Heat Transfer Fluids Market Size Worth USD 14.2 Billion by 2030 | Share and Competitive Analysis

Posted on 2022-07-05 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, July 05, 2022 — /EPR Network/ —

Heat Transfer Fluids Industry Overview

The global heat transfer fluids market size is projected to reach USD 14.2 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 3.6% during the forecast period. The growing demand from the manufacturing and energy sectors is expected to drive the global market. Thermal oils are typically formulated from petrochemicals and mineral oils, which eventually harm the environment in terms of recyclability, biodegradability, and aqueous toxicity. Due to multiple strict regulations laid down by governments across the globe, the growth of heat transfer fluids (HTFs) has taken a hit.

Major innovators in the field are trying to bring imminent changes in the production process, such as the usage of bio-based products, increased extraction efficiency, and enhanced solvent recovery. The COVID-19 pandemic caused serious disruption in businesses and supply chains. The decrease in supply and demand for oil & gas, especially in North America and Europe, halted the onshore and offshore production processes, impacting the market growth. Food-grade HTFs are widely used for storage and refrigeration applications. With rising precision in temperature control in the processing of food and beverages, thermal fluid systems are gaining acceptance in upcoming food processing plants and facilities.

These products are highly preferred due to lower maintenance costs and low-pressure requirements in the processing facility. Asia Pacific is estimated to be the fastest-growing regional market from 2022 to 2030 due to the rising demand from China and Japan. Rapid industrialization and the development of new machinery have increased the importance of HTFs. Investments in renewable energy initiatives, such as CSP, are expected to have a positive impact on industry growth. For example, in January 2022, China announced to start and complete 11 CSP projects by 2024.

Heat Transfer Fluids Market Segmentation

Grand View Research has segmented the global heat transfer fluids market based on product, application, and region:

Based on the Product Insights, the market is segmented into Silicone Fluids, Aromatic Fluids, Mineral Oils, Glycol-based Fluids and Other (Including Molten Salts & HFPE).

Glycol-based HTFs form the fastest-growing product category as they exhibit excellent antifreeze properties; the segment is anticipated to exhibit a CAGR of 4.1% over the forecast period.
Mineral oils are generally utilized in diverse convenient radiator heaters, which are used broadly for commercial as well as residential applications. These oils have a high level of resistance toward chemical oxidation and thermal cracking and are simultaneously non-toxic and non-corrosive. They provide high thermal conductivity and also have high specific heat, which helps them efficiently transfer heat.

Based on the Application Insights, the market is segmented into Oil & Gas, Chemical Industry, CSP, Food & Beverages, Plastics, Pharmaceuticals, HVAC and Others.

The oil & gas segment accounted for the maximum revenue share of more than 22.00% in 2021. Oil & gas processing dynamics require very specific HTFs that are formulated to suit desired temperatures and compatibility.
In the chemical industry, reboilers are used as heat exchangers to provide heat to distillation column bottoms. Reboilers boil the liquids from the bottom of the distillation column to form vapors that are used to drive the distillation column separation.

Heat Transfer Fluids Regional Outlook

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)

Key Companies Profile

The market is extremely competitive with key participants involved in R&D and constant product innovation. Several companies are engaged in new product development to improve their global market share.

Some prominent players in the global Heat Transfer Fluids market include

Dow Chemicals
Eastman Company
Exon Mobil
Shell
BP

Order a free sample PDF of the Heat Transfer Fluids Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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