Chicago, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The global Heat Transfer Fluids Market is estimated to USD 3.7 billion in 2022 and is projected to reach USD 5.8 billion by 2027, at a CAGR of 9.3% between 2022 and 2027, as per the recent study by MarketsandMarkets™. Heat transfer is the movement of thermal energy between physical systems depending on temperature and pressure. Fluids that are used as a medium for the heat transfer process are called heat-transfer fluids (HTFs). HTFs maintain the temperature of a system and enhance energy savings by transferring heat from one system to another. These fluids store heat to prevent overheating any thermal device by circulating the fluid through its mechanical parts. The important properties of HTFs include low toxicity, low viscosity at low temperatures, high specific heat, thermal conductivity, and high flash point. Major types of HTFs are mineral oils, synthetic fluids, and glycol-based fluids. These are used in chemical, oil & gas, automotive, renewable energy, pharmaceutical, food & beverage, and HVAC industries.
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Browse In-Depth TOC On "Heat Transfer Fluids Market”
184 - Market Data Tables
52 - Figures
190 - Pages
List of Key Players in Heat Transfer Fluids Market:
- Dow Chemical Company (US)
- Eastman Chemical Company (US)
- Chevron (US)
- ExxonMobil (US)
- Shell plc (Netherlands)
- Lanxess (Germany)
- Huntsman Corporation (US)
- Paratherm (US)
- Phillips 66 Company (US)
- Arkema (France)
Drivers, Restraints, Opportunities and Challenges in Heat Transfer Fluids Market:
- Driver: Rapid industrialization and supportive renewable energy policies in Asia Pacific
- Restraint: Volatile raw material prices
- Opportunity: Government schemes focused on energy efficiency and renewable energy
- Challenge: Fire and explosion hazards related to thermal HTFs
Key Findings of the Study:
- 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.
- Automotive is estimated to be the third-largest end-use by value in 2022
- Europe accounted for second largest region, by value, during the forecast period
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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 HTFs. They are liquid by-products of refining crude oil used to produce gasoline and other petroleum products. They are in high demand as they are less expensive than glycol-based fluids and synthetic fluids and can be reused by mixing 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-largest end-use by value in 2022
In the automotive sector, HTFs are used in lubrication, anti-freezing, and cooling applications. Engine oils, batteries, compressors, automatic transmission systems, motors, air handling systems, and heat exchangers utilize HTFs. They are used in moderate temperature range applications. Mineral oil-based HTFs are used in gear, engines, shock absorption, power steering, and motors, whereas antifreeze and cooling applications utilize glycol-based HTFs.
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Europe accounted for second largest region, by value, during the forecast period
Europe is the second-largest chemical producer in the world, accounting for almost 15% of the total sales in 2020. The presence of a strong base of chemical, automotive, and food & beverage industries create a high demand for HTFs in the country. Thus, the chemical industry is witnessing high demand for HTFs. Also, the need for resource efficiency and low-carbon and environmentally sustainable products has led to high R&D investment by many industries. The European Union (EU) has also planned to reduce the average global temperature by 2°C (35.6°F) based on its energy and climate policies. This has driven the use of renewable sources of energy.
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