Heat Transfer Fluids (HTF) Market, By Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids), End Use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Heat Transfer Fluids (HTF) Market Overview
The global Heat Transfer Fluids (HTF) market size was estimated at USD 3.6 billion in 2023 and is projected to reach USD 7.4 billion in 2030 at a CAGR of 9.50% during the forecast period 2023-2030.
Heat transfer fluids (HTFs) refer to either gases or liquids that are specifically designed to facilitate the movement of heat from one system to another. These fluids are typically made from highly refined petroleum, synthetically formulated hydrocarbons, or siloxanes, such as silicone. The use of HTFs can provide several advantages, including the ability to operate at high temperatures while maintaining low system pressures, as well as ensuring safety, low maintenance, and extended operating lifetimes. It is anticipated that these benefits will have a consequential impact on the HTFs market.
The growth of the global Heat Transfer Fluids (HTF) market is mainly driven by the the swift acceptance of concentrated solar power on a worldwide scale is among the principal stimulants of demand. Heat transfer fluids, which avoid overheating and accumulate thermal energy, are industrial commodities that stem from petroleum origins. The main components of the manufacturing process comprise crude oil, silica, and base oils. The fundamental traits that delineate a heat transfer fluid encompass low viscosity, a non-corrosive constitution, elevated thermal conductivity and diffusivity, as well as extreme phase transition temperatures. Heat transfer fluids are gaining significant importance in their applications, such as extracting heat from the sun in concentrated solar panels to processing gas & oil in cold climatic conditions.
On the other hand, volatile raw material prices may hamper the market growth to some extent.
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The COVID-19 pandemic has had a profound impact on businesses and supply chains, causing significant disruption. Moreover, the oil and gas industry has also been adversely affected by the pandemic, impeding the growth of the heat transfer fluid industry. The decline in both the supply and demand of oil and gas, particularly in North America and Europe, has resulted in the suspension of onshore and offshore production processes, thereby hindering the expansion of the heat transfer fluids market. Additionally, the suspension of new solar power projects and the disruption of activities in operational plants have further obstructed the market.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Heat transfer fluids (HTFs) are extensively employed in the chemical, oil and gas, and renewable energy sectors. Within the chemical processing industry, heat transfer is essential for the indirect heating of process liquids and polymers, single fluid batch processing, pipeline tracing, energy recovery, low-pressure cogeneration, the drying and heating of bulk materials, and gas processing. The escalating demand for chemicals from the automotive, energy and resources, construction, consumer goods, electronics, and health and nutrition industries has led to an increase in chemical production, which has in turn increased the demand for HTFs from chemical manufacturers. Additionally, HTFs are utilized in concentrated solar power (CSP) or solar energy generation and solar thermal storage, using concentrators such as parabolic trough-based systems. These fluids are employed to collect heat energy and transport it to a power station for thermal storage as a renewable energy technology. The increase in demand for clean energy worldwide has led to the establishment of various concentrated solar power plants across the globe. These factors have led to the expansion of the market and increased demand for Heat Transfer Fluids (HTF) solutions.
Key Findings
- The Product Type segment is further fragmented into Mineral Oils, Synthetic Fluids and Glycol-Based Fluids. The Synthetic fluids segment is expected to account for a larger market size during the forecast period. Synthetic fluids surpass mineral oils in numerous aspects owing to their exceptional properties. They remain immune to oxidation, thermal breakdown, and oil sludge issues, thereby contributing towards minimizing evaporation losses. Moreover, their molecular structure exhibits uniformity and possesses robust bonds, rendering them thermally stable and durable, and augmenting their viscosity index. Additionally, their eco-friendly nature leads to reduced oil waste production. Nonetheless, their cost is comparatively higher than their mineral oil counterparts.
- The End Use segment is further bifurcated into Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy and Pharmaceutical. The Renewable energy industry is the largest market during the forecast period. Heat transfer fluids (HTFs) find their application in an array of renewable energy technologies such as concentrated solar power (CSP) plants, biodiesel production systems, wind turbines, and geothermal systems. Furthermore, HTFs can serve as an energy storage medium for the solar energy, which facilitates a consistent power supply in spite of the intermittent availability of sunlight. The demand for solar energy, in conjunction with the government's stringent regulations on clean energy, is anticipated to drive the growth of HTFs in the renewable energy industry.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe is estimated to account for the largest market share during the forecast period due to rising population coupled with increasing energy demand has propelled the power and energy sector growth.
Heat Transfer Fluids (HTF) Market Regional Analysis
Europe to Dominate the Market
- Europe is estimated to account for the largest market share during the forecast period due to rising population coupled with increasing energy demand has propelled the power and energy sector growth.
- Moreover, Ongoing construction of new solar plants along with existing demand in industrial sectors including, automotive and metal processing is anticipated to drive the industry demand in the region.
Heat Transfer Fluids (HTF) Market Competitive Landscape
- Arkema
- Basf
- British Petroleum
- Chevron
- Clariant Ag
- Dalian Richfortune Chemicals
- Dupont Tate & Lyle
- Dynalene
- Eastman Chemical Company
- Exxonmobil
- Global Heat Transfer
- Hindustan Petroleum Corporation
- Huntsman Corporation
- Indian Oil Corporation
- Isel
- Lanxess
- Paras Lubricants Limited
- Paratherm
- Petro-Canada
- Phillips 66
- Radco Industries
- Schaeffer Specialized Lubricants
- Schultz Canada Chemicals Ltd.
- Shell Plc
- The Dow Chemical Company
- Wacker Chemie Ag
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Heat Transfer Fluids (HTF) Market Recent Developments
- In 2022, Chevron completed the acquisition of the Renewable Energy Group. Chevron completed the acquisition of the Renewable Energy Group. This acquisition is expected to help company leverage its strengths to deliver lower carbon energy.
- In 2022, Eastman announced to expand the Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama. Plant expansion is expected to be completed in 2024 and will increase US-based capacity by 50%.
Reasons to Acquire in the Heat Transfer Fluids (HTF) Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Heat Transfer Fluids (HTF)Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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These fluids find huge application across a wide range of industries including manufacturing, solar power plants, petroleum processing and others.
The global heat transfer fluids market is expected to foray ahead with a considerable CAGR over the forecast period of 2018-2028.
As per OICA (International Organization of Motor Vehicle Manufacturers), Paris, the total cars and commercial vehicle production in 2016 was recorded to be around 72.1 million that further escalated up to 73.4 million in 2017.
The automotive industry in particular calls for high adoption of heat transfer fluids across various applications including radiators, HVAC systems and many more.
Hence, inclination towards renewable energy across the globe supplements the CSP projects that in turn provides traction to the heat transfer fluids market growth.Segmentation analysis of Heat transfer fluids MarketThe global heat transfer fluids market is bifurcated into two major segments that are product type and application.On the basis of product type, the global heat transfer fluids market is divided into:AromaticsSiliconesGlycol-based fluidsMineral oilsOthersOn the basis of application, the global heat transfer fluids market is divided into:Oil & GasChemical industryFood & BeveragesPharmaceuticalsPlasticsConcentrated Solar Power Generation (CSP)HVACOthersBased on region, the global heat transfer fluids market is segmented as:North AmericaLatin AmericaEuropeEast AsiaSouth AsiaOceaniaMEAYou can Buy This Report from Here @https://www.trendsmarketresearch.com/checkout/13612/Single Heat transfer fluids Market: Regional OutlookThe global heat transfer fluids market is segmented into seven regions: North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
Among the above-mentioned regions, Europe is expected to contribute a majority of the market share in 2018 in terms of value owing to high adoption of heat transfer fluids across various industries including pharmaceutical, oil & gas, automotive, chemical and others.
