The heat transfer fluids market is expected to reach $4.9 billion by 2027 from $3.6 billion in 2021.
Chicago, June 22, 2022 (GLOBE NEWSWIRE) -- According to latest research report, the heat transfer fluids 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 applications in processing, refining, and transportation in the natural gas industry. They are utilized for the recovery of glycols and the removal of water from processed natural gas. The utilization of heat-transfer fluids in offshore oil and natural gas systems and the high number of liquefied natural gas (LNG) workstations is increasing the demand for heat-transfer fluids.
Heat Transfer Fluids (HTFs) Market Report Scope
US, 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, UAE, and Rest of Middle East & Africa
Dow, Eastman Chemical Company, ExxonMobil, Clariant, and Arkema
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The heat-transfer fluid industry evolves to cater the changing needs and preferences of end-use industries. Earlier, 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 owing to technological advances and R&D.
Heating, ventilation, and air conditioning (HVAC) and power-generation industries also use heat-transfer fluids as the demand for environment-friendly products in these industries is on the rise. Increased environmental issues and global warming increase the demand for renewable energy. Heat-transfer fluids are used in many renewable energy applications, such as CSP systems, that carry heat from collectors to generators to convert heat into power. They are also used in solar water heaters to carry 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 fluid market.
Industrialization and government-mandated sustainable practices boosted the use of heat-transfer fluids in various sectors. The demand for heat-transfer fluids is on the rise globally due to an increase in oil and natural gas production.
In addition, the high demand for medicines during the COVID-19 pandemic boosted growth of pharmaceutical and chemical industries, which resulted in the high demand for heat-transfer fluids in these sectors.
With the global focus on the impact of chemicals on the environment, and corporate sustainability objectives, the heat transfer fluid users are looking for alternatives for dumping and discarding utilized fluids by burning or landfilling.
In 2021, mineral oil market accounted for largest share in the global heat transfer fluid market. This is primarily due to low cost and large availability.
Oil & Gas industry is the major end-user of heat transfer fluids due to wide range upstream and downstream applications.
APAC is the major market for heat transfer fluids due to macroeconomic factors followed by North America, and Europe.
The competitive scenario in the global heat transfer fluid market is currently intensifying. The constantly changing prices of raw material is adversely affecting the vendors.
Rest of the Middle East & Africa
Technological advances and environmental & economic challenges driving the development of safer and recyclable heat-transfer fluids. Changes in government regulations and an increase in renewable energy production will be key opportunities for the growth of the global heat-transfer fluid market. Many companies focus on innovation and new product development to boost their performance and tap into new markets. Some examples are:
In 2021, Eastman Chemical Company launched Fluid Genius to optimize heat-transfer fluid performance.
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.
Explore our chemicals materials profile to know more about the industry.
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