PRICE TREND OF KEY PLAYERS FOR TOP 3 TYPES  64

6.5         ECOSYSTEM/MARKET MAP       64

FIGURE 21         HEAT TRANSFER FLUIDS MARKET ECOSYSTEM 64

TABLE 5             HEAT TRANSFER FLUIDS MARKET: ECOSYSTEM             65

6.6         TECHNOLOGY ANALYSIS           66

6.6.1      KEY TECHNOLOGIES    66

TABLE 6             KEY TECHNOLOGIES OFFERED IN HEAT TRANSFER FLUIDS MARKET            66

6.6.2      COMPLEMENTARY TECHNOLOGIES     67

TABLE 7             COMPLEMENTARY TECHNOLOGIES OFFERED IN HEAT TRANSFER FLUIDS MARKET      67

6.6.3      ADJACENT TECHNOLOGIES      67

TABLE 8             ADJACENT TECHNOLOGIES OFFERED IN HEAT TRANSFER FLUIDS MARKET            67

6.7         PATENT ANALYSIS        68

6.7.1      METHODOLOGY           68

6.7.2      GRANTED PATENTS, 2014–2023 68

TABLE 9             TOTAL NUMBER OF PATENTS  68

6.7.2.1   Publication trends over last ten years             69

FIGURE 22         PATENTS GRANTED OVER LAST TEN YEARS     69

6.7.3      INSIGHTS          69

6.7.4      LEGAL STATUS 69

FIGURE 23         PATENT ANALYSIS, BY LEGAL STATUS 69

6.7.5      JURISDICTION ANALYSIS           70

FIGURE 24         REGIONAL ANALYSIS OF PATENTS GRANTED FOR HEAT TRANSFER FLUIDS MARKET, 2023          70

6.7.6      TOP APPLICANTS          70

FIGURE 25         TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENTS IN LAST TEN YEARS            70

TABLE 10           MAJOR PATENT OWNERS FOR HEAT TRANSFER FLUIDS              71

6.7.7      KEY PATENTS FOR HEAT TRANSFER FLUIDS     71

TABLE 11           HEAT TRANSFER FLUIDS MARKET: MAJOR PATENTS    71

6.8         TRADE ANALYSIS          73

6.8.1      IMPORT SCENARIO       73

FIGURE 26         IMPORTS OF HEAT TRANSFER FLUIDS, BY COUNTRY,  2020–2023 (THOUSAND USD) 73

6.8.2      EXPORT SCENARIO       74

FIGURE 27         EXPORTS OF HEAT TRANSFER FLUIDS, BY COUNTRY,  2020–2023 (THOUSAND USD) 74

6.9         KEY CONFERENCES AND EVENTS IN 2024–2025 74

TABLE 12           HEAT TRANSFER FLUIDS MARKET: KEY CONFERENCES AND EVENTS, 2024–2025        74

6.10       TARIFF AND REGULATORY LANDSCAPE            75

6.10.1    TARIFF AND REGULATIONS RELATED TO HEAT TRANSFER FLUIDS              75

TABLE 13           TARIFFS RELATED TO HEAT TRANSFER FLUIDS MARKET              75

6.10.2    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS          75

TABLE 14           NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS         76

TABLE 15           EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76

TABLE 16           ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS      77

TABLE 17           MIDDLE EAST & AFRICA: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS       77

TABLE 18           SOUTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS      77

6.10.3    REGULATIONS RELATED TO HEAT TRANSFER FLUIDS MARKET              78

TABLE 19           REGULATIONS FOR HEAT TRANSFER FLUIDS MARKET 78

6.11       PORTER’S FIVE FORCES ANALYSIS         79

TABLE 20           IMPACT OF PORTER’S FIVE FORCES ON HEAT TRANSFER FLUIDS MARKET            79

FIGURE 28         PORTER’S FIVE FORCES ANALYSIS: HEAT TRANSFER FLUIDS MARKET            79

6.11.1    THREAT OF NEW ENTRANTS    80

6.11.2    THREAT OF SUBSTITUTES         80

6.11.3    BARGAINING POWER OF SUPPLIERS     80

6.11.4    BARGAINING POWER OF BUYERS           80

6.11.5    INTENSITY OF COMPETITIVE RIVALRY 81

6.12       KEY STAKEHOLDERS AND BUYING CRITERIA    81

6.12.1    KEY STAKEHOLDERS IN BUYING PROCESS         81

FIGURE 29         INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE  END-USE INDUSTRIES      81

TABLE 21           INFLUENCE OF INSTITUTIONAL BUYERS ON BUYING PROCESS FOR TOP THREE  END-USE INDUSTRIES           82

6.12.2    BUYING CRITERIA         82

FIGURE 30         KEY BUYING CRITERIA FOR END-USE INDUSTRIES        82

TABLE 22           KEY BUYING CRITERIA FOR END-USE INDUSTRIES        82

6.13       MACROECONOMIC INDICATORS           83

6.13.1    GDP TRENDS AND FORECAST OF MAJOR ECONOMIES  83

6.14       CASE STUDY ANALYSIS 83

6.14.1    ENERGY-EFFICIENT SOLUTION: TRANSFORMING ADHESIVE MANUFACTURING WITH RELATHERM HEAT TRANSFER FLUIDS            83

6.14.2    ENHANCING OPERATIONAL RELIABILITY: RESITOL’S TRANSITION TO EASTMAN’S THERMINOL LT SYNTHETIC HEAT TRANSFER FLUID          84

6.14.3    IMPACT OF CALDERA 3 HTF FROM ISEL IN FOOD PROCESSING OPERATIONS    85

7            HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE 86

7.1         INTRODUCTION            87

FIGURE 31         MINERAL OILS TO LEAD MARKET DURING FORECAST PERIOD              87

TABLE 24           HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2020–2023 (USD MILLION)     87

TABLE 25           HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2024–2029 (USD MILLION)     88

TABLE 26           HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2020–2023 (KILOTON)             88

TABLE 27           HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2024–2029 (KILOTON)             88

7.2         MINERAL OILS  89

7.2.1      EXTENSIVE USE FOR INDUSTRIAL APPLICATIONS BELOW 300˚C  TO DRIVE MARKET 89

7.3         SYNTHETIC FLUIDS      89

7.3.1      GROWING USE IN HIGH-TEMPERATURE APPLICATIONS  TO DRIVE MARKET            89

7.4         GLYCOL BASED FLUIDS             90

7.4.1      REDUCED MAINTENANCE COSTS DUE TO ANTI-CORROSIVE ADDITIVES TO DRIVE MARKET 90

7.5         OTHER PRODUCT TYPES           90

7.5.1      NANOFLUIDS   90

7.5.2      IONIC LIQUIDS 91

7.5.3      BIOBASED HEAT TRANSFER FLUIDS      91

7.5.4      MOLTEN SALTS             92

8            HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY       93

8.1         INTRODUCTION            94

FIGURE 32         CHEMICAL & PETROCHEMICALS TO BE LARGEST END-USE INDUSTRY SEGMENT OF HEAT TRANSFER FLUIDS MARKET      94

TABLE 28           HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (USD MILLION)          95

TABLE 29           HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION)          95

TABLE 30           HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)   95

TABLE 31           HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)   96

8.2         CHEMICAL & PETROCHEMICALS           96

8.2.1      GROWING USE IN CHEMICAL PLANTS DUE TO  CORROSION RESISTANCE, NONTOXICITY, AND LOW  VOLATILITY PROPERTIES TO DRIVE MARKET            96

8.3         OIL & GAS          97

8.3.1      USE IN OIL & GAS PLANTS TO REDUCE VIBRATIONS IN TRANSDUCERS, CABLES, AND CONTROL VALVES TO DRIVE MARKET    97

8.4         AUTOMOTIVE  98

8.4.1      USE OF HTFS IN AUTOMOBILE BATTERIES, COMPRESSORS,  AND MOTORS FOR EFFICIENT HEAT TRANSFER        98

8.5         RENEWABLE ENERGY   99

8.5.1      GROWING USE IN CSP PLANTS DUE TO HIGH OXIDATION RESISTANCE AND THERMAL STABILITY TO DRIVE MARKET 99

8.6         PHARMACEUTICALS     99

8.6.1      DEMAND FOR FOOD-GRADE HEAT TRANSFER FLUIDS TO INCREASE DUE TO THERMAL STABILITY AND HIGH PURITY REQUIREMENTS       99

8.7         FOOD & BEVERAGES     100

8.7.1      EXTENSIVE USE AS SUBSTITUTE FOR STEAM IN FOOD PROCESSING PLANTS TO DRIVE MARKET      100

8.8         HVAC   101

8.8.1      CORROSION RESISTANCE AND LONG-TERM STABILITY  TO INCREASE DEMAND      101

8.9         OTHER END-USE INDUSTRIES  102

8.9.1      ELECTRICAL & ELECTRONICS  102

8.9.2      AEROSPACE      102

9            HEAT TRANSFER FLUIDS MARKET, BY REGION 103

9.1         INTRODUCTION            104

FIGURE 33         ASIA PACIFIC TO BE FASTEST-GROWING MARKET DURING FORECAST PERIOD       104

TABLE 32           HEAT TRANSFER FLUIDS MARKET, BY REGION, 2020–2023 (USD MILLION)          105

TABLE 33           HEAT TRANSFER FLUIDS MARKET, BY REGION, 2024–2029 (USD MILLION)          105

TABLE 34           HEAT TRANSFER FLUIDS MARKET, BY REGION, 2020–2023 (KILOTON)       105

TABLE 35           HEAT TRANSFER FLUIDS MARKET, BY REGION, 2024–2029 (KILOTON)       106

9.2         ASIA PACIFIC    106

9.2.1      IMPACT OF RECESSION ON ASIA PACIFIC           106

FIGURE 34         ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET SNAPSHOT              107

TABLE 36          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2020–2023 (USD MILLION)          107

TABLE 37          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2024–2029 (USD MILLION)          108

TABLE 38          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2020–2023 (KILOTON)   108

TABLE 39          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2024–2029 (KILOTON)   108

TABLE 40           ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2020–2023 (USD MILLION)          109

TABLE 41           ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2024–2029 (USD MILLION)          109

TABLE 42           ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2020–2023 (KILOTON)   109

TABLE 43           ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2024–2029 (KILOTON)   110

TABLE 44           ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 110

TABLE 45           ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 110

TABLE 46           ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)        111

TABLE 47           ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)        111

9.2.2      CHINA  112

9.2.2.1   Thriving chemical and automotive sectors to drive market         112

TABLE 48           CHINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 112

TABLE 49           CHINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 113

TABLE 50           CHINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)          113

TABLE 51           CHINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)          113

9.2.3      JAPAN  114

9.2.3.1   Automotive sector to drive demand  114

TABLE 52           JAPAN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 114

TABLE 53           JAPAN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 115

TABLE 54           JAPAN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)          115

TABLE 55           JAPAN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)          116

9.2.4      INDIA   116

9.2.4.1   Growing petrochemical and automotive industries coupled  with extensive government initiatives for renewable energy to drive market      116

TABLE 56           INDIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 117

TABLE 57           INDIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 117

TABLE 58           INDIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)          118

TABLE 59           INDIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)          118

9.2.5      SOUTH KOREA 118

9.2.5.1   Technological prowess, commitment to technology, and thriving automotive and chemical sectors to drive market      118

TABLE 60           SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION)      119

TABLE 61           SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION)      119

TABLE 62           SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON) 120

TABLE 63           SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON) 120

9.2.6      REST OF ASIA PACIFIC  120

TABLE 64           REST OF ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION)           121

TABLE 65           REST OF ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION)           121

TABLE 66           REST OF ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)    122

TABLE 67           REST OF ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)    122

9.3         NORTH AMERICA          123

9.3.1      IMPACT OF RECESSION IN NORTH AMERICA     123

FIGURE 35         NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET SNAPSHOT        124

TABLE 68           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2020–2023 (USD MILLION) 124

TABLE 69           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2024–2029 (USD MILLION) 125

TABLE 70           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2020–2023 (KILOTON)           125

TABLE 71           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2024–2029 (KILOTON)           125

TABLE 72           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2020–2023 (USD MILLION)     125

TABLE 73           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2024–2029 (USD MILLION)     126

TABLE 74           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2020–2023 (KILOTON)            126

TABLE 75           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2024–2029 (KILOTON)            126

TABLE 76           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION)      127

TABLE 77           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION)      127

TABLE 78           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON) 128

TABLE 79           NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON) 128

9.3.2      US         128

9.3.2.1   Robust chemical & petrochemical industry and increasing demand for renewable energy to derive market     128

TABLE 80           US: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION)          129

TABLE 81           US: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION)          129

TABLE 82           US: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)   130

TABLE 83           US: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)   130

9.3.3      CANADA            130

9.3.3.1   Supportive industrial ecosystems and focus on high reliability solutions to drive demand 130

TABLE 84           CANADA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 131

TABLE 85           CANADA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 131

TABLE 86           CANADA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)        132

TABLE 87           CANADA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)        132

9.3.4      MEXICO             132

9.3.4.1   Thriving petrochemical and automotive manufacturing sectors to drive demand              132

TABLE 88           MEXICO: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 133

TABLE 89           MEXICO: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 133

TABLE 90           MEXICO: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)        134

TABLE 91           MEXICO: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)        134

9.4         EUROPE             135

9.4.1      RECESSION IMPACT      135

FIGURE 36         EUROPE: HEAT TRANSFER FLUIDS MARKET SNAPSHOT              136

TABLE 92           EUROPE: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2020–2023 (USD MILLION)          136

TABLE 93           EUROPE: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2024–2029 (USD MILLION)          137

TABLE 94           EUROPE: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2020–2023 (KILOTON)   137

TABLE 95           EUROPE: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2024–2029 (KILOTON)   137

TABLE 96           EUROPE: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2020–2023 (USD MILLION)          138

TABLE 97           EUROPE: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2024–2029 (USD MILLION)          138

TABLE 98           EUROPE: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2020–2023 (KILOTON)      138

TABLE 99           EUROPE: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2024–2029 (KILOTON)      138

TABLE 100         EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 139

TABLE 101         EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 139

TABLE 102         EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)        140

TABLE 103         EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)        140

9.4.2      GERMANY         141

9.4.2.1   Strong manufacturing sector to drive growth  141

TABLE 104         GERMANY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 141

TABLE 105         GERMANY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 142

TABLE 106         GERMANY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)        142

TABLE 107         GERMANY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)        143

9.4.3      ITALY   143

9.4.3.1   Established manufacturing and food & beverages sectors  to drive market              143

TABLE 108         ITALY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 144

TABLE 109         ITALY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 144

TABLE 110         ITALY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)          145

TABLE 111         ITALY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)          145

9.4.4      FRANCE             145

9.4.4.1   Thriving manufacturing sector coupled with technological & sustainability initiatives to drive market  145

TABLE 112         FRANCE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 146

TABLE 113         FRANCE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 146

TABLE 114         FRANCE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)        147

TABLE 115         FRANCE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)        147

9.4.5      UK         147

9.4.5.1   Focus on renewable energy sector and commitment to circular economy drive market   147

TABLE 116        UK: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION)          148

TABLE 117        UK: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION)          148

TABLE 118        UK: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)   149

TABLE 119        UK: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)   149

9.4.6      SPAIN   149

9.4.6.1   Government initiatives for renewable energy sector  to drive demand     149

TABLE 120         SPAIN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 150

TABLE 121         SPAIN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 150

TABLE 122         SPAIN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)          151

TABLE 123         SPAIN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)          151

9.4.6.2   Rest of Europe     151

TABLE 124         REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION)      152

TABLE 125         REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION)      152

TABLE 126         REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON) 153

TABLE 127         REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON) 153

9.5         MIDDLE EAST & AFRICA             154

9.5.1      IMPACT OF RECESSION ON MIDDLE EAST & AFRICA     154

TABLE 128         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2020–2023 (USD MILLION) 154

TABLE 129         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2024–2029 (USD MILLION) 154

TABLE 130         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2020–2023 (KILOTON)        155

TABLE 131         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2024–2029 (KILOTON)        155

TABLE 132         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2020–2023 (USD MILLION)     155

TABLE 133         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2024–2029 (USD MILLION)     156

TABLE 134         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2020–2023 (KILOTON)            156

TABLE 135         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2024–2029 (KILOTON)            156

TABLE 136         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (USD MILLION) 157

TABLE 137         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION) 157

TABLE 138         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)       158

TABLE 139         MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)       158

9.5.2      UAE      158

9.5.2.1   Government initiatives and strategic diversification  to drive demand     158

TABLE 140         UAE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 159

TABLE 141         UAE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 159

TABLE 142         UAE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)          160

TABLE 143         UAE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)          160

9.5.3      SAUDI ARABIA  160

9.5.3.1   Government commitment to economic diversification  to drive demand 160

TABLE 144         SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION)      161

TABLE 145         SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION)      161

TABLE 146         SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON) 162

TABLE 147         SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON) 162

9.5.4      REST OF GCC COUNTRIES         162

TABLE 148         REST OF GCC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 163

TABLE 149         REST OF GCC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 163

TABLE 150         REST OF GCC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)        164

TABLE 151         REST OF GCC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)        164

9.5.5      SOUTH AFRICA 165

9.5.5.1   Burgeoning industrial sector and government schemes  to drive market 165

TABLE 152         SOUTH AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION)      165

TABLE 153         SOUTH AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION)      166

TABLE 154         SOUTH AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON) 166

TABLE 155         SOUTH AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON) 167

9.5.6      REST OF MIDDLE EAST & AFRICA           167

TABLE 156         REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (USD MILLION)     167

TABLE 157         REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION)     168

TABLE 158         REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON)            168

TABLE 159         REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON)            169

9.6         SOUTH AMERICA           169

9.6.1      IMPACT OF RECESSION ON SOUTH AMERICA   169

TABLE 160         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2020–2023 (USD MILLION) 170

TABLE 161         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,  2024–2029 (USD MILLION) 170

TABLE 162         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2020–2023 (KILOTON)           170

TABLE 163         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2024–2029 (KILOTON)           170

TABLE 164         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2020–2023 (USD MILLION)     171

TABLE 165         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2024–2029 (USD MILLION)     171

TABLE 166         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2020–2023 (KILOTON)            171

TABLE 167         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,  2024–2029 (KILOTON)            172

TABLE 168         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION)      172

TABLE 169         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION)      172

TABLE 170         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON) 173

TABLE 171         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON) 173

9.6.2      ARGENTINA      173

9.6.2.1   Manufacturing sector and government initiatives to drive demand           173

TABLE 172         ARGENTINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 174

TABLE 173         ARGENTINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 174

TABLE 174         ARGENTINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)        175

TABLE 175         ARGENTINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)        175

9.6.3      BRAZIL 176

9.6.3.1   Diverse industrial landscape to drive market  176

TABLE 176         BRAZIL: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (USD MILLION) 176

TABLE 177         BRAZIL: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (USD MILLION) 177

TABLE 178         BRAZIL: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2020–2023 (KILOTON)        177

TABLE 179         BRAZIL: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,  2024–2029 (KILOTON)        178

9.6.4      REST OF SOUTH AMERICA         178

TABLE 180         REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (USD MILLION)        178

TABLE 181         REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION)        179

TABLE 182         REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2020–2023 (KILOTON) 179

TABLE 183         REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2024–2029 (KILOTON) 180

10          COMPETITIVE LANDSCAPE       181

10.1       INTRODUCTION            181

10.2       KEY PLAYER STRATEGIES/RIGHT TO WIN          181

TABLE 184         OVERVIEW OF STRATEGIES ADOPTED BY KEY HEAT TRANSFER FLUID MANUFACTURERS    181

10.3       MARKET SHARE ANALYSIS         183

10.3.1    RANKING OF KEY MARKET PLAYERS, 2023          183

FIGURE 37         RANKING OF TOP FIVE PLAYERS IN HEAT TRANSFER FLUIDS MARKET, 2023  183

10.3.2    MARKET SHARE OF KEY PLAYERS          183

TABLE 185         HEAT TRANSFER FLUIDS MARKET: DEGREE OF COMPETITION              183

FIGURE 38         HEAT TRANSFER FLUIDS MARKET: SHARE OF KEY PLAYERS              184

10.4       REVENUE ANALYSIS      186

FIGURE 39         REVENUE ANALYSIS OF KEY PLAYERS, 2020–2024            186

10.5       BRAND/PRODUCT COMPARATIVE ANALYSIS    187

FIGURE 40         BRAND/PRODUCT COMPARATIVE ANALYSIS, BY SEGMENT              187

10.6       COMPANY EVALUATION MATRIX, 2023 187

10.6.1    STARS  187

10.6.2    EMERGING LEADERS    187

10.6.3    PERVASIVE PLAYERS     187

10.6.4    PARTICIPANTS 188

FIGURE 41         HEAT TRANSFER FLUIDS MARKET: COMPANY EVALUATION MATRIX, 2023    188

10.6.5    COMPANY FOOTPRINT 189

FIGURE 42         HEAT TRANSFER FLUIDS MARKET: COMPANY OVERALL FOOTPRINT      189

TABLE 186         COMPANY PRODUCT TYPE FOOTPRINT (11 COMPANIES)              190

TABLE 187         COMPANY END-USE INDUSTRY FOOTPRINT (11 COMPANIES)              190

TABLE 188         COMPANY REGION FOOTPRINT (11 COMPANIES)          191

10.7       COMPANY EVALUATION MATRIX, STARTUPS/SMES, 2023           191

10.7.1    PROGRESSIVE COMPANIES       191

10.7.2    RESPONSIVE COMPANIES          191

10.7.3    DYNAMIC COMPANIES 191

10.7.4    STARTING BLOCKS       191

FIGURE 43         HEAT TRANSFER FLUIDS MARKET: COMPANY EVALUATION MATRIX,  START-UPS/SMES, 2023          192

10.7.5    COMPETITIVE BENCHMARKING            193

10.7.5.1 Detailed list of key start-ups/SMEs  193

TABLE 189         HEAT TRANSFER FLUIDS MARKET: DETAILED LIST OF KEY START-UPS/SMES          193

TABLE 190         HEAT TRANSFER FLUIDS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES        194

10.7.6    VALUATION AND FINANCIAL METRICS OF KEY HEAT TRANSFER FLUIDS VENDORS          195

FIGURE 44         EV/EBITDA OF KEY VENDORS   195

FIGURE 45         YEAR-TO-DATE (YTD) PRICE TOTAL RETURN  195

10.8       COMPETITIVE SCENARIO AND TRENDS             196

10.8.1    PRODUCT LAUNCHES  196

TABLE 191         HEAT TRANSFER FLUIDS MARKET: PRODUCT LAUNCHES, JANUARY 2018–APRIL 2024         196

10.8.2    DEALS  196

TABLE 192         HEAT TRANSFER FLUIDS MARKET: DEALS, JANUARY 2019–APRIL 2024        196

10.8.3    EXPANSIONS    197

TABLE 193         HEAT TRANSFER FLUIDS MARKET: EXPANSIONS, JANUARY 2019–APRIL 2024             197

11          COMPANY PROFILES    198

(Business overview, Products/Solutions/Services offered, Recent Developments, MnM view, Key strengths, Strategic choices, Weaknesses and competitive threats) *

11.1       KEY PLAYERS   198

11.1.1    DOW    198

TABLE 194         DOW: COMPANY OVERVIEW     198

FIGURE 46         DOW: COMPANY SNAPSHOT     199

TABLE 195         DOW: PRODUCT OFFERINGS    199

TABLE 196         DOW: PRODUCT LAUNCHES     200

11.1.2    EASTMAN CHEMICAL COMPANY           202

TABLE 197         EASTMAN CHEMICAL COMPANY: COMPANY OVERVIEW              202

FIGURE 47         EASTMAN CHEMICAL COMPANY: COMPANY SNAPSHOT              203

TABLE 198         EASTMAN CHEMICAL COMPANY: PRODUCT OFFERINGS              203

TABLE 199         EASTMAN CHEMICAL COMPANY: PRODUCT LAUNCHES,

JANUARY 2019–APRIL 2024         204

TABLE 200         EASTMAN CHEMICAL COMPANY: DEALS, JANUARY 2019–APRIL 2024      204

TABLE 201         EASTMAN CHEMICAL COMPANY: EXPANSIONS, JANUARY 2019–APRIL 2024             205

11.1.3    EXXONMOBIL   206

TABLE 202         EXXONMOBIL: COMPANY OVERVIEW   206

FIGURE 48         EXXONMOBIL: COMPANY SNAPSHOT   207

TABLE 203         EXXONMOBIL: PRODUCT OFFERINGS  207

11.1.4    CHEVRON CORPORATION         209

TABLE 204         CHEVRON CORPORATION: COMPANY OVERVIEW         209

FIGURE 49         CHEVRON CORPORATION: COMPANY SNAPSHOT         209

TABLE 205         CHEVRON CORPORATION: PRODUCT OFFERINGS        210

TABLE 206         CHEVRON CORPORATION: DEALS, JANUARY 2019–APRIL 2024              210

11.1.5    HUNTSMAN CORPORATION     212

TABLE 207         HUNTSMAN CORPORATION: COMPANY OVERVIEW      212

FIGURE 50         HUNTSMAN CORPORATION: COMPANY SNAPSHOT      213

TABLE 208         HUNTSMAN CORPORATION: PRODUCT OFFERINGS     213

11.1.6    SHELL PLC        215

TABLE 209         SHELL PLC: COMPANY OVERVIEW         215

FIGURE 51         SHELL PLC: COMPANY SNAPSHOT        216

TABLE 210         SHELL PLC: PRODUCT OFFERINGS        216

TABLE 211         SHELL PLC: DEALS, JANUARY 2019–APRIL 2024  217

11.1.7    LANXESS           219

TABLE 212         LANXESS: COMPANY OVERVIEW            219

FIGURE 52         LANXESS: COMPANY SNAPSHOT            220

TABLE 213         LANXESS: PRODUCT OFFERINGS           220

11.1.8    CLARIANT         222

TABLE 214         CLARIANT: COMPANY OVERVIEW         222

FIGURE 53         CLARIANT: COMPANY SNAPSHOT         223

TABLE 215         CLARIANT: PRODUCT OFFERINGS         223

11.1.9    WACKER CHEMIE AG    225

TABLE 216         WACKER CHEMIE AG: COMPANY OVERVIEW     225

FIGURE 54         WACKER CHEMIE AG: COMPANY SNAPSHOT     226

TABLE 217         WACKER CHEMIE AG: PRODUCT OFFERINGS    226

11.1.10  INDIAN OIL CORPORATION LTD.           228

TABLE 218         INDIAN OIL CORPORATION LTD.: COMPANY OVERVIEW              228

FIGURE 55         INDIAN OIL CORPORATION LTD.: COMPANY SNAPSHOT              229

TABLE 219         INDIAN OIL CORPORATION LTD.: PRODUCT OFFERINGS              229

11.1.11  SCHULTZ CANADA CHEMICALS LTD.    231

TABLE 220         SCHULTZ CANADA CHEMICALS LTD.: COMPANY OVERVIEW              231

TABLE 221         SCHULTZ CANADA CHEMICALS LTD.: PRODUCT OFFERINGS              231

*Details on Business overview, Products/Solutions/Services offered, Recent Developments, MnM view, Key strengths, Strategic choices, Weaknesses and competitive threats might not be captured in case of unlisted companies.

11.2       OTHER PLAYERS           233

11.2.1    PARATHERM    233

TABLE 222         PARATHERM: COMPANY OVERVIEW     233

11.2.2    ARKEMA            234

TABLE 223         ARKEMA: COMPANY OVERVIEW             234

11.2.3    BASF SE              235

TABLE 224         BASF SE: COMPANY OVERVIEW 235

11.2.4    DALIAN RICHFORTUNE CHEMICALS     236

TABLE 225         DALIAN RICHFORTUNE CHEMICALS: COMPANY OVERVIEW              236

11.2.5    BRITISH PETROLEUM   237

TABLE 226         BRITISH PETROLEUM: COMPANY OVERVIEW   237

11.2.6    DUPONT TATE & LYLE BIOPRODUCTS COMPANY LLC 238

TABLE 227         DUPONT TATE & LYLE BIOPRODUCTS COMPANY LLC: COMPANY OVERVIEW  238

11.2.7    DYNALENE       239

TABLE 228         DYNALENE: COMPANY OVERVIEW        239

11.2.8    HINDUSTAN PETROLEUM CORPORATION LIMITED      240

TABLE 229         HINDUSTAN PETROLEUM CORPORATION LIMITED: COMPANY OVERVIEW  240

11.2.9    GLOBAL HEAT TRANSFER LTD. 241

TABLE 230         GLOBAL HEAT TRANSFER LTD.: COMPANY OVERVIEW 241

11.2.10  ISEL      242

TABLE 231         ISEL: COMPANY OVERVIEW      242

11.2.11  PARAS LUBRICANTS LTD.          243

TABLE 232         PARAS LUBRICANTS LTD.: COMPANY OVERVIEW           243

11.2.12  PETRO-CANADA LUBRICANTS, INC.      244

TABLE 233         PETRO-CANADA LUBRICANTS, INC.: COMPANY OVERVIEW              244

11.2.13  PHILLIPS 66 COMPANY 245

TABLE 234         PHILLIPS 66 COMPANY: COMPANY OVERVIEW 245

11.2.14  RADCO INDUSTRIES, INC.          246

TABLE 235         RADCO INDUSTRIES, NC.: COMPANY OVERVIEW            246

11.2.15  SCHAEFFER SPECIALIZED LUBRICANTS             247

TABLE 236         SCHAEFFER SPECIALIZED LUBRICANTS: COMPANY OVERVIEW              247

12          APPENDIX         248

12.1       DISCUSSION GUIDE      248

12.2       KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL             250

12.3       CUSTOMIZATION OPTIONS      252

12.4       RELATED REPORTS       252

12.5       AUTHOR DETAILS         253

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