熱伝導流体市場規模、シェア、動向、2030年までの世界予測

Heat Transfer Fluids Market - Global Forecast To 2030

Heat Transfer Fluids Market by Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids, Other Product Types), Temperature (Low, Medium, High, Ultra-High), Application (Industrial Process Heating, Thermal Energy Storage, Chilled/Hot Water Loops, Pharmaceutical & Biotech, Power Generation & Waste Heat Recovery, Thermal Management, Other Applications), End-Use Industry (Chemical & Petrochemicals, Oil & Gas, Automotive, Food & Beverage, Pharmaceuticals, Hvac, Renewable Energy, Other End-Use Industries), and Region - Global Forecast to 2030

商品番号 : SMB-21808

出版社MarketsandMarkets
出版年月2025年9月
ページ数260
図表数319
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

熱伝達流体市場 – 製品タイプ(鉱油、合成流体、グリコール系流体、その他の製品タイプ)、温度(低温、中温、高温、超高温)、用途(工業プロセス加熱、熱エネルギー貯蔵、冷水/温水ループ、製薬およびバイオテクノロジー、発電および廃熱回収、熱管理、その他の用途)、最終用途産業(化学および石油化学、石油およびガス、自動車、食品および飲料、医薬品、空調、再生可能エネルギー、その他の最終用途産業)、および地域別 – 2030年までの世界予測

本レポートでは、熱伝達流体市場を製品タイプ、温度、用途、最終用途産業、地域に基づいてセグメント化し、地域ごとの市場全体の推定値を示しています。主要業界プレーヤーの詳細な分析を実施し、熱伝達流体市場に関連する事業概要、製品・サービス、主要戦略、事業拡大に関する洞察を提供しています。この調査レポートは、業界分析(業界動向)、主要企業の市場ランキング分析、企業プロファイルなど、さまざまなレベルの分析に焦点を当てており、これらを総合的に分析することで、競争環境、熱伝達流体市場の新興および高成長セグメント、高成長地域、市場の推進要因、制約、機会、課題に関する全体像を把握できます。

熱伝達流体市場は、2025年の51億米ドルから2030年には63億米ドルに成長し、予測期間中に4.3%のCAGRを記録すると予測されています。

熱伝達流体市場の成長は、急速な工業化、エネルギー効率へのニーズの高まり、主要な最終用途産業の拡大など、いくつかの主要な要因によって推進されています。特に新興国において、工業プロセスがより高度化し、普及するにつれて、効果的な熱管理ソリューションの必要性がますます高まっています。化学、石油化学、自動車、食品・飲料、医薬品、HVACなどの産業は、最適な動作温度を維持し、効率的なプロセスを確保するために、熱媒流体に大きく依存しています。省エネルギーと効率性への関心の高まりも市場をさらに推進しており、熱媒流体はエネルギー消費の削減と熱システム全体の性能向上に不可欠です。さらに、太陽光や風力などの再生可能エネルギー源の導入により、エネルギーの貯蔵と伝達のための高度な熱媒流体が求められています。熱媒流体の配合における技術革新(熱安定性の向上、メンテナンスの低減、安全性の向上など)も市場拡大を支えています。さらに、厳格な環境規制と持続可能な産業慣行への移行は、高性能で環境に優しい熱媒流体の使用を促進し、市場をさらに拡大させています。これらの要因が相まって、様々なセクターで旺盛な需要を生み出し、市場全体の成長を牽引しています。

The heat transfer fluids market is projected to grow from USD 5.1 billion in 2025 to USD 6.3 billion by 2030, registering a CAGR of 4.3% during the forecast period.

The growth of the heat transfer fluids market is driven by several key factors, including rapid industrialization, rising energy efficiency needs, and the expansion of major end-use industries. As industrial processes become more advanced and widespread, especially in emerging economies, the requirement for effective thermal management solutions becomes crucial. Industries such as chemical, petrochemical, automotive, food and beverage, pharmaceuticals, and HVAC heavily rely on heat transfer fluids to maintain optimal operating temperatures and ensure efficient processes. The increasing emphasis on energy conservation and efficiency further propels the market, as heat transfer fluids are essential in reducing energy consumption and improving overall thermal system performance. Additionally, the adoption of renewable energy sources like solar and wind power demands advanced heat transfer fluids for energy storage and transfer. Technological innovations in heat transfer fluid formulations—offering better thermal stability, lower maintenance, and higher safety—also support market expansion. Furthermore, strict environmental regulations and the shift toward sustainable industrial practices promote the use of high-performance, eco-friendly heat transfer fluids, expanding the market further. These combined factors create strong demand across various sectors, fueling overall market growth.

熱伝導流体市場規模、シェア、動向、2030年までの世界予測
Heat Transfer Fluids Market – Global Forecast To 2030

“Synthetic fluids, by product type, to be fastest-growing segment in terms of value during forecast period”

Synthetic fluids represent the fastest-growing and second-largest segment in the heat transfer fluids market due to their superior performance features, making them highly suitable for demanding industrial uses. Unlike mineral oils and glycol-based fluids, synthetic options provide exceptional thermal stability, enabling efficient operation at both high and low temperatures without breaking down. This quality makes them ideal for industries with strict thermal needs, such as chemical processing, pharmaceuticals, and high-temperature manufacturing. Additionally, synthetic fluids offer excellent heat transfer efficiency and lower volatility, improving system safety and durability. Their advanced formulas also resist oxidation and fouling better, which helps lower maintenance costs and extends the lifespan of heat transfer systems. Moreover, synthetic fluids often comply with stricter environmental and safety standards, making them a preferred choice in regions with rigorous regulations. Although they tend to be more costly than mineral oils, their long-term performance advantages and operational efficiency justify the investment, securing their prominent market share.

“Medium temperature to be second-largest segment in heat transfer fluids market in terms of value during forecast period”

Medium-temperature heat transfer fluids hold the second-largest market share in the heat transfer fluids industry because they provide an optimal balance between performance, cost, and versatility, making them suitable for a wide range of industrial operations. These fluids, usually functioning between 150°C and 400°C, are widely used in industries such as chemical processing, plastics, oil and gas, and food and beverage manufacturing, where consistent heating and cooling are needed but the extreme resistance of high-temperature or cryogenic fluids is not required. Their ability to deliver stable thermal performance without rapid degradation makes them highly cost-effective compared to high-temperature synthetics, while offering broader applicability than low-temperature fluids outside refrigeration and cold chain applications. In sectors like polymer and resin production, refining, and general manufacturing, medium-temperature HTFs ensure precise temperature control, reduce energy consumption, and improve process efficiency, making them essential. Moreover, the increasing industrialization in emerging economies and the need for energy-efficient and safer thermal management solutions are boosting demand for these fluids. Their versatility in both continuous and batch processes and easier maintenance and replacement cycles helps ensure that medium-temperature fluids remain the second most used category in the global heat transfer fluids market.

“Industrial processing to be fastest-growing application segment of heat transfer fluids in terms of value during forecast period”

Industrial processing is the fastest-growing segment in the heat transfer fluids (HTFs) market because global manufacturing is expanding quickly, driven by increasing demand for chemicals, polymers, pharmaceuticals, processed food, and metals. These industries need precise thermal management in processes like distillation, polymerization, crystallization, refining, and reactor heating, where HTFs ensure efficiency, safety, and product consistency. Growth in industrial processing is especially strong in emerging economies across Asia-Pacific, the Middle East, and Latin America, where rapid industrialization, urbanization, and infrastructure development are fueling significant investments in chemical plants, refineries, and manufacturing facilities. Additionally, stricter energy efficiency regulations and sustainability goals are encouraging industries to switch from traditional heating methods to advanced HTFs that reduce energy loss, extend equipment lifespan, and enhance operational reliability. Ongoing technological progress, including the development of eco-friendly and longer-lasting HTFs, further promotes adoption in industrial settings. Compared to other applications like HVAC or automotive, industrial processing uses larger volumes of HTFs but and This combination of expanding end-use industries, regulatory backing, and technological improvements makes industrial processing the fastest-growing application area for heat transfer fluids globally.

“HVAC to be fastest-growing end-use industry segment of heat transfer fluids market in terms of value during forecast period”

The HVAC industry is rapidly becoming the fastest-growing end-use sector for heat transfer fluids (HTFs) due to the increasing global demand for energy-efficient cooling and heating solutions in homes, businesses, and industry. Rapid urbanization, population growth, and higher living standards are boosting the need for air conditioning, refrigeration, and heating systems, especially in developing regions across Asia-Pacific, the Middle East, and Latin America. Meanwhile, mature markets in North America and Europe are increasingly upgrading HVAC systems to meet stricter energy efficiency and environmental standards, which boosts the adoption of advanced HTFs that offer better thermal performance with less energy loss. Additionally, the growth of cold chain logistics, data centers, and green buildings is raising demand for glycol-based and synthetic HTFs that can operate reliably across low- and medium-temperature ranges. With a greater focus on sustainability, manufacturers are also launching eco-friendly and non-toxic HTFs designed specifically for HVAC applications, further speeding up their adoption. Compared to other sectors, HVAC has high growth potential driven by ongoing system upgrades, climate change, increasing reliance on cooling, and policies promoting energy-efficient building tech. These factors make HVAC the fastest-growing end-use industry in the heat transfer fluids market.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations in the heat transfer fluids market. Additionally, information was gathered through secondary research to assess and validate the market size of different segments.

  • By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
  • By Designation: Managers– 15%, Directors – 20%, and Others – 65%
  • By Region: North America – 25%, Europe – 15%, Asia Pacific – 45%, Middle East & Africa – 10%, South America – 5%.

The heat transfer fluids market comprises 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), and Schultz Canada Chemicals Ltd. (Canada). The study provides an in-depth competitive analysis of key players in the Heat transfer fluids market, including their company profiles, recent developments, and main market strategies.

Research Coverage

This report segments the heat transfer fluids market based on product type, temperature, application, end-use industry, and region, and provides estimates for the overall market value across different regions. A detailed analysis of key industry players has been conducted to offer insights into their business overviews, products and services, key strategies, and expansions related to the heat transfer fluids market.

Key benefits of buying report

This research report focuses 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 into the following pointers:

  • Analysis of drivers: (Increasing expansion in renewable and industrial heat applications), restraints (Absence of standardized testing and performance criteria for EV cooling fluids), opportunities (Customized, application-specific formulations in HTF industry), and challenges (Balancing performance with environmental compliance).
  • Market Penetration: Comprehensive information on the heat transfer fluids offered by top players in the heat transfer fluids market.
  • Product Development/Innovation: Detailed insights into upcoming technologies, research and development activities, partnerships, agreements, joint ventures, collaborations, announcements, awards, and market expansion.
  • Market Development: The report provides comprehensive information about lucrative emerging markets and analyzes the heat transfer fluids market across regions.
  • Market Capacity: Production capacities of companies manufacturing heat transfer fluids are provided wherever available, along with upcoming capacities for the 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            25

1.1        STUDY OBJECTIVES      25

1.2        MARKET DEFINITION    25

1.3        STUDY SCOPE   26

1.3.1      MARKET SEGMENTATION AND REGIONAL SCOPE            26

1.3.2      YEARS CONSIDERED      27

1.3.3      INCLUSIONS AND EXCLUSIONS OF STUDY        27

1.3.4      CURRENCY CONSIDERED           28

1.3.5      UNITS CONSIDERED      28

1.4        LIMITATIONS    28

1.5        STAKEHOLDERS            28

2           RESEARCH METHODOLOGY       29

2.1        RESEARCH DATA          29

2.1.1      SECONDARY DATA        30

2.1.1.1   Key data from secondary sources            30

2.1.2      PRIMARY DATA 30

2.1.2.1   Key data from primary sources    31

2.1.2.2   Key primary sources       31

2.1.2.3   Key participants for primary interviews    31

2.1.2.4   Breakdown of interviews with experts      32

2.1.2.5   Key industry insights      32

2.2        BASE NUMBER CALCULATION  33

2.2.1      SUPPLY-SIDE ANALYSIS           33

2.2.2      DEMAND-SIDE ANALYSIS          33

2.3        GROWTH FORECAST     33

2.3.1      SUPPLY SIDE    33

2.3.2      DEMAND SIDE   34

2.4        MARKET SIZE ESTIMATION       34

2.4.1      BOTTOM-UP APPROACH           35

2.4.2      TOP-DOWN APPROACH 35

2.5        DATA TRIANGULATION             36

2.6        RESEARCH ASSUMPTIONS         37

2.7        GROWTH FORECAST     37

2.8        RISK ASSESSMENT        38

2.9        FACTOR ANALYSIS        39

3           EXECUTIVE SUMMARY  40

4           PREMIUM INSIGHTS      44

4.1        ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HEAT TRANSFER FLUIDS MARKET     44

4.2        HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE            44

4.3        HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE            45

4.4        HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY         45

4.5        HEAT TRANSFER FLUIDS MARKET, BY KEY COUNTRY            46

5           MARKET OVERVIEW      47

5.1        INTRODUCTION            47

5.2        MARKET DYNAMICS      47

5.2.1      DRIVERS           48

5.2.1.1   Expansion in renewable and industrial heat applications            48

5.2.1.2   Regulatory incentives and energy efficiency legislation            48

5.2.1.3   Lifecycle services and analytical programs by major suppliers            49

5.2.1.4   Rising adoption of immersion cooling in EVs and electronics            49

5.2.2      RESTRAINTS     50

5.2.2.1   Absence of standardized testing and performance criteria

for EV cooling fluids       50

5.2.3      OPPORTUNITIES           50

5.2.3.1   Customized, application-specific formulations       50

5.2.3.2   Technological innovation in immersion and direct cooling            51

5.2.4      CHALLENGES    52

5.2.4.1   Balancing performance with environmental compliance            52

5.3        IMPACT OF GENERATIVE AI     52

5.3.1      INTRODUCTION            52

5.3.2      IMPACT OF GENERATIVE AI ON HEAT TRANSFER FLUIDS MARKET           53

6           INDUSTRY TRENDS       55

6.1        INTRODUCTION            55

6.2        TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS         55

6.3        SUPPLY CHAIN ANALYSIS         56

6.4        PRICING ANALYSIS        58

6.4.1      AVERAGE SELLING PRICE TREND, BY REGION, 2021–2024      58

6.4.2      AVERAGE SELLING PRICE TREND, BY PRODUCT TYPE, 2021–2024         59

6.4.3      AVERAGE SELLING PRICE TREND OF KEY PLAYERS,

BY PRODUCT TYPE, 2021–2024 59

6.5        INVESTMENT LANDSCAPE AND FUNDING SCENARIO            60

6.6        ECOSYSTEM ANALYSIS 61

6.7        TECHNOLOGY ANALYSIS           62

6.7.1      KEY TECHNOLOGIES     63

6.7.2      COMPLEMENTARY TECHNOLOGIES       63

6.7.3      ADJACENT TECHNOLOGIES       64

6.8        PATENT ANALYSIS       65

6.8.1      METHODOLOGY            65

6.8.2      PATENTS GRANTED WORLDWIDE, 2014–2024    65

6.8.3      PATENT PUBLICATION TRENDS            65

6.8.4      INSIGHTS          66

6.8.5      LEGAL STATUS OF PATENTS    66

6.8.6      JURISDICTION ANALYSIS           66

6.8.7      TOP APPLICANTS         67

6.8.8      LIST OF MAJOR PATENTS         68

6.9        TRADE ANALYSIS          70

6.9.1      IMPORT SCENARIO (HS CODE 841950)   70

6.9.2      EXPORT SCENARIO (HS CODE 841950)   71

6.10      KEY CONFERENCES AND EVENTS, 2025–2026   71

6.11      TARIFF AND REGULATORY LANDSCAPE            72

6.11.1    TARIFF AND REGULATORY REGULATIONS RELATED TO HEAT

TRANSFER FLUIDS MARKET     72

6.11.2    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS           72

6.11.3    REGULATIONS RELATED TO HEAT TRANSFER FLUIDS MARKET           74

6.12      PORTER’S FIVE FORCES ANALYSIS        75

6.12.1    THREAT OF NEW ENTRANTS    76

6.12.2    THREAT OF SUBSTITUTES       77

6.12.3    BARGAINING POWER OF SUPPLIERS      77

6.12.4    BARGAINING POWER OF BUYERS          77

6.12.5    INTENSITY OF COMPETITIVE RIVALRY 77

6.13      KEY STAKEHOLDERS AND BUYING CRITERIA    78

6.13.1    KEY STAKEHOLDERS IN BUYING PROCESS        78

6.13.2    BUYING CRITERIA         78

6.14      MACROECONOMIC OUTLOOK    79

6.14.1    GDP TRENDS AND FORECASTS, BY COUNTRY   80

6.15      CASE STUDY ANALYSIS            80

6.15.1    ITC MAURYA ENHANCED HEAT PUMP EFFICIENCY WITH NANO-ENHANCED HEAT TRANSFER FLUIDS       80

6.15.2    ENHANCING SOLAR POWER PLANT EFFICIENCY THROUGH ADVANCED

HEAT TRANSFER FLUID PERFORMANCE           81

6.15.3    EXTENDING THERMAL LIMITS AND RELIABILITY: VERSALIS’ TRANSITION

TO THERMINOL FOR HIGH-TEMPERATURE DISTILLATION            82

6.16      IMPACT OF 2025 US TARIFF – HEAT TRANSFER FLUIDS MARKET           82

6.16.1    INTRODUCTION            82

6.16.2    KEY TARIFF RATES       82

6.16.3    PRICE IMPACT ANALYSIS          83

6.16.4    IMPACT ON COUNTRY/REGION  83

6.16.4.1 US        83

6.16.4.2 Europe  83

6.16.4.3 Asia Pacific        83

6.16.5    IMPACT ON END-USE INDUSTRIES       84

7           HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE            85

7.1        INTRODUCTION            86

7.2        MINERAL OILS   87

7.2.1      COST-EFFECTIVE COMPARED TO GLYCOL-BASED AND SYNTHETIC

FLUIDS—KEY FACTOR DRIVING MARKET GROWTH       87

7.3        SYNTHETIC FLUIDS      88

7.3.1      ENVIRONMENTALLY FRIENDLY NATURE TO SUPPORT ADOPTION        88

7.4        GLYCOL-BASED FLUIDS            88

7.4.1      OFFER EXCELLENT CORROSION INHIBITION PROPERTIES—KEY FACTOR PROPELLING MARKET GROWTH            88

7.5        OTHER PRODUCT TYPES           89

7.5.1      NANOFLUIDS    89

7.5.2      IONIC LIQUIDS   89

7.5.3      BIO-BASED HTF            90

7.5.4      MOLTEN SALTS            90

8           HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE            91

8.1        INTRODUCTION            92

8.2        LOW TEMPERATURE     94

8.2.1      NEED TO ENHANCE EFFICIENCY IN COOLING & CRYOGENICS

SYSTEMS TO DRIVE MARKET    94

8.3        MEDIUM TEMPERATURE           94

8.3.1      RISING INDUSTRIALIZATION AND URBANIZATION TO SUPPORT

MARKET GROWTH        94

8.4        HIGH TEMPERATURE    95

8.4.1      VITAL ROLE IN ENERGY-INTENSIVE INDUSTRIES TO DRIVE MARKET 95

8.5        ULTRA-HIGH TEMPERATURE    95

8.5.1      USE IN HIGHLY SPECIALIZED APPLICATIONS TO DRIVE ADOPTION        95

9           HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY         97

9.1        INTRODUCTION            98

9.2        CHEMICAL & PETROCHEMICAL 100

9.2.1      IMPLEMENTATION IN CHEMICAL PLANTS OWING TO LOW VOLATILITY PROPERTIES TO PROPEL MARKET    100

9.3        OIL & GAS        101

9.3.1      ADOPTION IN OIL & GAS PLANTS TO REDUCE VIBRATIONS IN TRANSDUCERS, CABLES, AND CONTROL VALVES TO PROPEL MARKET   101

9.4        AUTOMOTIVE   102

9.4.1      USE IN AUTOMOBILE BATTERIES, COMPRESSORS, AND MOTORS FOR EFFICIENT HEAT TRANSFER TO PROPEL MARKET            102

9.5        RENEWABLE ENERGY    102

9.5.1      DEPLOYMENT IN CSP PLANTS DUE TO HIGH OXIDATION RESISTANCE

AND THERMAL STABILITY TO PROPEL MARKET           102

9.6        PHARMACEUTICALS     103

9.6.1      IMPLEMENTATION OF FOOD-GRADE HEAT TRANSFER FLUIDS

IN PHARMACEUTICAL APPLICATIONS TO PROPEL MARKET            103

9.7        FOOD & BEVERAGES     104

9.7.1      UTILIZATION OF HEAT TRANSFER FLUIDS AS SUBSTITUTE FOR STEAM

IN FOOD PROCESSING PLANTS TO PROPEL MARKET     104

9.8        HVAC    105

9.8.1      CORROSION RESISTANCE AND LONG-TERM STABILITY OF HEAT TRANSFER FLUIDS TO INCREASE DEMAND FOR HVAC APPLICATIONS  105

9.9        OTHER END-USE INDUSTRIES  106

9.9.1      ELECTRICAL & ELECTRONICS   106

9.9.2      AEROSPACE      106

10         HEAT TRANSFER FLUIDS MARKET, BY REGION 107

10.1      INTRODUCTION            108

10.2      ASIA PACIFIC    110

10.2.1    CHINA   117

10.2.1.1 Thriving chemical and automotive sectors to propel market            117

10.2.2    JAPAN   119

10.2.2.1 Automotive sector to drive demand          119

10.2.3    INDIA    121

10.2.3.1 Government initiatives for renewable energy to support

market growth    121

10.2.4    SOUTH KOREA  123

10.2.4.1 Thriving automotive & chemical industry to drive market            123

10.2.5    REST OF ASIA PACIFIC  125

10.3      NORTH AMERICA          128

10.3.1    US        134

10.3.1.1 Increasing demand for renewable energy to drive market            134

10.3.2    CANADA           136

10.3.2.1 Focus on renewable energy sector to drive demand            136

10.3.3    MEXICO             138

10.3.3.1 Thriving petrochemical and automotive manufacturing sectors

to propel market 138

10.4      EUROPE            140

10.4.1    GERMANY         146

10.4.1.1 Strong manufacturing sector to drive growth         146

10.4.2    ITALY   148

10.4.2.1 Established manufacturing and food & beverages sectors

to drive market   148

10.4.3    FRANCE            150

10.4.3.1 Technological & sustainability initiatives to drive market            150

10.4.4    UK        152

10.4.4.1 Focus on renewable energy sector and commitment to circular economy to drive market             152

10.4.5    SPAIN   154

10.4.5.1 Government initiatives for renewable energy sector to drive demand     154

10.4.6    REST OF EUROPE          156

10.5      MIDDLE EAST & AFRICA           159

10.5.1    GCC COUNTRIES           165

10.5.1.1 UAE      166

10.5.1.1.1           Government initiatives and strategic diversification

to drive demand 166

10.5.1.2 Saudi Arabia       168

10.5.1.2.1           Government commitment to economic diversification

to drive demand 168

10.5.1.3 Rest of GCC countries     170

10.5.2    SOUTH AFRICA 172

10.5.2.1 Burgeoning industrial sector, coupled with government schemes,

to drive market   172

10.5.3    REST OF MIDDLE EAST & AFRICA         174

10.6      SOUTH AMERICA          176

10.6.1    ARGENTINA      182

10.6.1.1 Government initiatives to drive demand    182

10.6.2    BRAZIL  184

10.6.2.1 Diverse industrial landscape to drive market         184

10.6.3    REST OF SOUTH AMERICA        186

11         COMPETITIVE LANDSCAPE       189

11.1      INTRODUCTION            189

11.2      KEY PLAYER STRATEGIES/RIGHT TO WIN         189

11.3      MARKET SHARE ANALYSIS       191

11.4      REVENUE ANALYSIS     194

11.5      BRAND/PRODUCT COMPARATIVE ANALYSIS     195

11.6      COMPANY EVALUATION MATRIX, 2024 195

11.6.1    STARS  195

11.6.2    EMERGING LEADERS     195

11.6.3    PERVASIVE PLAYERS    196

11.6.4    PARTICIPANTS  196

11.6.5    COMPANY FOOTPRINT: KEY PLAYERS, 2024      197

11.6.5.1 Product type footprint     198

11.6.5.2 End-use industry footprint          198

11.6.5.3 Region footprint  199

11.7      COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024      200

11.7.1    PROGRESSIVE COMPANIES        200

11.7.2    RESPONSIVE COMPANIES          200

11.7.3    DYNAMIC COMPANIES   200

11.7.4    STARTING BLOCKS       200

11.7.5    COMPETITIVE BENCHMARKING: STARTUPS/SMES            202

11.7.5.1 Detailed list of key startups/SMEs            202

11.7.5.2 Competitive benchmarking of key startups/SMEs  203

11.8      COMPANY VALUATION AND FINANCIAL METRICS            204

11.9      COMPETITIVE SCENARIO          206

11.9.1    PRODUCT LAUNCHES    206

11.9.2    DEALS   207

11.9.3    EXPANSIONS     208

12         COMPANY PROFILES     209

12.1      KEY PLAYERS   209

12.1.1    DOW     209

12.1.1.1 Business overview          209

12.1.1.2 Products/Solutions/Services offered         210

12.1.1.3 Recent developments      211

12.1.1.3.1           Deals     211

12.1.1.4 MnM view          211

12.1.1.4.1           Key strengths    211

12.1.1.4.2           Strategic choices            212

12.1.1.4.3           Weaknesses and competitive threats        212

12.1.2    EASTMAN CHEMICAL COMPANY           213

12.1.2.1 Business overview          213

12.1.2.2 Products/Solutions/Services offered         214

12.1.2.3 Recent developments      215

12.1.2.3.1           Product launches            215

12.1.2.3.2           Deals     215

12.1.2.3.3           Expansions        216

12.1.2.4 MnM view          216

12.1.2.4.1           Key strengths    216

12.1.2.4.2           Strategic choices            216

12.1.2.4.3           Weaknesses and competitive threats        216

12.1.3    EXXON MOBIL CORPORATION    217

12.1.3.1 Business overview          217

12.1.3.2 Products/Solutions/Services offered         218

12.1.3.3 MnM view          219

12.1.3.3.1           Key strengths    219

12.1.3.3.2           Strategic choices            219

12.1.3.3.3           Weaknesses and competitive threats        219

12.1.4    CHEVRON CORPORATION          220

12.1.4.1 Business overview          220

12.1.4.2 Products/Services/Solutions offered         221

12.1.4.3 Recent developments      222

12.1.4.3.1           Deals     222

12.1.4.4 MnM view          222

12.1.4.4.1           Key strengths    222

12.1.4.4.2           Strategic choices            222

12.1.4.4.3           Weaknesses and competitive threats        223

12.1.5    HUNTSMAN CORPORATION       224

12.1.5.1 Business overview          224

12.1.5.2 Products/Solutions/Services offered         225

12.1.5.3 MnM view          226

12.1.5.3.1           Key strengths    226

12.1.5.3.2           Strategic choices            226

12.1.5.3.3           Weaknesses and competitive threats        226

12.1.6    SHELL PLC        227

12.1.6.1 Business overview          227

12.1.6.2 Products/Solutions/Services offered         228

12.1.6.3 Recent developments      229

12.1.6.3.1           Deals     229

12.1.7    LANXESS          230

12.1.7.1 Business overview          230

12.1.7.2 Products/Solutions/Services offered         231

12.1.8    CLARIANT         232

12.1.8.1 Business overview          232

12.1.8.2 Products/Services/Solutions offered         233

12.1.9    WACKER CHEMIE AG    234

12.1.9.1 Business overview          234

12.1.9.2 Products/Services/Solutions offered         234

12.1.10  INDIAN OIL CORPORATION LTD.            235

12.1.10.1           Business overview          235

12.1.10.2           Products/Services/Solutions offered         236

12.1.11  SCHULTZ CANADA CHEMICALS LTD.    237

12.1.11.1           Business overview          237

12.1.11.2           Products/Solutions/Services offered         237

12.2      OTHER PLAYERS           238

12.2.1    PARATHERM     238

12.2.2    ARKEMA           239

12.2.3    BASF SE           240

12.2.4    DALIAN RICHFORTUNE CHEMICALS CO., LTD.   241

12.2.5    BRITISH PETROLEUM    242

12.2.6    DUPONT TATE & LYLE BIOPRODUCTS COMPANY LLC            243

12.2.7    DYNALENE        244

12.2.8    HINDUSTAN PETROLEUM CORPORATION LIMITED            245

12.2.9    GLOBAL HEAT TRANSFER LTD.            246

12.2.10  ISEL      247

12.2.11  PARAS LUBRICANTS LTD.         248

12.2.12  PETRO-CANADA LUBRICANTS, INC.     249

12.2.13  PHILLIPS 66 COMPANY  250

12.2.14  RADCO INDUSTRIES, INC.          251

12.2.15  SCHAEFFER MANUFACTURING CO.      252

13         APPENDIX         253

13.1      DISCUSSION GUIDE       253

13.2      KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL            256

13.3      CUSTOMIZATION OPTIONS        258

13.4      RELATED REPORTS       258

13.5      AUTHOR DETAILS         259

LIST OF TABLES

TABLE 1           AVERAGE SELLING PRICE TREND OF HEAT TRANSFER FLUIDS, BY REGION,

2021–2024 (USD/KILOTON)        59

TABLE 2           AVERAGE SELLING PRICE TREND, BY PRODUCT TYPE, 2021–2024 (USD/KILOTON)          59

TABLE 3           AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY PRODUCT TYPE,

2021–2024 (USD/KILOTON)        60

TABLE 4           HEAT TRANSFER FLUIDS MARKET: ROLE OF PLAYERS IN ECOSYSTEM          62

TABLE 5           KEY TECHNOLOGIES IN HEAT TRANSFER FLUIDS MARKET           63

TABLE 6           COMPLEMENTARY TECHNOLOGIES IN HEAT TRANSFER FLUIDS MARKET     63

TABLE 7           ADJACENT TECHNOLOGIES IN HEAT TRANSFER FLUIDS MARKET           64

TABLE 8           HEAT TRANSFER FLUIDS MARKET: TOTAL NUMBER OF PATENTS  65

TABLE 9           HEAT TRANSFER FLUIDS MARKET: LIST OF MAJOR PATENT OWNERS          67

TABLE 10          HEAT TRANSFER FLUIDS MARKET: LIST OF MAJOR PATENTS, 2018–2024     68

TABLE 11          HEAT TRANSFER FLUIDS MARKET: LIST OF KEY CONFERENCES

& EVENTS, 2025–2026   71

TABLE 12          TARIFF RATES ASSOCIATED WITH HEAT TRANSFER FLUIDS MARKET     72

TABLE 13          NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT

AGENCIES, AND OTHER ORGANIZATIONS          73

TABLE 14          ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS   73

TABLE 15          EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS   74

TABLE 16          MIDDLE EAST AND AFRICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS           74

TABLE 17          SOUTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT

AGENCIES, AND OTHER ORGANIZATIONS          74

TABLE 18          LIST OF REGULATIONS FOR HEAT TRANSFER FLUIDS MARKET           75

TABLE 19          HEAT TRANSFER FLUIDS MARKET: PORTER’S FIVE FORCES ANALYSIS            76

TABLE 20          INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP

THREE END-USE INDUSTRIES   78

TABLE 21          KEY BUYING CRITERIA FOR TOP THREE END-USE INDUSTRIES           79

TABLE 22          GDP TRENDS AND FORECASTS, BY COUNTRY, 2023–2025 (USD MILLION)         80

TABLE 23          HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION)       86

TABLE 24          HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2025–2030 (USD MILLION)       87

TABLE 25          HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2021–2024 (KILOTON) 87

TABLE 26          HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2025–2030 (KILOTON) 87

TABLE 27          HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE, 2021–2024 (USD MILLION)        93

TABLE 28          HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE, 2025–2030 (USD MILLION)        93

TABLE 29          HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE, 2021–2024 (KILOTON)  93

TABLE 30          HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE, 2025–2030 (KILOTON)  93

TABLE 31          HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         99

TABLE 32          HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         99

TABLE 33          HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (KILOTON)  99

TABLE 34          HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (KILOTON)  100

TABLE 35          HEAT TRANSFER FLUIDS MARKET, BY REGION, 2021–2024 (USD MILLION)         109

TABLE 36          HEAT TRANSFER FLUIDS MARKET, BY REGION, 2025–2030 (USD MILLION)         109

TABLE 37          HEAT TRANSFER FLUIDS MARKET, BY REGION, 2021–2024 (KILOTON)    109

TABLE 38          HEAT TRANSFER FLUIDS MARKET, BY REGION, 2025–2030 (KILOTON)    110

TABLE 39          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2021–2024 (USD MILLION)         111

TABLE 40          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2025–2030 (USD MILLION)         112

TABLE 41          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2021–2024 (KILOTON)    112

TABLE 42          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2025–2030 (KILOTON)    112

TABLE 43          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2021–2024 (USD MILLION)         113

TABLE 44          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2025–2030 (USD MILLION)         113

TABLE 45          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2021–2024 (KILOTON)    113

TABLE 46          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2025–2030 (KILOTON)    114

TABLE 47          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2021–2024 (USD MILLION)         114

TABLE 48          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2025–2030 (USD MILLION)         114

TABLE 49          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2021–2024 (KILOTON)    115

TABLE 50          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2025–2030 (KILOTON)    115

TABLE 51          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         115

TABLE 52          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         116

TABLE 53          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    116

TABLE 54          ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    117

TABLE 55          CHINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         118

TABLE 56          CHINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         118

TABLE 57          CHINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    119

TABLE 58          CHINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    119

TABLE 59          JAPAN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         120

TABLE 60          JAPAN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         120

TABLE 61          JAPAN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    121

TABLE 62          JAPAN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    121

TABLE 63          INDIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         122

TABLE 64          INDIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         122

TABLE 65          INDIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    123

TABLE 66          INDIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    123

TABLE 67          SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         124

TABLE 68          SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         124

TABLE 69          SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    125

TABLE 70          SOUTH KOREA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    125

TABLE 71          REST OF ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (USD MILLION)           126

TABLE 72          REST OF ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (USD MILLION)           126

TABLE 73          REST OF ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (KILOTON)        127

TABLE 74          REST OF ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (KILOTON)        127

TABLE 75          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2021–2024 (USD MILLION)         129

TABLE 76          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2025–2030 (USD MILLION)         129

TABLE 77          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2021–2024 (KILOTON)    130

TABLE 78          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2025–2030 (KILOTON)    130

TABLE 79          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2021–2024 (USD MILLION)         130

TABLE 80          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2025–2030 (USD MILLION)         130

TABLE 81          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2021–2024 (KILOTON)    131

TABLE 82          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2025–2030 (KILOTON)    131

TABLE 83          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2021–2024 (USD MILLION)         131

TABLE 84          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2025–2030 (USD MILLION)         132

TABLE 85          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2021–2024 (KILOTON)    132

TABLE 86          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2025–2030 (KILOTON)    132

TABLE 87          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (USD MILLION)            133

TABLE 88          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (USD MILLION)            133

TABLE 89          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (KILOTON)            134

TABLE 90          NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (KILOTON)            134

TABLE 91          US: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         135

TABLE 92          US: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         135

TABLE 93          US: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    136

TABLE 94          US: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    136

TABLE 95          CANADA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         137

TABLE 96          CANADA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         137

TABLE 97          CANADA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    138

TABLE 98          CANADA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    138

TABLE 99          MEXICO: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         139

TABLE 100        MEXICO: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         139

TABLE 101        MEXICO: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    140

TABLE 102        MEXICO: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    140

TABLE 103        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2021–2024 (USD MILLION)         141

TABLE 104        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2025–2030 (USD MILLION)         142

TABLE 105        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2021–2024 (KILOTON)          142

TABLE 106        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY, 2025–2030 (KILOTON)          142

TABLE 107        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2021–2024 (USD MILLION)         143

TABLE 108        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2025–2030 (USD MILLION)         143

TABLE 109        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2021–2024 (KILOTON)    143

TABLE 110        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2025–2030 (KILOTON)    143

TABLE 111        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2021–2024 (USD MILLION)         144

TABLE 112        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2025–2030 (USD MILLION)         144

TABLE 113        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2021–2024 (KILOTON)    144

TABLE 114        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2025–2030 (KILOTON)    144

TABLE 115        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         145

TABLE 116        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         145

TABLE 117        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    146

TABLE 118        EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    146

TABLE 119        GERMANY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         147

TABLE 120        GERMANY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         147

TABLE 121        GERMANY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    148

TABLE 122        GERMANY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    148

TABLE 123        ITALY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         149

TABLE 124        ITALY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         149

TABLE 125        ITALY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    150

TABLE 126        ITALY: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    150

TABLE 127        FRANCE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         151

TABLE 128        FRANCE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         151

TABLE 129        FRANCE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    152

TABLE 130        FRANCE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    152

TABLE 131        UK: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         153

TABLE 132        UK: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         153

TABLE 133        UK: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    154

TABLE 134        UK: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    154

TABLE 135        SPAIN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         155

TABLE 136        SPAIN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         155

TABLE 137        SPAIN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    156

TABLE 138        SPAIN: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    156

TABLE 139        REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (USD MILLION)            157

TABLE 140        REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (USD MILLION)            157

TABLE 141        REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (KILOTON)            158

TABLE 142        REST OF EUROPE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (KILOTON)            158

TABLE 143        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2021–2024 (USD MILLION)         160

TABLE 144        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2025–2030 (USD MILLION)         160

TABLE 145        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2021–2024 (KILOTON)    160

TABLE 146        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2025–2030 (KILOTON)    161

TABLE 147        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION)            161

TABLE 148        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2025–2030 (USD MILLION)            161

TABLE 149        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2021–2024 (KILOTON)            162

TABLE 150        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE, 2025–2030 (KILOTON)            162

TABLE 151        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE, 2021–2024 (USD MILLION)            162

TABLE 152        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE, 2025–2030 (USD MILLION)            163

TABLE 153        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE, 2021–2024 (KILOTON)            163

TABLE 154        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE, 2025–2030 (KILOTON)            163

TABLE 155        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (USD MILLION)           164

TABLE 156        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (USD MILLION)           164

TABLE 157        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (KILOTON)        165

TABLE 158        MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (KILOTON)        165

TABLE 159        UAE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         166

TABLE 160        UAE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         167

TABLE 161        UAE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    167

TABLE 162        UAE: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    167

TABLE 163        SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         168

TABLE 164        SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         169

TABLE 165        SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    169

TABLE 166        SAUDI ARABIA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    170

TABLE 167        REST OF GCC COUNTRIES: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (USD MILLION)           171

TABLE 168        REST OF GCC COUNTRIES: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (USD MILLION)           171

TABLE 169        REST OF GCC COUNTRIES: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (KILOTON)        172

TABLE 170        REST OF GCC COUNTRIES: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (KILOTON)        172

TABLE 171        SOUTH AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         173

TABLE 172        SOUTH AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         173

TABLE 173        SOUTH AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    174

TABLE 174        SOUTH AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    174

TABLE 175        REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (USD MILLION)      175

TABLE 176        REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (USD MILLION)      175

TABLE 177        REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (KILOTON)            176

TABLE 178        REST OF MIDDLE EAST & AFRICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (KILOTON)            176

TABLE 179        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2021–2024 (USD MILLION)         177

TABLE 180        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2025–2030 (USD MILLION)         178

TABLE 181        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2021–2024 (KILOTON)    178

TABLE 182        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY COUNTRY,

2025–2030 (KILOTON)    178

TABLE 183        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2021–2024 (USD MILLION)         178

TABLE 184        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2025–2030 (USD MILLION)         179

TABLE 185        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2021–2024 (KILOTON)    179

TABLE 186        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY PRODUCT TYPE,

2025–2030 (KILOTON)    179

TABLE 187        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2021–2024 (USD MILLION)         180

TABLE 188        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2025–2030 (USD MILLION)         180

TABLE 189        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2021–2024 (KILOTON)    180

TABLE 190        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY TEMPERATURE,

2025–2030 (KILOTON)    181

TABLE 191        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (USD MILLION)            181

TABLE 192        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (USD MILLION)            181

TABLE 193        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (KILOTON)            182

TABLE 194        SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (KILOTON)            182

TABLE 195       ARGENTINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         183

TABLE 196       ARGENTINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         183

TABLE 197       ARGENTINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    184

TABLE 198       ARGENTINA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    184

TABLE 199        BRAZIL: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (USD MILLION)         185

TABLE 200        BRAZIL: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (USD MILLION)         185

TABLE 201        BRAZIL: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2021–2024 (KILOTON)    186

TABLE 202        BRAZIL: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY,

2025–2030 (KILOTON)    186

TABLE 203        REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (USD MILLION)           187

TABLE 204        REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (USD MILLION)           187

TABLE 205        REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2021–2024 (KILOTON)        188

TABLE 206        REST OF SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET, BY END-USE INDUSTRY, 2025–2030 (KILOTON)        188

TABLE 207        OVERVIEW OF STRATEGIES ADOPTED BY KEY HEAT TRANSFER

FLUID MANUFACTURERS          189

TABLE 208        HEAT TRANSFER FLUIDS MARKET: DEGREE OF COMPETITION   192

TABLE 209        HEAT TRANSFER FLUIDS MARKET: PRODUCT TYPE FOOTPRINT         198

TABLE 210        HEAT TRANSFER FLUIDS MARKET: END-USE INDUSTRY FOOTPRINT  198

TABLE 211        HEAT TRANSFER FLUIDS MARKET: REGION FOOTPRINT       199

TABLE 212        HEAT TRANSFER FLUIDS MARKET: DETAILED LIST OF KEY STARTUPS/SMES  202

TABLE 213        HEAT TRANSFER FLUIDS MARKET: COMPETITIVE BENCHMARKING

OF KEY STARTUPS/SMES (1/2)  203

TABLE 214        HEAT TRANSFER FLUIDS MARKET: COMPETITIVE BENCHMARKING

OF KEY STARTUPS/SMES (2/2)  204

TABLE 215        HEAT TRANSFER FLUIDS MARKET: PRODUCT LAUNCHES,

JANUARY 2020–JULY 2025         206

TABLE 216        HEAT TRANSFER FLUIDS MARKET: DEALS, JANUARY 2020–JULY 2025         207

TABLE 217        HEAT TRANSFER FLUIDS MARKET: EXPANSIONS, JANUARY 2020–JULY 2025           208

TABLE 218        DOW: COMPANY OVERVIEW      209

TABLE 219        DOW: PRODUCTS/SOLUTIONS/SERVICES OFFERED          210

TABLE 220        DOW: DEALS     211

TABLE 221        EASTMAN CHEMICAL COMPANY: COMPANY OVERVIEW        213

TABLE 222        EASTMAN CHEMICAL COMPANY: PRODUCTS/SOLUTIONS/SERVICES OFFERED     214

TABLE 223        EASTMAN CHEMICAL COMPANY: PRODUCT LAUNCHES        215

TABLE 224        EASTMAN CHEMICAL COMPANY: DEALS            215

TABLE 225        EASTMAN CHEMICAL COMPANY: EXPANSIONS            216

TABLE 226        EXXON MOBIL CORPORATION: COMPANY OVERVIEW        217

TABLE 227        EXXON MOBIL CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED     218

TABLE 228        CHEVRON CORPORATION: COMPANY OVERVIEW        220

TABLE 229        CHEVRON CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED     221

TABLE 230        CHEVRON CORPORATION: DEALS          222

TABLE 231        HUNTSMAN CORPORATION: COMPANY OVERVIEW        224

TABLE 232        HUNTSMAN CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED     225

TABLE 233        SHELL PLC: COMPANY OVERVIEW         227

TABLE 234        SHELL PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED          228

TABLE 235        SHELL PLC: DEALS       229

TABLE 236        LANXESS: COMPANY OVERVIEW           230

TABLE 237        LANXESS: PRODUCTS/SOLUTIONS/SERVICES OFFERED          231

TABLE 238        CLARIANT: COMPANY OVERVIEW         232

TABLE 239        CLARIANT: PRODUCTS/SERVICES/SOLUTIONS OFFERED          233

TABLE 240        WACKER CHEMIE AG: COMPANY OVERVIEW            234

TABLE 241        WACKER CHEMIE AG: PRODUCTS/SERVICES/SOLUTIONS OFFERED     234

TABLE 242        INDIAN OIL CORPORATION LTD.: COMPANY OVERVIEW        235

TABLE 243        INDIAN OIL CORPORATION LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED     236

TABLE 244        SCHULTZ CANADA CHEMICALS LTD.: COMPANY OVERVIEW    237

TABLE 245        SCHULTZ CANADA CHEMICALS LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED     237

TABLE 246        PARATHERM: COMPANY OVERVIEW      238

TABLE 247        ARKEMA: COMPANY OVERVIEW            239

TABLE 248        BASF SE: COMPANY OVERVIEW             240

TABLE 249        DALIAN RICHFORTUNE CHEMICALS CO., LTD.: COMPANY OVERVIEW    241

TABLE 250        BRITISH PETROLEUM: COMPANY OVERVIEW            242

TABLE 251        DUPONT TATE & LYLE BIOPRODUCTS COMPANY LLC: COMPANY OVERVIEW   243

TABLE 252        DYNALENE: COMPANY OVERVIEW        244

TABLE 253        HINDUSTAN PETROLEUM CORPORATION LIMITED: COMPANY OVERVIEW            245

TABLE 254        GLOBAL HEAT TRANSFER LTD.: COMPANY OVERVIEW        246

TABLE 255        ISEL: COMPANY OVERVIEW       247

TABLE 256        PARAS LUBRICANTS LTD.: COMPANY OVERVIEW        248

TABLE 257        PETRO-CANADA LUBRICANTS, INC.: COMPANY OVERVIEW        249

TABLE 258        PHILLIPS 66 COMPANY: COMPANY OVERVIEW            250

TABLE 259        RADCO INDUSTRIES, INC.: COMPANY OVERVIEW        251

TABLE 260        SCHAEFFER MANUFACTURING CO.: COMPANY OVERVIEW        252

LIST OF FIGURES

FIGURE 1          HEAT TRANSFER FLUIDS MARKET SEGMENTATION AND REGIONAL SCOPE           26

FIGURE 2          HEAT TRANSFER FLUIDS MARKET: RESEARCH DESIGN 29

FIGURE 3          MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE APPROACH          33

FIGURE 4          MARKET SIZE ESTIMATION METHODOLOGY: DEMAND-SIDE APPROACH        33

FIGURE 5          MARKET SIZE ESTIMATION METHODOLOGY: REVENUE OF MARKET PLAYERS           34

FIGURE 6          MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH           35

FIGURE 7          MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 35

FIGURE 8          HEAT TRANSFER FLUIDS MARKET: DATA TRIANGULATION          36

FIGURE 9          MINERAL OILS SEGMENT TO DOMINATE MARKET IN 2025           41

FIGURE 10         LOW-TEMPERATURE SEGMENT WILL DOMINATE MARKET DURING STUDY PERIOD    41

FIGURE 11         CHEMICAL & PETROCHEMICAL INDUSTRY SEGMENT TO LEAD MARKET IN 2025    42

FIGURE 12         ASIA PACIFIC TO LEAD MARKET DURING FORECAST PERIOD        42

FIGURE 13         EXPANSION IN RENEWABLE AND INDUSTRIAL HEAT APPLICATIONS

TO DRIVE MARKET       44

FIGURE 14         SYNTHETIC FLUIDS TO REGISTER FASTEST GROWTH DURING FORECAST PERIOD    44

FIGURE 15         LOW TEMPERATURE TO BE FASTEST-GROWING SEGMENT DURING

FORECAST PERIOD        45

FIGURE 16         RENEWABLE ENERGY SEGMENT TO REGISTER HIGHEST GROWTH

DURING FORECAST PERIOD       45

FIGURE 17         CHINA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD        46

FIGURE 18         HEAT TRANSFER FLUIDS MARKET: DRIVERS, RESTRAINTS,

OPPORTUNITIES, AND CHALLENGES     47

FIGURE 19         USE OF GENERATIVE AI IN HEAT TRANSFER FLUIDS MARKET           53

FIGURE 20         TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS         56

FIGURE 21         HEAT TRANSFER FLUIDS MARKET: SUPPLY CHAIN ANALYSIS          56

FIGURE 22         AVERAGE SELLING PRICE TREND OF HEAT TRANSFER FLUIDS,

BY REGION, 2021–2024 (USD/KILOTON) 58

FIGURE 23         AVERAGE SELLING PRICE TREND OF KEY PLAYERS,

BY PRODUCT TYPE, 2021–2024 60

FIGURE 24         HEAT TRANSFER FLUIDS MARKET: INVESTMENT AND FUNDING SCENARIO            61

FIGURE 25         HEAT TRANSFER FLUIDS MARKET: ECOSYSTEM      61

FIGURE 26         NUMBER OF PATENTS GRANTED, 2015−2024            65

FIGURE 27         HEAT TRANSFER FLUIDS MARKET: LEGAL STATUS OF PATENTS   66

FIGURE 28         PATENT ANALYSIS FOR HEAT TRANSFER FLUIDS, BY JURISDICTION, 2015−2024  66

FIGURE 29         TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENTS IN LAST 10 YEARS    67

FIGURE 30         IMPORT OF HS CODE 841950-COMPLIANT PRODUCTS, BY COUNTRY,

2021–2024 (USD THOUSAND)     70

FIGURE 31         EXPORT OF HS CODE 841950-COMPLIANT PRODUCTS, BY COUNTRY,

2021–2024 (USD THOUSAND)     71

FIGURE 32         PORTER’S FIVE FORCES ANALYSIS: HEAT TRANSFER FLUIDS MARKET     76

FIGURE 33         INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP

THREE END-USE INDUSTRIES   78

FIGURE 34         KEY BUYING CRITERIA FOR TOP THREE END-USE INDUSTRIES           79

FIGURE 35         MINERAL OILS SEGMENT TO LEAD MARKET DURING FORECAST PERIOD       86

FIGURE 36         LOW TEMPERATURE SEGMENT TO LEAD HEAT TRANSFER FLUIDS

MARKET IN 2024           92

FIGURE 37         CHEMICAL & PETROCHEMICALS SEGMENT TO DOMINATE MARKET

DURING FORECAST PERIOD       98

FIGURE 38         ASIA PACIFIC TO BE FASTEST-GROWING MARKET DURING FORECAST PERIOD    108

FIGURE 39         ASIA PACIFIC: HEAT TRANSFER FLUIDS MARKET SNAPSHOT     111

FIGURE 40         NORTH AMERICA: HEAT TRANSFER FLUIDS MARKET SNAPSHOT     129

FIGURE 41         EUROPE: HEAT TRANSFER FLUIDS MARKET SNAPSHOT        141

FIGURE 42         MIDDLE EAST AND AFRICA: HEAT TRANSFER FLUIDS MARKET SNAPSHOT     159

FIGURE 43         SOUTH AMERICA: HEAT TRANSFER FLUIDS MARKET SNAPSHOT     177

FIGURE 44         HEAT TRANSFER FLUIDS MARKET SHARE OF KEY PLAYERS, 2024      192

FIGURE 45         HEAT TRANSFER FLUIDS MARKET: REVENUE ANALYSIS OF

KEY PLAYERS, 2021–2025 (USD BILLION)           194

FIGURE 46         HEAT TRANSFER FLUIDS MARKET: BRAND/PRODUCT COMPARATIVE ANALYSIS     195

FIGURE 47         HEAT TRANSFER FLUIDS MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2024    196

FIGURE 48         HEAT TRANSFER FLUIDS MARKET: COMPANY FOOTPRINT       197

FIGURE 49         HEAT TRANSFER FLUIDS MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024            201

FIGURE 50         EV/EBITDA OF KEY VENDORS   205

FIGURE 51         YEAR-TO-DATE (YTD) PRICE TOTAL RETURN            205

FIGURE 52         DOW: COMPANY SNAPSHOT      210

FIGURE 53         EASTMAN CHEMICAL COMPANY: COMPANY SNAPSHOT        214

FIGURE 54         EXXON MOBIL CORPORATION: COMPANY SNAPSHOT        218

FIGURE 55         CHEVRON CORPORATION: COMPANY SNAPSHOT        221

FIGURE 56         HUNTSMAN CORPORATION: COMPANY SNAPSHOT        225

FIGURE 57         SHELL PLC: COMPANY SNAPSHOT        228

FIGURE 58         LANXESS: COMPANY SNAPSHOT           231

FIGURE 59         CLARIANT: COMPANY SNAPSHOT         233