Eastman Chemical Company announced amending its agreement with Krahn Chemie GmbH for the distribution of its heat transfer fluids (HTF) to expand the company's market in southeastern Europe.
Royal Dutch Shell plc announced the plans for its subsidiary, Shell Lubricants to launch electric vehicle (EV) battery coolants in India with the country's increase in the consumption of electric vehicles.
Hindustan Petroleum Corporation Limited announced achieving an increase of 192% in its Profit after Tax (PAT) during the period of April-December 2020 compared to the same period in the previous year.
Author Credits: Smruti Ranjan, Rajrani Baghel
Report ID: 4931
Published Date: May 02, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
The growth of applications involving renewable energy and the wide production of oil for oil rigs all over the world are the major factors driving the market growth.
The market size of heat transfer fluids is anticipated to attain a CAGR of ~13% over the forecast period, i.e., 2023-2035.
The volatility of pricing of raw materials, explosions in high-temperature applications, and the need for regular monitoring of heat transfer fluids and systems are estimated to be the growth hindering factors for the market expansion.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
The major players in the market are Eastman Chemical Company, Dynalene, Inc, Indian Oil Corporation Ltd, KOST USA, Inc, and Hindustan Petroleum Corporation Limited.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end-use industry, and by region.
The mineral oil segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.