Heat transfer fluids market to register $4.9 billion by

Chicago, June 22, 2022 (GLOBE NEWSWIRE) — According to the latest research report, the heat transfer fluid market is expected to grow at a CAGR of 5.6% during the forecast period. Heat transfer fluids are used in a wide range of processing, refining and transportation applications in the natural gas industry. They are used for glycol recovery and water removal from processed natural gas. The use of heat transfer fluids in offshore oil and gas systems and the high number of liquefied natural gas (LNG) workstations are increasing the demand for heat transfer fluids.

Scope of the Heat Transfer Fluids (HTF) Market Report

Report attributes Details
MARKET SIZE (2027) $4.9 billion
MARKET SIZE (2021) $3.6 billion
MARKET SIZE – VOLUME (2027) 3,603 million units
CAGR (2022-2027) 5.6%
YEAR OF REFERENCE 2021
FORECAST YEAR 2022-2027
MARKET SEGMENTS Type, end use and region
LARGEST MARKET APAC
COUNTRIES COVERED United States, Canada, Germany, France, Italy, Russia, Spain, Rest of Europe, China, Japan, South Korea, India, Australia, Rest of APAC, Brazil, Mexico, Rest of Latin America , Saudi Arabia, Iraq, United Arab Emirates and Rest of Middle East and Africa
KEY SUPPLIERS Dow, Eastman Chemical Company, ExxonMobil, Clariant and Arkema

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The heat transfer fluid industry is evolving to meet the changing needs and preferences of end-use industries. Previously, the primary function of heat transfer fluids was to transfer heat from one system to another. However, heat transfer fluids are now used in energy storage applications and mechanical systems thanks to technological advances and R&D.

The heating, ventilation, and air conditioning (HVAC) and power generation industries also use heat transfer fluids, as the demand for environmentally friendly products in these industries is increasing. Increasing environmental problems and global warming are increasing the demand for renewable energy. Heat transfer fluids are used in many renewable energy applications, such as CSP systems, which transport heat from collectors to generators to convert the heat into electricity. They are also used in solar water heaters to transport heat from solar collectors to heat exchangers and from heat exchangers to heat storage tanks. Hence, the increased use of heat transfer fluids in renewable energy applications would propel the growth of the global heat transfer fluids market.

key ideas

  • Industrialization and government mandated sustainable practices have boosted the use of heat transfer fluids in various sectors. The demand for heat transfer fluids is increasing globally due to an increase in oil and natural gas production.
  • In addition, high demand for drugs during the COVID-19 pandemic has spurred the growth of pharmaceutical and chemical industries, resulting in high demand for heat transfer fluids in these sectors.
  • With the global focus on the impact of chemicals on the environment and corporate sustainability goals, users of heat transfer fluids are looking for alternatives to emptying and disposing of used fluids through combustion or landfill.
  • In 2021, the mineral oil market accounted for the largest share of the global heat transfer fluid market. This is mainly due to the low cost and wide availability.
  • The oil and gas industry is the major end user of heat transfer fluids due to the wide range of upstream and downstream applications.
  • APAC is the leading market for heat transfer fluids due to macroeconomic factors, followed by North America and Europe.
  • The competitive scenario in the global heat transfer fluids market is currently intensifying. Ever-changing commodity prices negatively affect sellers.

Market segmentation
Type

  • Mineral oil
  • Glycol
  • Synthetic
  • Others

End use

  • petroleum gas
  • Chemical
  • Food and drinks
  • Pharmaceutical
  • Renewable energy
  • Others

Region

  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Rest of APAC
  • North America
  • Europe
    • Germany
    • France
    • Italy
    • Russia
    • Spain
    • The rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • Iraq
    • United Arab Emirates
    • Rest of the Middle East and Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

Technological advances and environmental and economic challenges are leading to the development of safer and recyclable heat transfer fluids. Changing government regulations and increasing renewable energy generation will be key opportunities for the growth of the global heat transfer fluid market. Many companies focus on innovation and the development of new products to improve their performance and access new markets. Some examples are:

  • In 2021, Eastman Chemical Company launched Fluid Genius to optimize the performance of heat transfer fluids.
  • There are many joint ventures for new product development, such as the joint venture between DuPont and Lyle Bio Products for new fluids for solar thermal applications.
  • Arteco, a joint venture between Chevron and TotalEnergies, manufactures heat transfer fluids for the automotive industry.

Main suppliers

  • Dow
  • Eastman Chemical Company
  • ExxonMobil
  • Clariant
  • Arkema

Other Important Suppliers

  • Chevron Corporation
  • Shell plc
  • Phillips 66
  • Radco Industries
  • Lanxess
  • Paratherm
  • Indian Oil Corporation Ltd.
  • CFR Chemicals
  • Sinopec
  • sasol
  • Total energies
  • Schulz
  • Petro-Canada
  • Eastern Petroleum Private Limited
  • Hunter’s Society
  • HP lubricant

Explore our chemical materials profile to learn more about the industry.

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