Heat Transfer Fluids Market Size, Share & Trends Analysis Report By Product (Silicone Fluids, Aromatic Fluids), By Application (Oil & Gas, Chemical Industry), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the heat transfer fluids market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for heat transfer fluids market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of heat transfer fluids market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Heat Transfer Fluids Market Categorization:

The heat transfer fluids market was categorized into three segments, namely product (Silicone Fluids, Aromatic Fluids, Mineral Oils, Glycol based Fluids), application (Oil & Gas, Chemical Industry, CSP, Food & Beverages, Plastics, Pharmaceuticals, HVAC), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The heat transfer fluids market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The heat transfer fluids market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Italy; Spain; Russia; China; India; Japan; South Korea; Malaysia; Thailand; Australia; Brazil, Argentina; South Africa; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Heat transfer fluids market companies & financials:

The heat transfer fluids market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Dynalene, Inc. - Dynalene, Inc. is a manufacturer of coolants, glycols, and other heat transfer fluids. Headquartered in the U.S., the company has two manufacturing facilities in Illinois and Pennsylvania. The company manufactures and supplies heat transfer fluids, glycols, and coolants to major industry players in chemical industry. Dynalene has regional offices in North America, Europe, and Asia Pacific. The products offered by the company find application in pharmaceutical, chemicals, LPG processing, and food and beverage industries. Significant products offered in heat transfer fluid segment are glycol-based coolants and liquids involving hydrocarbons, silicone, potassium formate, and molten salts. The major end-use segment comprises commercial and industrial complexes servicing HVAC systems. The company also provides testing services for thermo-physical properties and quality control of glycol and heat transfer fluids.

• Indian Oil Corporation Ltd. (IOCL) - Indian Oil Corporation Ltd. (IOCL) has a fully integrated oil & gas value chain, providing services in exploration, refining, transportation, and marketing of crude oil & gas in India and overseas. The company is also integrating its refining activities with upstream operations to become a major player in the industry. It has over ten and seven blocks in domestic and overseas locations respectively. It has expanded its Indian business to Sri Lanka, UAE, Netherlands, Sweden, the U.S. and Australia. The company has also entered into the green energy sector through joint ventures with CREDA Biofuels Ltd. and Ruchi Biofuels LLP.

• KOST USA, Inc. - The business line of KOST USA, Inc. is concentrated in manufacturing and supplying anti-freeze and industrial fluids in the U.S. It is a major distributor of coolants and heat transfer fluids for Cummins and Gulf Lubricants in North America. Major products offered by KOST include coolants/antifreeze, fire-resistant hydraulic (FRH) fluids, desiccants, diesel treatment, and heat transfer fluids. The company aims to serve major industry players in automotive & heavy duty, and oil & gas sector. It offers cooling products to a range of application segments ranging from LNG vaporizers to HVAC systems. It also provides glycol-based fluid products to upstream, midstream, and downstream segments.

• Hindustan Petroleum Corporation Ltd. (HPCL) - Hindustan Petroleum Co. Ltd. (HPCL) operates two of its own refineries spread across Mumbai and Visakhapatnam, with other refineries present across India. It serves the major end-use segments through an extensive network of cross-country pipelines, lube-filling plants, depots, terminals, and aviation fueling facilities. The company's Major products and services include supply of LPG, lubes, fueling facilities and shipping of petroleum products and bulk fuels. Hindustan Petroleum Lubes is one of the integral parts of HPCL, which provides functional oils and lubricants for automotive and industrial machinery sectors. Functional fluids the company provides find significant applications in metal cutting and rolling, rust prevention, rubber processing, quenching, and heat transfer in industrial machinery.

• Delta Western, Inc. (DWI) - Delta Western, Inc. (DWI) was formed through acquisition of Chevron Petroleum terminal facilities in several parts of Alaska. The company acquired Inlet Petroleum Company in 2014 and, after that, has expanded its distribution channel in Alaska. Delta Western, Inc. is a part of a transportation and distribution company named Saltchuk. The company is one of the key companies in the petroleum distribution division in the Alaska region. Delta Western provides services in fuel service programs, heating fuel delivery, equipment leasing sales, lube filter surveys and, oil analysis, and more. Major products supplied by the company include fuels, lubes & coolants, heat transfer fluids, filters, environmental products, additives & solvents and more.

• British Petroleum (BP) - British Petroleum (BP) company's operations are concentrated in upstream and downstream activities in North and South America, Middle East, North and South Africa, Asia Pacific, and Australia. Since its inception, the company has acquired several companies such as Amoco, ARCO, Standard Ohio Oil, Castrol, and Aral. BP is involved in oil & gas E&P and marketing the products to commercial and industrial sectors. Upstream activities involve E&P, transportation, storage, and marketing of liquefied natural gas. Downstream activities deal with refining, manufacturing, and transportation of crude oil and petroleum products. The company has also ventured into tight reservoirs and biofuels managed by the alternative energy business. Some of its major distributors include Broughton Lubricants, Lubri Solutions, Swantek, and Orthwein, which have strengthened its global distribution network.

• Huntsman Corporation - Huntsman Corporation operates in various business segments, which are advanced materials, polyurethanes, performance products, pigments, and textile effects. The company offers products catering to companies operating in plastics, textiles, automotive, aviation, construction, paints & coatings, healthcare, footwear, agriculture, furniture, detergent, appliances, and packaging. Since its inception, the company has completed many acquisitions, internal expansions, and joint ventures to manufacture and supply chemical products. Some of the major OEM collaborations of the company include BMW, General Electric, Chevron, Unilever, and P&G. Huntsman has executive office in Salt Lake City along with 75 manufacturing and R&D facilities in over 30 countries.

• Royal Dutch Shell Plc - Royal Dutch Shell Plc is involved in E&P and natural gas and crude oil processing. It also manufactures and supplies petrochemical products and biofuels for commercial as well as industrial applications. The business portfolio primarily caters to clients in the marine, aviation, transport, power, mining, and manufacturing segments. The company also produces chemicals for textiles, packaging, carpets, tires, and compact discs. It has expanded its natural gas supply to cater to the increasing demand of LNG and has planned to manufacture liquefied natural gas at sea without plants onshore. The company has an employee base of around 90,000 located across 70 countries. The company has invested in large-scale R&D projects to develop technologies that increase oil recovery by up to 80% and in real-time monitoring of oil and gas fields that help optimize output.

• Eastman Chemical Company - Eastman Chemical Company manufactures and supplies chemicals, plastics and fibers. The company has over 40 manufacturing sites in the U.S., Latin America, Europe, and Asia Pacific. The company's businesses are categorized into advanced materials, adhesives and plasticizers, specialty fluids and intermediates, fibers and additives, and functional products. Major end-use industries catered by the company include transportation, printing inks, industrials & chemical processing, construction, consumables, tobacco, food, biodiesel and agriculture markets. The company launched a new website for heat transfer fluid segment in May 2014. This move in the specialty fluid and intermediate segment aimed to provide product information and its applications to manufacturers and licensors. This segment caters to a wide range of applications such as low-pressure indirect heating systems, gas-to-liquid, plastics, biofuels, chemical, asphalt, synthetic fiber, specialty chemicals, and oil & gas manufacturing, storage and processing systems.

• Phillips 66 - Phillips 66 was initially founded as Phillips Petroleum Company in the U.S. The company is marketing its products to various industries in North and Latin America, Europe, Asia Pacific, and Africa. The company's business portfolio is focused on energy, chemicals, refining, midstream, and marketing specialties. Phillips 66 Lubricants is an integral part of the company, which offers a range of products that include engine oil, aviation oils, hydraulic oil, metalworking fluids, turbine oils, gear lubricants, and greases. The heat transfer fluids segment is one of the categories in the industrial marketing and specialty lubricants section. The company's clientele is present in a range of industries, including automotive, agriculture, aviation, industrial, marine, and construction.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Heat Transfer Fluids Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Heat Transfer Fluids Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.