Heat Transfer Fluids Market worth $4.9 billion by 2025 - Exclusive Report by MarketsandMarkets

CHICAGO, Aug. 12, 2020 /PRNewswire/ -- According to the new market research report "Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, And Glycols), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, And HVACR), And Region – Global Forecast To 2025", published by MarketsandMarkets, the Heat Transfer Fluids Market size is expected to grow from USD 3.1 billion in 2019 to USD 4.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period.

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Browse in-depth TOC on "Heat Transfer Fluids Market"
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The major factors driving the HTFs market include high demand from the chemical industry, growth of the global solar power sector, and improved performance of heat transfer fluids.

The synthetic fluids segment is expected to hold the largest market size in the global HTFs market during the forecast period

The HTFs market has been segmented based on types into four categories: mineral oils, synthetic fluids, glycols, and others. Among these types, the synthetic fluids segment is estimated to account for the largest share of the market in 2019. Synthetic fluids are generally superior to other types and offer high thermal stability. The synthetic fluids segment is also projected to be the fastest-growing in the overall HTFs market during the forecast period, as it provides enhanced lubricity at different temperatures and high thermal stability.

Renewable energy end-use industry is expected to grow at the highest CAGR in the global HTFs market during the forecast period

Renewable energy end-use industry is growing rapidly owing to the rising demand for clean energy production. HTFs are used to store energy, control temperature, transfer heat, and cooling during various processes in the renewable energy industry. They also offer excellent oxidation resistance, enhance system efficiency, and high thermal stability in these processes. With the increasing demand for renewable energy, the HTFs market has high growth prospects.