Summary

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.

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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