WASHINGTON, Nov. 14, 2022 (GLOBE NEWSWIRE) -- As the world economy continues to grow, the demand for the heat transfer fluids market is also increasing. This is due to the fact that heat transfer fluids are used in a wide range of industries, from power generation and petrochemical processing to food and beverage production.
Market Overview
Vantage Market Research's analysis shows that the global heat transfer fluid market will reach USD 5,539.8 Million by 2028, up from USD 3,285.1 Million in 2021. This represents a CAGR (Compound Annual Growth Rate) of 9.1%. The report provides an in-depth analysis of the market, including its drivers, restraints, and opportunities. The study finds that the heat transfer fluids market is driven by factors such as the increasing use of renewable energy sources and the need for efficient thermal management in various applications. However, the market growth is hindered by the high cost of heat transfer fluids and the volatile nature of raw materials.
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Top 5 Market Dynamics in Global heat transfer fluid Market
There are several factors that are driving the demand for heat transfer fluids market.
- One of the most important is the need to improve efficiency in a variety of industries. Heat transfer fluids can help to improve the efficiency of heat transfer systems, and this is a key concern for many industries.
- Another factor that is driving demand is the need to reduce emissions from industrial processes. Heat transfer fluids can help to reduce emissions by providing a means of cooling process gases before they are released into the atmosphere.
- Additionally, the use of heat transfer fluids can help to improve process safety by providing a means of controlling temperatures in potentially hazardous situations in the heat transfer fluids market.
- Electric vehicles require high-temperature batteries in order to function, and heat transfer fluids can help to keep these batteries at an optimal temperature.
- Finally, the ever-increasing demand for data storage is driving demand for heat transfer fluids as well. Data centers rely on servers and other electronic equipment that generate a lot of heat, and heat transfer fluids can help to keep this heat under control.
List of Prominent Players in the heat transfer fluids Market:
- Dow (U.S.)
- Eastman (U.S.)
- Exxon Mobil (U.S.)
- Chevron (U.S.)
- Paratherm (U.S.)
- BASF (Germany)
- Lanxess (Germany)
- Huntsman (U.S.)
- Global Heat Transfer (U.K.)
- Royal Dutch Shell PLC (Netherlands)
- Phillips 66 (U.S.)
- Arkema (France)
- Schultz Canada Chemicals Ltd. (Canada)
- Radco Industries (U.S.)
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Recent Development:
- In 2022: Eastman announced the expansion of Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama. The plant expansion will increase US-based capacity by 50% and is expected to be completed in 2024.
- In 2022: Chevron completes acquisition of Renewable Energy Group. This acquisition is likely to help company leverage its strengths to provide lower carbon energy.
Key Report Findings
- There are many different types of heat transfer fluids, each with their own specific properties and applications in the global heat transfer fluids market. The most common type of heat transfer fluid is water, which has a high thermal conductivity and is relatively inexpensive. However, water can only be used up to a certain temperature before it begins to vaporize, making it unsuitable for high-temperature applications.
- Other common heat transfer fluids include oils, glycols, and silicones. These fluids have higher boiling points than water and therefore can be used in higher-temperature applications. Oils are also often used as lubricants in machinery, while glycols are used as antifreeze agents.
- The report on global heat transfer fluids market notes that the automotive industry is one of the major end-users of heat transfer fluids, accounting for over 30% of the total demand in 2021. The growing demand for light weight and fuel-efficient vehicles is driving the need for innovative heat transfer solutions that can help reduce emissions and improve fuel economy.
- The construction industry is another significant end-user of heat transfer fluid, with a demand share of over 10% in 2021.
- Increasing number of construction projects and strong demand for automotive especially in Asia Pacific and Middle East is driving the growth of the heat transfer fluids market in this region.
Renewable Energy Sectors to Command over 27% Share of Heat Transfer Fluids Market By 2030
It is estimated that by 2030, 30% of the total demand for the heat transfer fluid market will come from the renewable energy sector. This presents a significant challenge for the heat transfer fluids industry, as it must find ways to meet this growing demand while also ensuring the safety and reliability of its products. The use of heat transfer fluids in renewable energy applications is notoriously difficult, due to the high temperatures and pressures involved. As such, it is crucial that the industry works closely with the renewable energy sector to ensure that its products are up to the task in the heat transfer fluids market.
The main reason for this is that heat transfer fluid is used in a variety of applications related to solar energy, wind energy, and geothermal energy. For example, they are used in solar thermal power plants, which use sunlight to generate electricity. In addition, heat transfer fluids are used in many types of wind turbines, as well as in some types of geothermal power plants.
The demand for the heat transfer fluids market is expected to continue to grow in the future as the renewable energy sector expands. This is due to the fact that renewable energy sources are becoming increasingly popular as a way to generate electricity. In addition, many countries are investing more money into research and development related to renewable energy sources. As a result, it is likely that new and improved methods for using heat transfer fluids will be developed in the future.
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Segments Covered:
By Product Type
- Mineral Oils, Synthetic Fluids, Glycol-based Fluids, Other Product Types
By End Use
- Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, HVAC, Pharmaceutical, Other End Uses
By Region
- North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Synthetic Fluid to Generate More than 53% of Market Revenue
The demand for the heat transfer fluids market is being driven by the need for improved efficiency in a variety of industries, including power generation, chemicals, food and beverage, pharmaceuticals, and metals processing. In particular, the use of synthetic fluids—which have superior thermal properties compared to traditional fluids—is growing at a rapid pace.
Vantage Market Research's analysis shows that the heat transfer fluid market will reach USD 5,539.8 Million by 2028, up from USD 3,285.1 Million in 2021 This represents a CAGR (Compound Annual Growth Rate) of 9.1%. Synthetic fluids have a number of advantages over traditional fluids, including a lower risk of corrosion and a higher thermal stability. As a result, synthetic fluids are increasingly being used in a variety of applications, such as in the automotive and aerospace industries.
The majority of this growth of the synthetic heat transfer fluids market will come from Asia Pacific, where demand for heat transfer fluids is expected to grow at a compound annual rate of 10.5% between 2022 and 2028. North America and Europe will also see significant growth, with compound annual rates of 6.3% and 5.7%, respectively.
Growing Demand for Customized Heat Transfer Fluids Offers Lucrative Growth Opportunity for Manufactures
In the current market landscape, there is a growing trend of companies looking for customized solutions for their heat transfer fluid needs. This presents a lucrative opportunity for suppliers who are able to offer such solutions.
There are several reasons why this trend is emerging in the global heat transfer fluids market. Firstly, as end users become more aware of the different options available to them, they are increasingly looking for ways to optimize their processes and improve efficiency. Secondly, the competitive landscape has become more fragmented, with numerous suppliers offering similar products and services. As a result, companies are looking for ways to differentiate themselves from their competitors. Offering customized solutions for heat transfer fluid is one way to do this.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Heat Transfer Fluids Market Forecast Report (2022-2028).
How can companies capitalize on this opportunity?
By working closely with clients to understand their specific needs and requirements, suppliers in the heat transfer fluids market can develop tailor-made solutions that offer significant advantages over off-the-shelf products. In addition, customized solutions can be developed quickly and at a relatively low cost, which makes them an attractive option for many companies.
As the demand for customized heat transfer fluid solutions continues to grow, there is a huge opportunity for suppliers who are able to meet this need. Those who are able to provide such solutions will be well-positioned to capitalize on this trend and reap the rewards.
Regional Analysis
- North America accounts the largest share for the heat transfer fluids market during the forecast period of 2022 to 2028 because of the high manufacturing output and per capita income, industrialization, availability of base stock, enforcement of strict regulations and ongoing product innovation and government initiatives in the region.
- Asia Pacific is currently the fastest-growing market for heat transfer fluids. Due to the rising active efforts in energy saving techniques, China has the largest share in the region. Rapid industrialization along with advances in machinery in countries such as India and South Korea has increased the importance of heat transfer fluids industry.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 3,285.1 Million |
| Revenue Forecast by 2028 | USD 5,539.8 Million |
| CAGR | 9.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Dow, Eastman, Exxon Mobil, Chevron, Paratherm, BASF, Lanxess, Huntsman, Global Heat Transfer, Royal Dutch Shell PLC, Phillips 66, Arkema, Schultz Canada Chemicals Ltd., Radco Industries |
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The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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- Top Companies in Heat Transfer Fluids Market by Size, Share, Historical and Future Data & CAGR.
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