Heat Transfer Fluids Market Expands in Petrochemical Applications

The global heat transfer fluids market size was estimated at USD 11.1 billion in 2023 and is projected to reach USD 14.22 billion by 2030, expanding at a CAGR of 3.7% from 2024 to 2030. One of the primary drivers of this growth is the rapid global adoption of concentrated solar power (CSP) systems. Heat transfer fluids (HTFs), derived mainly from petroleum-based sources, play a vital role in preventing overheating and storing thermal energy across a range of industrial applications.

Key Market Trends & Insights

  • Asia Pacific dominated the global market in 2023, accounting for 47.9% of total share.
  • By product type, glycol-based fluids are anticipated to grow at a CAGR of 4.1% during the forecast period.
  • By application segment, oil & gas remained the leading category with a 22.2% revenue share in 2023.

Market Size & Forecast

  • 2023 Market Size: USD 11.1 Billion
  • 2030 Projected Market Size: USD 14.22 Billion
  • CAGR (2024–2030): 3.7%
  • Region Leader (2023): Asia Pacific

Expanding Application Scope

  • Heat transfer fluids are becoming increasingly essential in applications like:
  • Concentrated solar power (CSP) systems for solar energy collection
  • Oil & gas processing, especially in harsh and cold climates
  • Their importance continues to grow as industries demand efficient, stable, and reliable thermal management solutions.
  • Role of HTFs in U.S. CSP Installations

The U.S. remains a key contributor to global CSP installations. CSP plants depend heavily on HTFs to enhance operational efficiency through energy collection and transportation within solar fields. These fluids are essential for reliable energy storage and peak-time electricity delivery.

Order a free sample PDF of the Heat Transfer Fluids Market Intelligence Study, published by Grand View Research.

Key Companies & Market Strategies

Industry leaders are pursuing strategic initiatives such as capacity expansions, acquisitions, and joint ventures to strengthen their market footprint.

  • September 2023: Valvoline invested in a European HTF manufacturer to expand its portfolio.
  • May 2023: ORLEN PoÅ‚udnie marked the first operational year of its BioPG plant, supported by BASF’s technology and Air Liquide’s engineering solutions.
  • February 2022: Chevron acquired Renewable Energy Group to enhance its low-carbon energy offerings.

Key Heat Transfer Fluids Companies

  • Dynalene, Inc.
  • Indian Oil Corporation Ltd. (IOCL)
  • KOST USA, Inc.
  • Hindustan Petroleum Corporation Ltd. (HPCL)
  • Delta Western, Inc. (DWI)
  • British Petroleum (BP)
  • Huntsman Corporation
  • Royal Dutch Shell Plc
  • Eastman Chemical Company
  • Phillips 66
  • Chevron Co.
  • BASF SE
  • Exxon Mobil
  • DowDuPont Chemicals
  • Dalian Richfortune Chemicals Ltd.
  • GJ Chemical
  • Radco Industries Inc.
  • LANXESS AG
  • Schultz Chemicals
  • Sasol Limited
  • Evermore Trading Corporation
  • Tashkent Industrial Oil Corporation
  • Shaeffer Manufacturing Co.
  • Paras Lubricants Limited

Conclusion

The global heat transfer fluids market continues to expand steadily, driven by increasing industrialization, rising adoption of concentrated solar power, and growing demand for efficient thermal management solutions. Despite temporary setbacks due to COVID-19, the market is expected to maintain long-term growth supported by technological advancements, renewable energy integration, and expanding applications in oil & gas, chemicals, and manufacturing industries.

Explore Horizon Databook – The world’s most expansive market intelligence platform developed by Grand View Research.

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