Heat Transfer Fluids Market Size Worth $14.2 Billion by 2030 Driven by Growing Adoption of Concentrated Solar Power and Growing Demand from Manufacturing and Energy Sectors | Grand View Research, Inc.
According to a new report available from Grand View Research, heat transfer fluids are industrial products derived from petroleum sources that are used to prevent overheating and for thermal energy storage.
Heat Transfer Fluids Market Insight
The global Heat Transfer Fluids Market size was estimated at USD 10.3 Billion in 2021 and is projected to reach USD 14.2 Billion by 2030, growing at a CAGR of 3.6% from 2022 to 2030.
The adoption of concentrated solar power globally is one of the major demand drivers. Heat transfer fluids are industrial products derived from petroleum sources that are used to prevent overheating and for the storage of thermal energy. The basic raw materials involved in production are crude oil, silica and base oils. Important defining characteristics of a heat transfer fluid are low viscosity, non-corrosive nature, high thermal conductivity and diffusivity, and extreme phase transition temperatures.
Gather more insights into the market drivers, restraints, and growth of the Global Heat Transfer Fluids Market
The COVID-19 pandemic has caused severe disruption to businesses and supply chains. The negative impact of a pandemic on the oil and gas industry has also hampered the growth of the industry. Decline in oil and gas supply and demand, especially in North America and Europe, has halted onshore and offshore production processes, impacting the growth of the market. Suspension of installation works of new solar power projects and disruption of operations of operational power plants have also hampered the growth of the market. The United States is one of the largest contributors to installed CSP capacity in the world.
The country strategically supplies its electricity outputs, using CSP units when demand is particularly high. Heat transfer fluids (HTF) have been identified as one of the crucial components used to improve the efficiency of concentrated solar power plants. They play an important role in collecting energy from the solar field and transporting it to energy storage systems. This stored energy is then used to generate electricity after sunset or even on cloudy days. Compared to PV systems, CSP plants have capabilities to add an additional six hours of storage capacity, leading to an operational value of $35.8/MWh.
The growing reach of CSP and its competitive advantages over other renewable energy sources are responsible for the strong growth and significant penetration of HTFs in the segment. HTFs are used in the oil and gas industry, which is a key contributor to the US economy. The country is expected to increase its production of liquids and natural gas in the foreseeable future due to the development of shale resources, thereby boosting demand for the products. Large manufacturers participate in the captive consumption of these thermal oils. Others distribute them to target markets through third-party vendors.
Some of the leading FTC suppliers in the industry are Paratherm, Hubbard Hall, Thermic Fluids Pvt. Ltd., and Inlet Petroleum Co. (IPC). Most of these suppliers offer multi-brand fluids and have a separate Internet portal for selling their products. With heavy investment in research and development activities, major industry players are turning to bio-based thermal oils to comply with government regulations. The shift from synthetic thermal oils to bio-based oils is expected to be a disruptive trend fueled by strict regulations and scrutiny of products available on the market.
Segmentation of the heat transfer fluids market
Based on Process Insights, the market is segmented into Silicone based fluids, aromatic fluids, mineral oils, glycol based fluids and others (including molten salts and HFPE).
- Glycol-based HTFs are the fastest growing product category as they exhibit excellent antifreeze properties; the segment is expected to show a CAGR of 4.1% over the forecast period.
- Mineral oils are generally used in various practical heater cores, which are widely used for commercial and residential applications.
Based on Application Insights, the market is segmented into oil & gas, chemical industry, CSP, food & beverage, plastics, pharmaceuticals, HVAC, and others.
- The oil and gas segment accounted for the peak revenue share of over 22.00% in 2021.
- In the chemical industry, reboilers are used as heat exchangers to supply heat to distillation column bottoms. Reboilers boil liquids from the bottom of the distillation column to form vapors which are used to drive the separation of the distillation column.
Based on the regional heat transfer fluid information, the market is segmented into North America, Europe, Asia-Pacific, Central & South America, Middle East & Africa (MEA)
- The North America region accounted for the largest volume share of 28.3% in 2021.
- Governments across the Europe region have made considerable efforts to promote the use of concentrated solar power. There are 59 concentrated solar power projects in operation across Europe, 52 of which are located in Spain.
Browse Grand View Research results Research reports on the petrochemical industry.
- base oil market– The global base oil market size was valued at USD 20.4 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. This growth is attributed to the increasing use of engine oils from industries such as metallurgy, automotive, chemical, heavy equipment and power generation.
- petrochemicals Market– The global petrochemicals market size was valued at USD 556.09 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030.
Market share overview:
- April 2019: Eastman Chemical Co. announced that it has acquired Marlotherm, heat transfer fluid manufacturing assets, intellectual property, associated formulations and customer contracts located in Germany from Sasol, which is a global chemical and energy company. This acquisition will help Eastman expand its heat transfer fluid offerings to customers around the world.
- September 2019: Valvoline, a manufacturer and supplier of premium brand automotive lubricants and services, announced the first of its electric vehicle-specific product and service offerings with the introduction of Valvoline EV Performance Fluids.
Profile of key companies:
The global market is moderately consolidated with large companies trying to dominate the market. These companies have appointed authorized resellers or third-party distributors to meet local and regional demands. Manufacturing companies have also partnered with e-commerce companies to distribute their products in a particular region or globally.
Some prominent players in the global heat transfer fluids market include
- Dow Chemicals
- Eastman Company
- Exxon Mobil
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About Grand View Research
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