Heat Transfer Fluids Market: Monoethyl-Based Glycols In HVAC Applications Is Expected To Exhibit A Considerable CAGR
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.
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).
- On the basis of product, the global market has been segmented into mineral oils, aromatics, glycol fluids, silicones, and others. 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. Bio-based glycols are increasingly gaining significance as one of the key ingredients in heat transfer fluid formulations, as they are compatible with both high- and low-temperature 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. Mineral oils are also used in multiple heat transfer mediums but have a high degradation rate when exposed to higher temperatures. Alkylated aromatic compounds are typically formulated for closed-loop heating systems based on the Rankine cycle.
Based on the Application Insights, the market is segmented into Oil & Gas, Chemical Industry, CSP, Food & Beverages, Plastics, Pharmaceuticals, HVAC, and Others.
- The major application segments catered by industry participants are oil & gas, chemical manufacturing, concentrated solar power, food and beverages, and plastic manufacturing. 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.
- HTFs are extensively used in the manufacturing of PET, polyester, nylon, and multiple other synthetic fibers. The products are formulated to provide optimum efficiency across a diverse range of temperatures. Refined HTFs provide optimum stability at high temperatures, which eventually helps in avoiding premature degradation of fluids when exposed to high temperatures. Owing to stagnating plastic production in developed countries, the application segment accounted for a meager share of around 10% in the market in 2021.
Heat Transfer Fluids Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is moderately consolidated with major companies striving for market leadership. Key players, such as Dow Chemicals, Eastman Company, Exxon Mobil, Shell, and BP, have integrated their value chain to strengthen their market position. These companies have appointed authorized resellers or third-party distributors to cater to the local and regional demands. Manufacturing companies have also partnered with e-commerce companies to distribute their products across a particular region or globally. For instance, the Dow product line is now available on the Hubbard-Hall e-commerce site.
These kinds of digital offerings present the opportunity for 24/7 ordering, easy product information, and competitive pricing. A notable aspect of the industry competition is product offerings. It has been identified that on average, a company offers seven different variants of heat transfer fluids, with Dynalene, DowDuPont, Radco Industries, BASF, and Eastman bringing the highest number of products to the market.Some of the prominent players in the global heat transfer fluids market include:
- Dow Chemicals
- Eastman Company
- Exxon 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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