Heat Transfer Fluids Market is Growing on Account of its Application in a Large Number of Industrial Process

The global heat transfer fluids market is likely to showcase a growth of around 4% during the forecast period. This can be ascribed to its use in a large number of industrial processes. Industries like chemical, oil & gas, pharmaceutical, automotive, HVAC-R, and renewables are some of the major consumers of heat transfer fluids owing to large and complex processes which require suitable operating temperatures. With the help of heat transfer fluid, these industries are able to control the process temperature.

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A large number of the complex processes are a routine part of several industries like chemical, oil & gas, food & beverage, pharmaceuticals, and renewables. During the process, maintaining a process suitable temperature is a prerequisite condition to run the operation efficiently and to protect from system downtime. Heat transfer fluids have the ability to maintain the required condition, therefore they are widely used in the industries. As the industrial processes are getting bigger in size in order to meet the growing demand, companies are using large-size machines and systems to increase industrial production. This increase in the size of operations and installation of new machines in the facilities is further fueling the market for heat transfer fluids. Further, in industries like renewable energy, heat transfer fluids are used in the concentrated solar photovoltaic (CSP) application. CSP uses reflectors to concentrate sunlight onto a receiver containing heat transfer fluid, which is heated and used to convert water to steam. The steam turns turbines, leading to electricity generation. The heat transfer fluid can also be used to store energy from the sunlight, allowing consistent power provision despite the intermittent supply of sunlight. Thus, rising investment in renewables including CSP is expected to make renewables a new revenue generation market for heat transfer fluids.

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Based on type, the market is categorized into mineral oils, synthetic fluids, glycols, and others. During the forecast period, synthetic fluids are likely to showcase considerable growth. This can be ascribed to its property of showing better thermal degradation resistance at high temperatures. This helps in protecting against thermal degradation in case the upper operating temperature is exceeded. Owing to this, industries are increasingly adopting synthetic fluids.

Based on industry, the market is categorized into chemical, oil & gas, food & beverage, pharmaceuticals, renewables, automotive, HVAC-R, and others. Of these, the renewable segment is likely to showcase robust growth during the forecast period owing to increasing investment in the renewable sector including CSP. Countries across the globe have set the target to increase the renewable share in the overall country energy mix. Thus, it is expected that with the increasing number of CSP projects, the consumption of heat transfer fluids in the renewable sector is likely to increase.

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For a better understanding of the market adoption of heat transfer fluids, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a prominent share in the market owing to the large base of chemicals, automotive, and oil & gas industries which are among the largest consumer of heat transfer fluid. Further, the region’s economies are taking several steps to promote the renewable sector, which is again fueling the regional heat transfer fluids market.

Global Heat Transfer Fluids Market Segmentation

Market Insight, by Type

• Mineral Oils
• Synthetic Fluids• Glycols• Others

Market Insight, by Industry

• Chemical
• Oil & Gas• Food & Beverage• Pharmaceuticals• Renewables• Automotive• HVAC-R• Others

Market Insight, by Region

• North America Heat Transfer Fluids Market
  • United States
  • Canada
  • Rest of North America
• Europe Heat Transfer Fluids Market
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific Heat Transfer Fluids Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Heat Transfer Fluids Market

Top Company Profiles

• Eastman Chemical Company
• Dow Inc.• Exxon Mobil Corporation• Chevron Corporation• Huntsman Corporation• Royal Dutch Shell plc• Lanxess AG• Clariant AG• BP plc• Paratherm