Heat Transfer Fluids Market overview, market size estimation, key countries and emerging trends in the market segments

Heat Transfer Fluids Market size reached USD 3.30 billion in 2023 and is expected to reach USD 5.88 billion by 2030 Heat Transfer Fluids, growing at a CAGR of 8.6 % during the forecast period.

Heat transfer fluids are used to provide accurate temperature control in various applications such as petroleum refining, food and beverage, and the chemical processing industry as a medium for transferring heat in heating and cooling systems. In properly designed systems, fluids provide excellent thermal stability within their expected temperature ranges and provide years of trouble-free service with minimal downtime. Heat-transfer fluids offer important functions in industrial applications and have taken on a more prominent role in electric cars. Electronics generate significant amounts of heat, which must be dissipated in order to maintain performance. The increasing usage of electronics in many sectors is pushing researchers to better understand the reasons for using heat-transfer fluids.To know about the Research Methodology :- Request Free Sample Report

According to MMR, the average crude oil production in the United States accounted for about 11.1 million barrels per day in 2022, down from 11.3 million barrels per day in 2020. which, in turn, is expected to stimulate the demand for the Heat Transfer Fluids market in the coming years. The Asia-Pacific region held the highest share of the global Heat Transfer Fluids market owing to the existence of a high number of petroleum refining, pharmaceutical, and chemical manufacturing industries in the region.
Heat Transfer Fluids Market Dynamics:
The increasing use of heat transfer fluids in the oil and gas industry

Heat transfer fluid systems are an essential component of the oil and gas processing system. The heat transfer fluids are required for initial production, transfer, refining, and recycling. Heat transfer fluids are preferred by oil and gas plant operators due to their high thermal stability and long service life. This is particularly essential when Therminol fluid is installed in remote locations where a costly fluid change must be avoided. The oil and gas sector uses Heat Transfer Fluids to perform significant processes such as oil and gas processing, natural gas purification, refining, gas to a liquid, asphalt processing, and storage, among others. Thermic fluid is utilized to heat the reboiler, which is present at each distillation column, during the fractionation train. The prospectus for the future growth of the oil and gas company advises the long-term development of oil exploration and the use of thermic fluids.

The increasing use of heat transfer fluids in offshore oil and natural gas systems, as well as the growing number of LNG workstations, are driving the demand for heat transfer fluid. Heat transfer liquid provides superior temperature control and security. The heat transfer fluid used for downstream heating petrochemicals also contributes to the demand for efficient heat transfer fluids. As a result, the factors listed above are expected to have a significant impact on the thermic fluid market in the coming years.

Rapid industrialization and supportive renewable energy regulations to drive Heat Transfer Fluids market in the Asia Pacific

Asia Pacific is a highly attractive market for Heat Transfer Fluids. The rapid industrialization observed by the region's emerging economies, particularly China and India, is creating a strong demand for HTFs. Leading HTF key players such as Dow, Indian Oil Corporation, Hindustan Petroleum Corporation Limited, and Dalian Rich Fortune Chemical Company are adopting marketing strategies such as new launches and innovations to enhance their share of the Asia Pacific HTF market. The renewable energy sector in India is likely to be one of the fastest-growing sectors in the Asia Pacific HTF market.

The increased use of renewable energy for environmental protection, social development, and economic advantages is also accelerating the growth of the HTF market in the Asia Pacific. Moreover, the Indian government supports the manufacturing sector using green energy. In order to do this, the government is adopting regulations that encourage the use of renewable energy. For example, the Indian government has established the Pradhan Mantri Kisan Urja Suraksha edam. This scheme aims to add 25,750 MW of solar and other renewable capacity by 2022. This is fuelling the country's need for HTFs.

Fire and explosive dangers associated with thermal HTFs

Various high-temperature applications in a chemical plant such as plastic processing, metal processing, and specialty chemical manufacturing, require organic fluids since these applications can produce explosive atmospheres, and HTFs are not suitable for such high-temperature applications. These heat-transfer fluids are frequently handled at temperatures over their flash point and are subject to the "Dangerous Substances and Explosive Atmosphere" Regulations 2002. Furthermore, HTFs based on mineral oils degrade with time. This deterioration may reduce the fluid's flash point, and thermal fluids that were not flammable at the operating temperature when installed initially may become flammable at the operating temperature over time.

Fluctuation in HTF raw materials prices

One of the most significant issues before manufacturers is the pricing of HTF raw materials. The primary raw materials utilized in HTFs are phenol, benzene, and glycol. The rise or fall in crude oil prices has a direct influence on the price fluctuations of raw materials used in HTFs. Manufacturers must cope with volatile raw material costs, which reduces profit margins. This circumstance has driven market players to improve the efficiency and productivity of their operations in order to continue growth and maintain their market share.
Heat Transfer Fluids Market Segment Analysis:
Based on Type, the mineral oils segment held the largest share of the heat transfer fluid market in 2023. Mineral oils such as petroleum, paraffin, wax, and others are extensively utilized in a variety of applications such as automotive fuel, machineries, and so on. Mineral oil is less expensive than glycol-based fluids, silicone-based fluids, and molten salt fluids. The implementation of mineral oil is much easier and less costly. For example, when heat fluid is transferred, some fluid is frequently lost, making mineral oil an economical choice. This is a primary driving force in the heat transfer fluids market for mineral oils.

Based on End-User, Concentrated solar power is generated by concentrating sunlight at a single point and utilizing panels to generate heat, which is then converted into electricity. Heat transfer fluids such as air, water, and synthetic oils are used in concentrated solar power applications. Heat transfer fluids are critical in CSP applications because they provide effective heat transfer and equipment efficiency. Rising demand for renewable energy has accelerated the deployment of solar-powered power facilities throughout North America. Governments and private companies are raising their investments in new renewable energy sources such as solar power plants. This should encourage the deployment of concentrated solar power plants across North America.

Food and beverages are expected to grow at a significant CAGR during the forecast period. An increase in the need for cold stored food is expected to fuel the demand for Heat transfer fluids in refrigeration. The increase in population growth, combined with an increase in demand for food and beverages is driving the market for heat transfer fluids during the forecast period.
Heat Transfer Fluids Market Regional Insights
The Asia-Pacific region dominated the worldwide Heat Transfer Fluids market share in 2023. This is due to the existence of a high number of petroleum refining, pharmaceutical, and chemical manufacturing industries in the region. Thermic fluid is also used in chemical processing and petrochemical production plants. Heat transfer systems are used in key chemical processing facilities such as phthalic anhydride, dimethyl terephthalate, linear alkylbenzene, terephthalic acid, olefins, plasticizers, alcohols, and others.

Pharmaceuticals, food and beverage, concentrated solar power, and other end-user sectors use thermic fluid for heating and cooling purposes in their processing facilities. Low-cost labor and rapid industrialization have boosted manufacturing industries, increasing the demand for heat transfer fluid. The high population has increased the demand for food processing in countries like China and India, which has increased the demand for food-grade heat transfer fluids in this region.

North America is the fastest-growing Heat Transfer Fluids market and is expected to develop rapid rate over the forecast period due to increased demand for heat transfer fluids in the regional industrial sector and increasingly stringent regulatory policies to reduce carbon emissions. The United States and Canada had the highest revenue share in the North American market. The Middle East, Africa, and South America region are expected to see significant growth in demand for heat transfer fluids as a result of improved economic conditions in developing countries such as Brazil and South Africa, evolving industrialization, and a flourishing oil and gas industry in GCC countries. The new government's legislative initiatives are expected to benefit the thermal oil and gas industry, as well as the chemical industry. The aforementioned trends are expected to increase the demand for Heat Transfer Fluids in the future.

The Heat Transfer Fluids Market report forecasts revenue growth at global, and country levels and provides an analysis of the latest industry trends in each of the sub-segments during the forecast period. MMR has segmented the global Heat Transfer Fluids Market report based on Type, End-Use, and region. The report contains strategic profiling of top key players in the market, a wide-ranging analysis of their core competencies, and their strategies like new product launches, growths, agreements, joint ventures, partnerships, and acquisitions that apply to the businesses. Our team of analysts can also provide you with data in excel files and pivot tables or can assist you in creating presentations from the data sets available in the report.
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Heat Transfer Fluids Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 3.30 Bn.


Forecast Period 2024 to 2030 CAGR:
8.6 %
Market Size in 2030:
US $ 5.88 Bn.


 Segments Covered:
by Type
Mineral Oils
Silicones & Aromatics
Glycols


by End-User
Oil & Gas
Concentrated solar power
Chemicals & Processing
Renewable energy
Pharmaceuticals
Food & Beverage
Automotive



Heat Transfer Fluids Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Heat Transfer Fluids Market, Key Players are
1. Dow
2. Eastman
3. Exxon Mobil
4. Chevron
5. Paratherm
6. BASF
7. Lanxess
8. Huntsman
9. Global Heat Transfer
10. Royal Dutch Shell plc.
11. Phillips 66
12. Arkema
13. Schultz Canada Chemicals Ltd.
14. Sasol
15. Radco Industries

FAQs:

1. Who are the key players in the Heat Transfer Fluids market?
Ans. Dow, Eastman, Exxon Mobil, and Chevron are some of the market players in the Heat Transfer Fluids industry.

2. Which Type segment dominates the Heat Transfer Fluids market?
Ans. The Mineral Oils segment accounted for the largest share of the global Heat Transfer Fluids market in 2023.

3. How big is the Heat Transfer Fluids market?
Ans. The global Heat Transfer Fluids market size reached USD 3.30 billion in 2023 and is expected to reach USD 5.88 billion by 2030 Heat Transfer Fluids, growing at a CAGR of 8.6 % during the forecast period.

4. What are the key regions in the global Heat Transfer Fluids market?
Ans. Based On the region, the market has been classified into North America, Europe, Asia Pacific, Middle, East and Africa, and Latin America. North America dominates the global Heat Transfer Fluids market.