The Global Industrial Heat Transfer Fluid Market was valued at USD 1,898.95 Million in 2023 and is projected to reach USD 2,573.99 Million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 5.20% during the forecast period (2024–2029). This robust growth is fueled by expanding industrial automation, the global push for energy efficiency, and the rising demand from key sectors such as concentrated solar power (CSP), chemicals, and manufacturing.

As industries worldwide seek to optimize processes, reduce carbon footprints, and enhance operational safety, the role of advanced thermal management solutions has become paramount. In this blog, we profile the Top 10 Companies in the Industrial Heat Transfer Fluid Industry—established chemical giants and specialized innovators that are setting the standards for performance, reliability, and sustainability in thermal fluid technology.

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🔟 1. Eastman Chemical Company

Headquarters: Kingsport, Tennessee, USA
Key Offering: Therminol® heat transfer fluids

Eastman is a global leader in the heat transfer fluid market, renowned for its Therminol brand of synthetic and mineral-based fluids. These products are engineered for high-temperature stability, low vapor pressure, and long service life, serving demanding applications in chemical processing, CSP plants, and oil & gas.

Innovation and Sustainability Initiatives:

• Development of high-temperature fluids for next-generation CSP systems

• Focus on fluid longevity and recyclability to reduce environmental impact

• Global technical support and fluid analysis services

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9️⃣ 2. Dow Chemical Company

Headquarters: Midland, Michigan, USA
Key Offering: DOWTHERM™ and DOWCAL™ fluids

Dow offers a comprehensive portfolio of heat transfer fluids, including synthetic organics, glycol-based fluids, and silicones. Their solutions are critical for temperature control in a wide array of industries, from pharmaceuticals and food processing to industrial manufacturing.

Innovation and Sustainability Initiatives:

• Advancements in non-toxic, biodegradable glycol-based fluids

• Investment in R&D for high-efficiency fluids supporting the energy transition

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8️⃣ 3. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: Mobiltherm™ heat transfer oils

ExxonMobil provides high-performance thermal oils designed for closed-loop heating systems in industrial settings. Their Mobiltherm series is known for excellent thermal stability and oxidation resistance, making it suitable for high-temperature applications.

Innovation and Sustainability Initiatives:

• Focus on extending fluid drain intervals to minimize waste

• Development of fluids compatible with modern, energy-efficient equipment

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7️⃣ 4. Shell plc

Headquarters: London, United Kingdom
Key Offering: Shell Thermia fluids

Shell’s heat transfer fluids are used across diverse sectors, including plastics, chemicals, and HVAC. The Shell Thermia range includes mineral oils and synthetic fluids tailored for specific temperature ranges and operational requirements.

Innovation and Sustainability Initiatives:

• Integration of digital monitoring tools for predictive maintenance

• Commitment to reducing the carbon footprint of its product lifecycle

Download FREE Sample Report:
Global Industrial Heat Transfer Fluid Market – View in Detailed Research Report

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6️⃣ 5. BP plc

Headquarters: London, United Kingdom
Key Offering: BP Transcal range

BP’s heat transfer fluids are engineered for reliability in both high- and low-temperature applications. The Transcal portfolio serves industries such as food and beverage, where precise temperature control is critical for product quality and safety.

Innovation and Sustainability Initiatives:

• Development of fluids with enhanced thermal conductivity for better energy efficiency

• Partnerships with industrial clients to optimize system performance

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5️⃣ 6. Global Heat Transfer Ltd.

Headquarters: West Midlands, United Kingdom
Key Offering: Globaltherm®, Omnitech® fluids

Global Heat Transfer is a specialist manufacturer and supplier of heat transfer fluids and associated services. The company provides a full lifecycle approach, including fluid supply, system commissioning, and ongoing fluid analysis.

Innovation and Sustainability Initiatives:

• Proactive fluid condition monitoring programs to prevent system failures

• Custom fluid formulations for niche industrial applications

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4️⃣ 7. LANXESS AG

Headquarters: Cologne, Germany
Key Offering: Diphyl® heat transfer fluids

LANXESS is a key player, especially in the European market, with its Diphyl brand. These high-temperature synthetic fluids are ideal for applications requiring precise temperature control up to 400°C, such as in chemical reactors and pharmaceutical production.

Innovation and Sustainability Initiatives:

• Expertise in aromatic-based fluids for superior high-temperature performance

• Strong focus on product safety and regulatory compliance

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3️⃣ 8. Paratherm Corporation

Headquarters: West Conshohocken, Pennsylvania, USA
Key Offering: Paratherm NF, MR, OR fluids

Paratherm specializes in high-quality heat transfer fluids for industrial processing. Their products are designed to resist oxidation and cracking, ensuring long-term system reliability for customers in the plastics, asphalt, and hydrocarbon processing industries.

Innovation and Sustainability Initiatives:

• Non-fouling fluid technology to maintain heat exchanger efficiency

• Comprehensive technical support and fluid analysis laboratory services

Download FREE Sample Report:
Global Industrial Heat Transfer Fluid Market – View in Detailed Research Report

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2️⃣ 9. Radco Industries, Inc.

Headquarters: La Fox, Illinois, USA
Key Offering: Radco Industries thermal fluids

Radco Industries is a manufacturer of synthetic and mineral-based heat transfer fluids for a broad spectrum of temperatures. The company serves niche markets with custom-blended solutions and emphasizes product quality and customer service.

Innovation and Sustainability Initiatives:

• Custom formulation capabilities for unique operational challenges

• Focus on improving the environmental profile of its mineral oil-based fluids

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1️⃣ 10. Chevron Corporation

Headquarters: San Ramon, California, USA
Key Offering: Chevron Heat Transfer Fluids

Chevron supplies reliable heat transfer oils derived from its refining expertise. These fluids are used in systems requiring consistent indirect heating, such as in the production of synthetic fibers, and are valued for their thermal stability.

Innovation and Sustainability Initiatives:

• Leveraging petroleum processing technology to enhance fluid purity and performance

• Commitment to responsible sourcing and manufacturing practices

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Global Industrial Heat Transfer Fluid Market – View in Detailed Research Report

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🌍 Outlook: The Future of Industrial Heat Transfer Fluids Is Smarter and More Sustainable

The industrial heat transfer fluid market is undergoing a significant transformation. While mineral oils remain prevalent, the industry is rapidly advancing toward high-performance synthetics and bio-based alternatives that offer superior efficiency, safety, and environmental profiles.

📈 Key Trends Shaping the Market:

• Accelerated adoption of synthetic fluids for extreme temperature applications

• Growing demand from the Concentrated Solar Power (CSP) sector for molten salts and advanced synthetics

• Increased regulatory focus on workplace safety and environmental protection

• Integration of IoT and predictive analytics for real-time fluid condition monitoring

Get Full Report Here:
Global Industrial Heat Transfer Fluid Market – View in Detailed Research Report

The companies listed above are not only supplying essential thermal management solutions—they are pioneering the next generation of efficient and sustainable industrial operations.