Market Overview:
The global heat transfer oil market is expected to grow from USD 5.27 billion in 2018 to USD 8.06 billion by 2030, at a CAGR of 5.5% from 2018 to 2030. The growth of the global heat transfer oil market can be attributed to the increasing demand for heat transfer oils in chemical processing, oil & gas, automotive, renewable energy, and pharmaceuticals applications. However, volatility in prices of raw materials used in the manufacturing of heat transfer oils may restrain the growth of this market during the forecast period. Based on type, the global heat transfer oil market is segmented into mineral oils, silicones & aromatics,, glycols,, and others segments.chemicalprocessing,.oil&gas,.automotive,.renewableenergy,.6%,5%.8%,6%.2%,7%.
Product Definition:
A heat transfer oil is a type of fluid that is used in systems that require thermal energy to be transferred from one point to another. These oils are generally non-volatile, meaning they do not evaporate easily, and have a high boiling point so they can be used in applications where temperatures are high. Their low viscosity also allows them to flow easily through pipes and other conduits, which helps ensure an even distribution of heat. Heat transfer oils are commonly used in industrial processes such as metal manufacturing and power generation, as well as in residential heating systems.
Mineral Oils:
Mineral oils are a group of organic compounds that are extracted from natural sources. The most common type of mineral oil is petroleum or crude oil. These products have been used for thousands of years as an everyday product and in various applications across the industrial sector.
Silicones & Aromatics:
Silicones & aromatics are two major groups of polymers. Silicone is a group of synthetic polymers and includes materials such as SBR, EPDM, and SEPM among others. Aromatic is a group of natural rubber (NR), gutta-percha, styrene-butadiene rubber (SBR), balata latex, neoprene rubber and silicone elastomers including EVA & PEI among others.
Application Insights:
The application segment includes chemical processing, oil & gas, automotive, renewable energy and pharmaceuticals. The oil & gas industry dominated the global heat transfer market in 2017 owing to rising demand for petroleum-based HTO from various sectors including refining and petrochemicals. In addition, increasing exploration activities coupled with new finds of hydrocarbons are expected to drive the product demand over the forecast period.
Automotive is anticipated to be one of the fastest growing applications over the forecast period owing to factors such as increasing sales of passenger cars and light commercial vehicles in emerging countries including China India Japan South Korea etcetera which are highly dependent on these vehicles for transportation purposes thus resulting in high fuel consumption rates that require heat transfer oils for engine maintenance purposes only.
Heat transfer oils find their major use in industrial processes where they are used as a medium where thermal energy can be stored or released at a later date using its latent capacity.
Regional Analysis:
The Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The region accounted for a share of more than 30% in terms of revenue and is anticipated to witness significant growth owing to rising product demand from various end-use industries, such as chemical processing, oil & gas, automotive, renewable energy.
China emerged as one of the major consumers in this region due to rapid industrialization coupled with government support for infrastructure development. In addition, India has also been witnessing strong economic growth on account of increasing investments by foreign players along with domestic manufacturers at a domestic level. These factors are projected to boost regional heat transfer oil market during the forecast period.
Europe was estimated as second-largest regional segment followed by North America owing high consumption rates observed from chemical processing industry across Europe and North America regions due Glycol based products consumption rate observed higher than that of silicone based products which were followed by Middle East & Africa (MEA).
Growth Factors:
- Increasing demand for heat transfer oil in the chemical and petrochemical industries due to the rise in production of these products.
- Growing demand for HFOs from marine vessels owing to their low emissions and environmental friendliness as compared to other fuels such as diesel fuel.
- Rising popularity of HFOs in power generation sector due to their high thermal efficiency and low emissions levels when compared with traditional fuels like coal and natural gas fired plants
Scope Of The Report
Report Attributes
Report Details
Report Title
Heat Transfer Oil Market Research Report
By Type
Mineral Oils, Silicones & Aromatics, Glycols, Others
By Application
Chemical Processing, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Others
By Companies
ExxonMobil, Dow Chemical, BASF, Chevron, Shell, Lubrizol, Total, Eastman, Huntsman, Petro-Canada, Lubriplate Lubricants, Schaeffer Manufacturing, Eni Oil Products, Lubricating Specialties Company, Engen, Pennine Lubricants, Hi-Tec Oils, Indian Oil, Hindustan Petroleum, Bharat Petroleum Corporation, Global Heat Transfer, Applied Thermal Control
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
245
Number of Tables & Figures
172
Customization Available
Yes, the report can be customized as per your need.
Global Heat Transfer Oil Market Report Segments:
The global Heat Transfer Oil market is segmented on the basis of:
Types
Mineral Oils, Silicones & Aromatics, Glycols, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Chemical Processing, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ExxonMobil
- Dow Chemical
- BASF
- Chevron
- Shell
- Lubrizol
- Total
- Eastman
- Huntsman
- Petro-Canada
- Lubriplate Lubricants
- Schaeffer Manufacturing
- Eni Oil Products
- Lubricating Specialties Company
- Engen
- Pennine Lubricants
- Hi-Tec Oils
- Indian Oil
- Hindustan Petroleum
- Bharat Petroleum Corporation
- Global Heat Transfer
- Applied Thermal Control
Highlights of The Heat Transfer Oil Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Mineral Oils
- Silicones & Aromatics
- Glycols
- Others
- By Application:
- Chemical Processing
- Oil & Gas
- Automotive
- Renewable Energy
- Pharmaceuticals
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Heat Transfer Oil Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Heat transfer oil is a type of oil that is used to improve the performance of heat exchangers. It helps to reduce the amount of heat that needs to be transferred through the system, which can lead to improved efficiency.
Some of the major companies in the heat transfer oil market are ExxonMobil, Dow Chemical, BASF, Chevron, Shell, Lubrizol, Total, Eastman, Huntsman, Petro-Canada, Lubriplate Lubricants, Schaeffer Manufacturing, Eni Oil Products, Lubricating Specialties Company, Engen, Pennine Lubricants, Hi-Tec Oils, Indian Oil, Hindustan Petroleum, Bharat Petroleum Corporation, Global Heat Transfer, Applied Thermal Control.
The heat transfer oil market is expected to register a CAGR of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Heat Transfer Oil Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Heat Transfer Oil Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Heat Transfer Oil Market - Supply Chain
4.5. Global Heat Transfer Oil Market Forecast
4.5.1. Heat Transfer Oil Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Heat Transfer Oil Market Size (000 Units) and Y-o-Y Growth
4.5.3. Heat Transfer Oil Market Absolute $ Opportunity
5. Global Heat Transfer Oil Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Heat Transfer Oil Market Size and Volume Forecast by Type
5.3.1. Mineral Oils
5.3.2. Silicones & Aromatics
5.3.3. Glycols
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Heat Transfer Oil Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Heat Transfer Oil Market Size and Volume Forecast by Application
6.3.1. Chemical Processing
6.3.2. Oil & Gas
6.3.3. Automotive
6.3.4. Renewable Energy
6.3.5. Pharmaceuticals
6.3.6. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Heat Transfer Oil Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Heat Transfer Oil Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Heat Transfer Oil Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Heat Transfer Oil Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Heat Transfer Oil Demand Share Forecast, 2019-2026
9. North America Heat Transfer Oil Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Heat Transfer Oil Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Heat Transfer Oil Market Size and Volume Forecast by Application
9.4.1. Chemical Processing
9.4.2. Oil & Gas
9.4.3. Automotive
9.4.4. Renewable Energy
9.4.5. Pharmaceuticals
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Heat Transfer Oil Market Size and Volume Forecast by Type
9.7.1. Mineral Oils
9.7.2. Silicones & Aromatics
9.7.3. Glycols
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Heat Transfer Oil Demand Share Forecast, 2019-2026
10. Latin America Heat Transfer Oil Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Heat Transfer Oil Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Heat Transfer Oil Market Size and Volume Forecast by Application
10.4.1. Chemical Processing
10.4.2. Oil & Gas
10.4.3. Automotive
10.4.4. Renewable Energy
10.4.5. Pharmaceuticals
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Heat Transfer Oil Market Size and Volume Forecast by Type
10.7.1. Mineral Oils
10.7.2. Silicones & Aromatics
10.7.3. Glycols
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Heat Transfer Oil Demand Share Forecast, 2019-2026
11. Europe Heat Transfer Oil Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Heat Transfer Oil Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Heat Transfer Oil Market Size and Volume Forecast by Application
11.4.1. Chemical Processing
11.4.2. Oil & Gas
11.4.3. Automotive
11.4.4. Renewable Energy
11.4.5. Pharmaceuticals
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Heat Transfer Oil Market Size and Volume Forecast by Type
11.7.1. Mineral Oils
11.7.2. Silicones & Aromatics
11.7.3. Glycols
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Heat Transfer Oil Demand Share, 2019-2026
12. Asia Pacific Heat Transfer Oil Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Heat Transfer Oil Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Heat Transfer Oil Market Size and Volume Forecast by Application
12.4.1. Chemical Processing
12.4.2. Oil & Gas
12.4.3. Automotive
12.4.4. Renewable Energy
12.4.5. Pharmaceuticals
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Heat Transfer Oil Market Size and Volume Forecast by Type
12.7.1. Mineral Oils
12.7.2. Silicones & Aromatics
12.7.3. Glycols
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Heat Transfer Oil Demand Share, 2019-2026
13. Middle East & Africa Heat Transfer Oil Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Heat Transfer Oil Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Heat Transfer Oil Market Size and Volume Forecast by Application
13.4.1. Chemical Processing
13.4.2. Oil & Gas
13.4.3. Automotive
13.4.4. Renewable Energy
13.4.5. Pharmaceuticals
13.4.6. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Heat Transfer Oil Market Size and Volume Forecast by Type
13.7.1. Mineral Oils
13.7.2. Silicones & Aromatics
13.7.3. Glycols
13.7.4. Others
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Heat Transfer Oil Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Heat Transfer Oil Market: Market Share Analysis
14.2. Heat Transfer Oil Distributors and Customers
14.3. Heat Transfer Oil Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. ExxonMobil
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Dow Chemical
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. BASF
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Chevron
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Shell
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Lubrizol
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Total
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Eastman
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Huntsman
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Petro-Canada
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Lubriplate Lubricants
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Schaeffer Manufacturing
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Eni Oil Products
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Lubricating Specialties Company
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Engen
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. Pennine Lubricants
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. Hi-Tec Oils
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. Indian Oil
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. Hindustan Petroleum
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. Bharat Petroleum Corporation
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
