Imminent need to manage excessive heat in several manufacturing industries including automotive, metal processing, pharmaceuticals, and food processing is a major factor driving heat transfer fluid demand across the globe. Surging requirement for application specific fluids with optimum thermal coefficient is also anticipated to fuel industry growth over the forecast period. Rapid industrialization in BRICS markets is expected to help in market development over the forecast period. The Global Heat Transfer Fluids Market is expected to reach USD 3.68 billion by 2022, according to a new study by Grand View Research, Inc. Stringent environment regulations coupled with volatile raw material prices are expected to pose threat to industry profitability. Development of bio-based or water-based heat transfer fluids is anticipated to create lucrative opportunities for industry participants. Silicone & aromatics formed the largest product segment with demand share exceeding 40% in