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Fatpos Global

Heat Transfer Fluids Market  Size & Share Trends & Forecast to 2030- Industry Analysis by Regions Type and Applications

September 7th, 2021 10:36 AM

Heat Transfer Fluids Market to surpass USD 14.64 billion by 2030 from USD 7.05 billion in 2020 at a CAGR of 7.59% within the coming years, i.e., 2020-30.The main drivers to boom the Global Heat Transfer Fluids Market are the use of heat transfer fluids, which are industrial products derived from petroleum sources, to prevent overheating and store thermal energy, and the increasing demand for the product due to its low viscosity, non-corrosive nature, high thermal conductivity and diffusivity and extreme phase transition temperatures of the market for heat transfer fluids.

Heat transfer fluids (HTF) are gases or liquids that are specially made to transfer heat from one system to another. These fluids are made from highly refined petroleum, synthetic hydrocarbons, or siloxanes (silicone). They deliver high temperatures at very low system temperatures. Pressures and also provide safety, low maintenance, and longer lifespan as main benefits.

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Key Players 

  • Arkema S.A.
  • BASF SE
  • BP PLC
  • Daicel Chemical Industries, Ltd.
  • Exxon Mobil Corporation
  • JX Holdings, Inc.
  • Lyondell Basell Industries N.V.
  • Nippon Refine Co., Ltd.
  • Royal Dutch Shell PLC
  • Sinopec Corp.
  • SK Innovation Co., Ltd.

Heat Transfer Fluids Market: Segments

Mineral Oil segment to grow with the highest CAGR during 2020-2030

The Heat Transfer Fluids Market is segmented by Type into Mineral Oils, Synthetic Fluids, Glycols, and Others. Mineral Oil segment accounted for the major share in 2019. The low-cost properties of Mineral Oils are increasing in the Heat Transfer Fluids Market. Even if the cost of replacing the fluid is higher, the cost of replacing Mineral Oil is much less than the cost of replacing a synthetic fluid. in the APAC and MEA regions, where the focus is on the use of low-cost products.

Chemical segment to grow with the highest CAGR during 2020-2030

The Heat Transfer Fluids Market is segmented By End-Use Industry into Chemical, Oil & Gas, Food & Beverages, Pharmaceutical, Renewable Energy, Automotive, HVAC & Refrigeration, and Others. The Chemicals segment had the largest share of the Heat Transfer Fluids Market in 2019. The increased demand for chemicals from the automotive, energy and raw materials, construction, consumer goods, electronics, and health and nutrition industries has led to increased production of chemicals led to an increased demand for heat transfer fluids by chemical manufacturers for indirect heating of process fluids and polymers, single fluid dosing, pipe tracking, energy recovery, CHP low-pressure drying and heating of bulk materials and gas processing.

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Heat Transfer Fluids Market: Market Dynamics

Drivers

Improved performance of HTFs

Due to better heat transfer properties than petroleum of comparable viscosity, the Heat Transfer Fluids Market is booming. They have exceptional thermal and oxidation stability and are widely used in open heat transfer systems, chemical processing equipment, laminating and calendering rolls, molds, etc., and dyes in the rubber and plastic, zinc die casting, and aluminum alloy industries. The use of thermal HTFs leads to an increased production volume, improved product quality, and low maintenance costs. Coupled with reduced costs, the operation has grown the Heat Transfer Fluids Market tremendously.

Restraints

Fire and explosion hazards

Various high-temperature chemical processing applications, such as plastics processing, metal processing, and specialty chemical production, require organic liquids, which are explosive and limit the growth of the Heat Transfer Fluids Market. Crude oil prices have a direct impact on the price movements of raw materials needed for heat transfer fluids, which hinders Heat Transfer Fluids Market growth. The scenario has forced market participants to improve the efficiency and productivity of their operations in order to maintain growth and hold heat transfer fluids, on the other hand, Growing concerns about fire and explosion hazards and the implementation of stringent regulations are the factors likely to hamper the growth of the Heat Transfer Fluids Market in the forecast period from 2020 to 2030.

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Heat Transfer Fluids Market is further segmented by region into:

  • North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
  • Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
  • Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Heat Transfer Fluids Market report also contains analysis on:

Heat Transfer Fluids Market Segments:

  • By Type
    • Mineral Oils
    • Synthetic Fluids
    • Glycols
    • Others
  •  By End-Use Industry
    • Chemical
    • Oil & Gas
    • Food & Beverages
    • Pharmaceutical
    • Renewable Energy
    • Automotive
    • HVAC & Refrigeration
    • Others

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