According to Cognitive Market Research, the global Heat Transfer Oil market size is USD 4514.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.80% from 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 1805.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 1354.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 1038.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.8% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 225.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 90.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
The automotive industry stands out as the dominant end-use category. This dominance is driven by the industry's extensive use of precision tools and machinery, where the maintenance of these tools is critical for operational efficiency and safety.
