Dublin, Oct. 19, 2022 (GLOBE NEWSWIRE) -- The "Global Heat Transfer Fluids (HTFs) Market by Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids), End-use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global market for HTFs is estimated to be worth USD 3.7 billion in 2022 and is projected to reach USD 5.8 billion by 2027, rising at a CAGR of 9.3% between 2022 and 2027.
This is attributed to the increasing number of concentrated solar power plants with the rising demand for clean energy drives the growth of the HTF market. Moreover, HTFs plays crucial role in providing effective solutions to utilize heat more productively in various end-use like food & beverage, automotive, etc.
In terms of value, glycol-based fluids are the third fastest-growing segment in the HTF market, by product type, during the forecast period
Glycol-based HTFs are odorless and high-performance fluids designed for industrial applications, with a special focus on high thermal efficiency and durability. They give high thermal efficiency and durability in industrial applications. Their enclosed system ensures cleanliness, reduces wear and tear, and eliminates filtration requirements.
In terms of value, pharmaceutical is estimated to be third fastest-growing segment in the HTF market, by end-use industry, during the forecast period
The pharmaceutical industry uses HTFs to design and manufacture new products. A wide temperature range is required because chemical reactions occur at high-temperatures, and crystallization occurs at lower temperatures during manufacturing a final product. Mineral- and silicone-based HTFs are used in pharmaceutical processing because of their thermal stability, high purity, and heat transfer efficiency. Safety is an essential criterion for using HTFs in the pharmaceutical industry. Food-grade HTFs are used in case of accidental contact takes place. These are colourless, odourless, and non-toxic.
North America accounted for the third-largest share in the HTF market, by value
The market in North America consists of leading manufacturing companies such as The Dow Chemical Company, Chevron, Schultz Canada Chemicals Ltd., and Exxon Mobil. The high demand for HTFs from the chemical, oil & gas, and automotive industries drives the market. According to the ICCA-chem economic analysis report, base chemicals and fertilizers dominate the chemical industry in the region. According to the Center for Strategic and International Studies (CSIS), the development of abundant tight oil and unconventional natural gas resources drives the economic growth of North America. The regional market has been segmented into the US, Canada, and Mexico.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities for Players in HTF Market
4.2 Asia-Pacific: HTF Market, by End Use and Country
4.3 HTF Market, by Product Type
4.4 HTF Market, by End Use
4.5 HTF Market, by Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rapid Industrialization and Supportive Renewable Energy Policies in Asia-Pacific
5.2.1.2 Growing Number of Concentrating Solar Power Projects
5.2.1.3 Increased Use of HTFs to Reduce Operating Costs and Save Energy
5.2.2 Restraints
5.2.2.1 Volatile Raw Material Prices
5.2.3 Opportunities
5.2.3.1 Increasing Need for Energy Conservation and Clean Energy
5.2.3.2 Government Schemes Focused on Energy Efficiency and Renewable Energy
5.2.4 Challenges
5.2.4.1 Fire and Explosion Hazards Related to Thermal HTFs
5.3 Porter's Five Forces Analysis
5.4 Value Chain Analysis
5.5 Ecosystem
5.6 COVID-19 Impact Analysis
5.6.1 COVID-19 Economic Assessment
5.6.2 Effects on Country-Level GDP
5.6.3 Impact on End-users
5.7 Pricing Analysis
5.7.1 Average Selling Price, by Region
5.7.2 Average Selling Price, by Product Type
5.7.3 Average Selling Price, by Key Player
5.8 Trade Analysis
5.9 Macroeconomic Data
5.9.1 Oil Production Data
5.9.2 Renewable Energy Production Data
5.9.3 Automotive Production Data
5.10 Trends/Disruptions Impacting Customer Business
5.11 Case Study Analysis
5.11.1 Eastman Offered Therminol Heat-Transfer Fluid to Indorama Ventures to Increase Its Plant Efficiency
5.11.2 Hydromx Saved 35% Energy Costs by Installing Glycol-based CRAC Units in Cass County Electric Cooperative Building
5.11.3 Chromalox and Eastman Meet High-Temperature Demands of Chemical Production Plant
5.12 Key Conferences and Events, 2022-2023
5.13 Factors Influencing Buying Decisions
5.14 Tariff and Regulatory Landscape
5.15 Patent Analysis
6 HTF Market, by Product Type
6.1 Introduction
6.2 Mineral Oils
6.2.1 Designed for Industrial Application Below 300C
6.3 Synthetic Fluids
6.3.1 Sui Table for High-Temperature Applications
6.4 Glycol-based Fluids
6.4.1 Reduce Maintenance Costs as They Comprise Anti-Corrosive Additives
6.5 Others
7 HTF Market, by End Use
7.1 Introduction
7.2 Chemical & Petrochemical
7.2.1 Implementation of HTFs in Chemical Plants Owing to Their Corrosion Resistance, Nontoxicity, and Low Volatility Properties
7.3 Oil & Gas
7.3.1 Adoption of HTFs in Oil & Gas Plants to Reduce Vibrations in Transducers, Cables, and Control Valves
7.4 Automotive
7.4.1 Use of HTFs in Automobile Batteries, Compressors, and Motors for Efficient Heat Transfer
7.5 Food & Beverage
7.5.1 Utilization of HTFs as Substitute for Steam in Food Processing Plants
7.6 Renewable Energy
7.6.1 Deployment of HTFs in CSP Plants due to Their High Oxidation Resistance and Thermal Stability
7.7 Pharmaceutical
7.7.1 Implementation of Food-Grade HTFs in Pharmaceutical Applications Because of Thermal Stability and High Purity Requirements
7.8 HVAC
7.8.1 Corrosion Resistance and Long-Term Stability of HTFs to Increase Their Demand for HVAC Applications
7.9 Others
8 HTF Market, by Region
9 Competitive Landscape
9.1 Overview
9.2 Strategies Adopted by Key Players
9.3 Market Ranking Analysis
9.4 Market Share Analysis
9.5 Revenue Analysis of Top Players
9.6 Market Evaluation Matrix
9.7 Company Evaluation Matrix
9.7.1 Stars
9.7.2 Emerging Leaders
9.7.3 Pervasive Players
9.7.4 Participants
9.8 Start-Ups and Small and Medium-Sized Enterprises (SMEs) Evaluation Matrix
9.8.1 Responsive Companies
9.8.2 Starting Blocks
9.9 Competitive Benchmarking
9.9.1 Company Product Type Footprint
9.9.2 Company End Use Footprint
9.9.3 Company Region Footprint
9.10 Strength of Product Portfolio
9.11 Business Strategy Excellence
9.12 Competitive Scenario
9.12.1 Product Launches
9.12.2 Expansions, Collaborations, and Investments
9.12.3 Mergers & Acquisitions
10 Company Profiles
10.1 Major Players
10.1.1 The Dow Chemical Company
10.1.2 Eastman Chemical Company
10.1.3 ExxonMobil
10.1.4 Chevron
10.1.5 Huntsman Corporation
10.1.6 Shell PLC
10.1.7 Lanxess
10.1.8 Clariant AG
10.1.9 Wacker Chemie AG
10.1.10 Indian Oil Corporation
10.1.11 Schultz Canada Chemicals Ltd.
10.2 Other Players
10.2.1 Paratherm
10.2.2 Arkema
10.2.3 BASF
10.2.4 Dalian Richfortune Chemicals
10.2.5 British Petroleum
10.2.6 Dupont Tate & Lyle
10.2.7 Dynalene
10.2.8 Hindustan Petroleum Corporation
10.2.9 Global Heat Transfer
10.2.10 ISEL
10.2.11 Paras Lubricants Limited
10.2.12 Petro-Canada
10.2.13 Phillips 66
10.2.14 Radco Industries
10.2.15 Schaeffer Specialized Lubricants
11 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/273whx
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