Heat Transfer Fluids Market Worth $5.8 Billion by 2027
CHICAGO, September 21, 2022 /PRNewswire/ — Heat Transfer Fluids Market the size is estimated at $3.7 billion in 2022 and should reach $5.8 billion by 2027, at a CAGR of 9.3% between 2022 and 2027, according to a new report MarketsandMarkets™. Heat transfer is the movement of thermal energy between physical systems as a function of temperature and pressure. Fluids used as fluids for the heat transfer process are called heat transfer fluids (HTF). CTFs maintain system temperature and improve energy savings by transferring heat from one system to another. These fluids store heat to prevent overheating of any thermal device by circulating the fluid through its mechanical parts.
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In terms of value, mineral oils are estimated to be the second largest market in the global HTF market, by product type, during the forecast period.
Mineral oils are clear, odorless liquids used as HTF. They are liquid by-products of crude oil refining used to produce gasoline and other petroleum products. They are in high demand as they are cheaper than glycol based fluids and synthetic fluids and can be reused mixed with fuel in oil based boilers. However, they are not recommended for high temperature operations [more than 300°C (572°F)] as they experience about six times the rate of degradation if exposed to higher temperatures.
Automotive is estimated to be the third end use by value in 2022
In the automotive sector, HTFs are used in lubrication, antifreeze and cooling applications. Engine oils, batteries, compressors, automatic transmission systems, engines, air handlers and heat exchangers use HTFs. They are used in moderate temperature applications. Mineral oil-based HTFs are used in gears, motors, shock absorption, power steering, and motors, while antifreeze and cooling applications use glycol-based HTFs.
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The Dow Chemical Company is the largest player operating in the HTF market. The company offers a variety of HTFs that find use in various industries such as pharmaceutical, food and beverage, HVAC, chemical, renewable energy and environmental test chambers. It emphasizes low-cost production to serve emerging markets around the world and has numerous patents filed through its extensive R&D efforts. It manufactures HTFs under the Dowtherm and Ucartherm brands. The company is present in 160 countries.
Europe represented the second largest region, by value, during the forecast period
Europe is the second largest producer of chemicals in the world, accounting for almost 15% of total sales in 2020. The presence of a strong base of chemical, automotive and food industries creates a high demand for HTF in the country. Thus, the chemical industry is experiencing a strong demand for HTFs. In addition, the need for resource efficiency and low-carbon and environment-friendly products has led to high R&D investments by many industries. The European Union (EU) has also planned to reduce the global average temperature by 2°C (35.6°F) based on its energy and climate policies. This has led to the use of renewable energy sources.
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Some major players active in the HTF market are The Dow Chemical Company (US), Eastman Chemical Company (US), Exxon Mobil (US), Chevron (US), Dow (US), Shell plc (Netherlands), Hindustan Petroleum Corporation Limited (India), Paratherm (USA), Phillips 66 Company (USA) and Arkema (France). These players have adopted various growth strategies to expand their presence in the market. New product launches and investment and expansion have been the major strategies adopted by major players over the past five years to enhance their competitiveness and expand their customer base in the global HTF market.
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TECHNICAL FLUIDS MARKET – Type (lubricants, solvents, heat transfer fluids), end-use industry (electronics and semiconductor, automotive, chemical processing, oil and gas, power generation, aerospace), region
FUNCTIONAL FLUIDS MARKET – Type (Process Oil, Hydraulic and Transmission Fluid, Metalworking Fluid, Heat Transfer Fluid and Others) and by Application (Industrial, Construction, Transportation and Others)
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