Heat Transfer Fluids Market Growth Sturdy at 9.3% CAGR to Outstrip USD 6.88 billion by 2029 | Exactitude Consultancy

Luton, Bedfordshire, United Kingdom, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Heat Transfer Fluids Market.

The Global Heat Transfer Fluids Market is estimated to be USD 3.38 billion in 2022 and is expected to grow to USD 6.88 billion at the CAGR of 9.3% by 2029.

Heat Transfer fluids are gases or liquids produced specifically for the purpose of transferring heat from one system to another in a closed circuit as a continuous cycle. Heat transfer fluids are used in countless applications and industrial processes requiring heating or cooling, typically in a closed circuit and in continuous cycles. The increasing number of concentrated solar power plants with the rising demand for clean energy drives the growth of the HTF market. Also, HTF finds applications in various end use industries like chemical, automotive, oil & gas, renewable energy, food & beverage, HVAC and pharmaceutical industries. Heat transfer fluids are industrial products derived from petroleum sources that are used to prevent overheating and for the storage of thermal energy.

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Recent Development:

• In 2022: Eastman announced the expansion of Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama. The plant expansion will increase US-based capacity by 50% and is expected to be completed in 2024.
• In 2022: Chevron completes acquisition of Renewable Energy Group. This acquisition is likely to help company leverage its strengths to provide lower carbon energy.

Growth Enablers

• Demand for Natural Gas Production
• Focus on Renewable Energy
• Demand for Food-Grade Heat-Transfer Fluids

Recent Advancements

● In the past few years, there have been many advancements in heat transfer fluid technology. Fluids are now available that have higher thermal conductivity and lower viscosity than ever before. These new fluids can improve the efficiency of heat transfer systems and allow for smaller, lighter-weight designs. Government organizations are also playing a vital role in promoting the use of heat transfer fluids. In Canada, the government has announced plans to invest CAD 50 million in research and development for advanced heat transfer technologies over the next five years. This is expected to create a significant demand for Heat Transfer Fluids in the coming years.

● One recent advancement is the development of phase change materials (PCMs). PCMs are materials that change state (from solid to liquid or vice versa) at a specific temperature. When used in heat transfer applications, PCMs can store and release large amounts of heat energy. This can help to stabilize temperatures in systems and reduce the overall size and weight of the system.

● Another recent development is the use of nanofluids. Nanofluids are tiny particles suspended in a base fluid. They have very high surface area-to-volume ratios, which gives them excellent thermal properties. Nanofluids are still being developed and tested, but they hold great promise for future heat transfer applications. Nanofluids are suspensions of nanometer-sized particles in a base fluid, which can improve the thermal conductivity of the fluid by up to 20%. This can be a major benefit for applications that require high thermal conductivity, such as the cooling of electronic devices or solar collectors.

The North America region accounted for the largest volume-based share of 42%.

It is the dominant market with key macroeconomic indicators, such as high per capita income & manufacturing output, supporting the region’s growth.

Rapid industrialization coupled with the growing export of chemicals to NAFTA countries is expected to drive the demand for HTFs. The country also has a strong presence in the plastic manufacturing industry.

Heat Transfer Fluids Market Report Scope

Heat Transfer Fluids Market Key Competitors include:

• Eastman Chemical Company (US)
• The Dow Chemical Company (US)
• ExxonMobil (US), Chevron (US)
• Lanxess (Germany)
• Shell plc (Netherlands)
• Hindustan Petroleum Corporation Limited (India)
• Phillips 66 Company (US)
• Preterm (US)
• Arkema (France)

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Key Market Segments: Heat Transfer Fluid Market Segment:

Heat Transfer Fluid Market by Product, 2023-2029 (USD Billions) (Kilotons)

• Mineral Oils
• Synthetic Fluids
• Glycol-Based Fluids
• Other

Heat Transfer Fluid Market by End Use, 2023-2029 (USD Billions) (Kilotons)

• Chemical & Petrochemical
• Oil & Gas
• Automotive
• Renewable Energy
• Pharmaceutical

Driving Factors:

• Market Growth Is Predicted to Be Driven by Growing Demand for Heat Transfer Fluid for Energy-Efficient Solutions

The temptation to boost productivity is enormous in today's manufacturing and process-related sectors. As a result, the heat transfer fluids system's operational temperature must rise and exert pressure for longer. Particularly in the 24-hour/day/night operating industries, there is a considerable demand for these items. For example, it significantly impacts production facilities in the chemical and petrochemical process sectors. These fluids help regulate the temperature in these industries, where the working temperature is very high.

• Demand for Concentrated Solar Power Will Rise, Supporting Growth

Solar collectors utilize heat transfer fluids in addition to water and water-glycol combinations. They are starting to appear as trimethylene glycol, also known as "green glycol." Additionally, various hydrocarbon oils are employed in various compositions, including paraffinic, aromatic, and naphthenic oils in ascending order of temperature. In other cases, semi-synthetic goods are also utilized. There is a strong demand for these goods for high-temperature collectors, and several studies and advances are being made for their application worldwide. To maximize their advantages, several high-temperature collectors use synthetic hydrocarbon oils.

Restraining Factors:

• Fluctuating Costs for Raw Materials to Limit Market Growth

Crude oil is one of the main raw materials utilized to create heat transfer fluids. Due to the continually shifting supply-demand situation, crude oil is a very volatile commodity. One of the major problems facing the market for heat transfer fluids is the unpredictability of crude oil prices. In 2020, the price of crude oil declined by 20.54%; in 2019, it increased by 34.46%; in 2018, it decreased by 24.84%; and in 2017, it increased by 12.47%. This illustrates how volatile crude oil is, which poses one of the main problems for the market for heat transfer fluids.

Challenging Factors:

• Problems Related to Product Cracking Are Predicted to Hurt the Market

The procedure for how heat transfer fluid ages is a little difficult. Thermal cracking of fluids happens when a system operates at extremely high temperatures, which results in the breakdown of oil molecules and the creation of coke. This development may cause a fluid's viscosity and flashpoint to decrease, which will raise the vapor pressure. The flashpoint is the temperature at which a fluid's vapor starts to ignite. Coke will be baked into the system, producing a hotspot that could burn the metal surface. Therefore, the makers must do routine system and working fluid health inspections.

Key Questions Answered:

• What is the current size of Heat Transfer Fluid Market?
• What are the Key factors influencing the Growth of Heat Transfer Fluid Market?
• Who are Major Competitors in the Heat Transfer Fluid Market?
• What are the major applications of the Heat Transfer Fluid Products?
• Which Region is holding the largest share in the Heat Transfer Fluid Market?

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