Heat Transfer Fluids Market size is projected to reach USD 14.2 billion by 2030
Heat Transfer Fluids Industry Overview The global heat transfer fluids market size was estimated at USD 11.06 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030. The rapid adoption of concentrated solar power globally is one of the major factors driving demand. Heat transfer fluids are industrial products derived from petroleum sources that prevent overheating and store thermal energy. The primary raw materials involved in production are crude oil, silica, and base oils. The essential characteristics that define a heat transfer fluid are low viscosity, non-corrosive nature, high thermal conductivity and diffusivity, and extreme phase transition temperatures. Gather more insights about the market drivers, restrains and growth of the Heat Transfer Fluids Market Heat transfer fluids are traditionally used for the sole purpose of transferring heat to the process stream. However, the selection of the right HTF is a multi-...