Heat Transfer Fluids Market Comprehensive Study by Product & Application

The global heat transfer fluids market was valued 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. Market growth is primarily driven by the increasing adoption of concentrated solar power (CSP) systems worldwide, along with rising demand from industrial heating and cooling applications. Heat transfer fluids are industrially formulated liquids, largely derived from petroleum sources, that facilitate efficient thermal energy transfer, prevent overheating, and enable thermal energy storage across various systems.

Key raw materials used in the production of heat transfer fluids include crude oil, silica, and base oils. The performance of these fluids is determined by essential properties such as low viscosity, non-corrosive behavior, high thermal conductivity and diffusivity, and stability across extreme temperature ranges. These characteristics make heat transfer fluids indispensable in industries such as oil & gas, chemical processing, power generation, and renewable energy.

Most suppliers in the market offer multi-brand product portfolios and operate dedicated online sales portals to expand their global reach. Furthermore, leading manufacturers are making substantial investments in research and development to introduce bio-based thermic oils in response to tightening environmental regulations. The transition from synthetic to bio-based heat transfer fluids is expected to be a disruptive market trend, driven by stringent regulatory oversight and increasing scrutiny of product sustainability.

Key Market Trends & Insights

• Asia Pacific led the global heat transfer fluids market in 2023, accounting for a 47.9% market share.
• By product type, the glycol-based fluids segment is expected to register a revenue CAGR of 4.1% over the forecast period.
• By application, the oil and gas segment dominated the market with a 22.2% revenue share in 2023.

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

Market Size & Forecast

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

Competitive Landscape

Key market players are actively adopting organic and inorganic growth strategies, including capacity expansions, mergers and acquisitions, and joint ventures, to strengthen their competitive positioning and expand global footprints.

• In September 2023, Valvoline invested in a European heat transfer fluids manufacturer to broaden its product portfolio and serve global customers more effectively.
• In May 2023, ORLEN Południe completed the first operational year of its BioPG plant, which converts glycerol into renewable propylene glycol. The project leveraged BASF’s BioPG technology, with Air Liquide Engineering & Construction providing licensing, proprietary equipment, and engineering services.
• In February 2022, Chevron announced an agreement to acquire Renewable Energy Group, supporting its strategy to deliver lower-carbon energy solutions.

Key Players Include:

• 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

Explore Horizon Databook – the world’s most comprehensive market intelligence platform by Grand View Research.

Conclusion

The global heat transfer fluids market is positioned for steady growth, supported by rising demand from renewable energy projects, industrial manufacturing, and oil & gas operations. Increasing regulatory pressure and sustainability goals are accelerating the shift toward bio-based and environmentally friendly heat transfer fluids, creating new opportunities for innovation. With Asia Pacific leading demand and major players investing in cleaner technologies and strategic expansions, the market is expected to maintain consistent growth throughout the forecast period.