Heat Transfer Oil Market is expected to grow at a CAGR of 4.20% during the forecast period and is expected to reach US$ 2.74 Bn by 2029.Heat Transfer Oil Market Overview:
Heat is one of the prime factors required by the industrial sector for manufacturing goods. For different procedures like melting, molding, and processing, heat is required. This heat is supplied through the Heat Transfer Systems that are designed to provide heat using different products of Crude Oil. Heat Transfer Oil is one such product that is used on a large scale for heat transmission and as quenching oil. Heat Transfer Oil is highly refined and stable paraffinic oil that is used to reduce hot spots and to increase the safety of the process of heating. Heat Transfer Oil has high thermal stability, high boiling point, high flash point, and low viscosity. The presence of a high stability rate prevents the formation of deposits and provides minimal thermal cracking at high temperatures. This has resulted in increased use of Heat Transfer Oil in machinery that generates heat and requires a stabilized material to prevent rusting in circulatory oil systems. Increased demand for heating by industrial, commercial, and domestic sectors has resulted in a boom in the Heat Transfer Oil Market. The presence of high stabilizing properties and increased use by the industrial sector has resulted in a growth in the Global Heat Transfer Oil Market.To know about the Research Methodology :- Request Free Sample Report
Heat Transfer Oil Market Dynamics:
Heat Transfer Oil helps in smoothening the process of heating by accelerating the procedure and reducing the risks associated with heating. The presence of rust-preventing properties has resulted in increased use of Heat Transfer Oil in Heat Generating assemblies. Increasing demand for oil that helps in accelerating the heating procedure for manufacturing goods has resulted in increased demand for Heat Transfer Oil by different industries. Heat Transfer Oil acts as the major manufacturing component required by the Cement, Chemical, and Asphalt industries. The rising consumption of these products by people around the world has propelled the demand for Heat Transfer Oil. The rise in demand from manufacturers for products that help in the reduction of production costs has resulted in increased demand for heat transfer fluid and oil. Heat Transfer Oil helps in smooth functioning and reduces the production cost by lowering the risk of rusting. This has resulted in increased use of Heat Transfer Oil by the industrial sector as it helps in energy conservation by simplifying the manufacturing procedure. In April 2019, USA-based Eastman Chemical Company acquired Sasol Limited’s manufacturing plants in Germany. This deal will increase the production capacity of Eastman and help in expanded product offerings to global customers. Urbanization and increased demand for consumer goods act as the major driving factor for the growth of the Global Heat Transfer Oil Market. Restraints: The rapid changes in the price of raw materials act as the major restraining factor here. The presence of strict rules and policies related to establishing a manufacturing plant dealing in crude oil and its components around the world is limiting the growth of the Global Heat Transfer Oil Market. The high capital cost required for setting manufacturing units has restricted the entry for new players.Heat Transfer Oil Market Segment Analysis:
The Global Heat Transfer Oil Market is segmented on the basis of By Application, It is observed that more than 48% of the Heat Transfer Oil is used in Chemical Processing. Increased demand for heat transfer fluids has resulted in a 1.8% increase in demand for Heat Transfer Oil by the Metal Processing Industry. The rising need for products that will help in reducing manufacturing costs has resulted in a 2.6% increase in demand for Heat Transfer Oil by the Industrial sector. By End User, It is observed that more than 45% of the Heat Transfer Oil-manufactured is used by the Chemical and Cement manufacturing industries. The presence of features like good conductivity has resulted in a 1.8% increase in demand for Heat Transfer Oil by the Oil & Gas Industry. The rising demand for fluids to sustain high temperatures has resulted in a 3.1% increase in demand for Heat Transfer Oil by the Solar Industry. It is observed that the requirement of constant heating for manufacturing products has resulted in a 3.3% increase in demand for Heat Transfer Oil by the Chemical Industry. The rising demand for Heat Transferring Fluids with good conductivity has resulted in a 2.1% increase in demand for Heat Transfer Oil by the Cement Industry. The requirement of cost reduction products by improving smooth functioning has resulted in a 1.3% increase in the consumption of Heat Transfer Oil by Oil & Gas Industries present in the Asia-Pacific. An increase in demand for energy-conserving products has resulted in a 2.6% increase in demand for Heat Transfer Oil by the Textile Industry. An increase in construction works throughout the world has resulted in rising demand for Asphalt. This has resulted in a 1.5% increase in demand for Heat Transfer Oil by the Asphalt Industry. Different industries that require petrochemical products use Heat Transfer Oil as per need.Heat Transfer Oil Market Regional Insights
The rising purchasing capacity of people living in this region has resulted in a 2.3% increase in demand for Heat Transfer Oil in the Asia-Pacific. It is observed that growth in the manufacturing sector in this region has resulted in a 1.7% increase in consumption of Heat Transfer Oil by the Industrial sector present in this region. An increase in demand for consumer products on a large scale has resulted in a 2.8% increase in demand for Heat Transfer Oil in North America. It is observed that an increase in the Oil & Gas and Chemical industries in this region has resulted in a 2.1% increase in demand for Heat Transfer Oil by respective Industries present in this region. Increased preference for Solar Energy has resulted in a 2.6% increase in demand for Heat Transfer Oil in Europe. South America is the biggest consumer of Heat Transfer Oil used by the Cement industry. It is observed that increasing demand for Heat Transfer Oil has resulted in a 2.2% increase in the consumption of it by the Chemical industry present in this region. The Middle East and Africa’s Market is showing a growth rate of 2%, the reason for which is the rising consumption of different products by people living in this region. The objective of the report is to present a comprehensive analysis of the global Heat Transfer Oil market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Heat Transfer Oil market dynamics, structure by analyzing the market segments and Project the global Heat Transfer Oil market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Heat Transfer Oil market make the report investor’s guide.Heat Transfer Oil Market Scope: Inquire before buying
Heat Transfer Oil Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2023 Market Size in 2022: US $ 2.05 Bn. Forecast Period 2023 to 2029 CAGR: 4.20% Market Size in 2029: US $ 2.74 Bn. Segments Covered: by Product Pharmaceutical Processing Chemical Processing Wood Processing Metal Finishing Industrial Laundry Others by Type Chemical Industry Textile Industry Cement Industry Oil & Gas Industry Solar Power Generation Industry Asphalt Industry Others Heat Transfer Oil Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)Heat Transfer Oil Market Key Players
1. The Dow Chemical Company 2. Exxon Mobil Corporation 3. Chevron Corporation 4. Royal Dutch Shell PLC 5. Eastman Chemical Company 6. BP p.l.c. 7. Lanxess 8. Paratherm 9. Schultz Canada Chemicals Ltd. 10.Clariant International Ltd. 11.Sasol 12.Radco Industries 13.Preci-Tech India 14.Indian Oil Corporation Ltd. 15.Hindustan Petroleum Corporation Ltd. Frequently Asked Questions: 1. Which region has the largest share in Global Heat Transfer Oil Market? Ans: Asia Pacific region holds the highest share in 2022. 2. What is the growth rate of Global Heat Transfer Oil Market? Ans: The Global Heat Transfer Oil Market is growing at a CAGR of 4.20% during forecasting period 2023-2029. 3. What is scope of the Global Heat Transfer Oil market report? Ans: Global Heat Transfer Oil Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Heat Transfer Oil market? Ans: The important key players in the Global Heat Transfer Oil Market are – The Dow Chemical Company, Exxon Mobil Corporation, Chevron Corporation, Royal Dutch Shell PLC, Eastman Chemical Company, BP p.l.c., Lanxess, Paratherm, Schultz Canada Chemicals Ltd., Clariant International Ltd., Sasol, Radco Industries, Preci-Tech India, Indian Oil Corporation Ltd., and Hindustan Petroleum Corporation Ltd. 5. What is the study period of this market? Ans: The Global Heat Transfer Oil Market is studied from 2022 to 2029.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Heat Transfer Oil Market Size, by Market Value (US$ Bn.) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2022 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Heat Transfer Oil Market 3.4. Geographical Snapshot of the Heat Transfer Oil Market, By Manufacturer share 4. Global Heat Transfer Oil Market Overview, 2022-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Heat Transfer Oil Market 5. Supply Side and Demand Side Indicators 6. Global Heat Transfer Oil Market Analysis and Forecast, 2022-2029 6.1. Global Heat Transfer Oil Market Size & Y-o-Y Growth Analysis. 7. Global Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 7.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 7.1.1. Pharmaceutical Processing 7.1.2. Chemical Processing 7.1.3. Wood Processing 7.1.4. Metal Finishing 7.1.5. Industrial Laundry 7.1.6. Others 7.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 7.2.1. Chemical Industry 7.2.2. Textile Industry 7.2.3. Cement Industry 7.2.4. Oil & Gas Industry 7.2.5. Solar Power Generation Industry 7.2.6. Asphalt Industry 7.2.7. Others 8. Global Heat Transfer Oil Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2022-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 9.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 9.1.1. Pharmaceutical Processing 9.1.2. Chemical Processing 9.1.3. Wood Processing 9.1.4. Metal Finishing 9.1.5. Industrial Laundry 9.1.6. Others 9.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 9.2.1. Chemical Industry 9.2.2. Textile Industry 9.2.3. Cement Industry 9.2.4. Oil & Gas Industry 9.2.5. Solar Power Generation Industry 9.2.6. Asphalt Industry 9.2.7. Others 10. North America Heat Transfer Oil Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 11.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 11.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 12. Canada Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 12.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 12.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 13. Mexico Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 13.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 13.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 14. Europe Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 14.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 14.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 15. Europe Heat Transfer Oil Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 16.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 16.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 17. France Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 17.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 17.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 18. Germany Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 18.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 18.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 19. Italy Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 19.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 19.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 20. Spain Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 20.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 20.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 21. Sweden Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 21.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 21.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 22. CIS Countries Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 22.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 22.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 23. Rest of Europe Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 23.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 23.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 24. Asia Pacific Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 24.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 24.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 25. Asia Pacific Heat Transfer Oil Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 26.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 26.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 27. India Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 27.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 27.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 28. Japan Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 28.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 28.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 29. South Korea Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 29.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 29.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 30. Australia Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 30.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 30.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 31. ASEAN Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 31.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 31.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 32. Rest of Asia Pacific Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 32.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 32.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 33. Middle East Africa Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 33.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 33.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 34. Middle East Africa Heat Transfer Oil Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 35.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 35.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 36. GCC Countries Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 36.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 36.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 37. Egypt Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 37.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 37.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 38. Nigeria Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 38.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 38.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 39. Rest of ME&A Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 39.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 39.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 40. South America Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 40.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 40.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 41. South America Heat Transfer Oil Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 42.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 42.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 43. Argentina Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 43.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 43.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 44. Rest of South America Heat Transfer Oil Market Analysis and Forecasts, 2022-2029 44.1. Market Size (Value) Estimates & Forecast By Application, 2022-2029 44.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Heat Transfer Oil Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Applications and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile : Key Players 45.3.1. The Dow Chemical Company 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. Exxon Mobil Corporation 45.3.3. Chevron Corporation 45.3.4. Royal Dutch Shell PLC 45.3.5. Eastman Chemical Company 45.3.6. BP p.l.c. 45.3.7. Lanxess 45.3.8. Paratherm 45.3.9. Schultz Canada Chemicals Ltd. 45.3.10. Clariant International Ltd. 45.3.11. Sasol 45.3.12. Radco Industries 45.3.13. Preci-Tech India 45.3.14. Indian Oil Corporation Ltd. 45.3.15. Hindustan Petroleum Corporation Ltd. 46. Primary Key Insights