Chicago, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Markets N Research has recently released expansive research on Global Heat Transfer Fluids Market with 220+ market data Tables, Pie Chart, and Graphs & Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment.
As per the report titled "Heat transfer fluids Market Size, Share & COVID-19 Impact Analysis, By Product Type (Mineral Oils, Synthetic Fluids, Glycol-based Fluids and Others), By End-Use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, HVAC, Pharmaceutical and Others), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 3.5 billion and USD 5.9 billion in 2030. The market is expected to exhibit a CAGR of 9.10% during the forecast period.
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Heat Transfer Fluids Market Analysis:
The primary factors driving the market for heat transfer fluids are the use of these industrial products, which are made from petroleum, to prevent overheating and store thermal energy, as well as the rising demand for products due to their low viscosity, high thermal conductivity and diffusivity, non-corrosive nature, and extreme phase transition temperatures. The growth of the heat transfer fluids market is accelerated by the essential elements used to boost the efficiency of concentrated solar power plants, their critical role in the collection and delivery of solar energy to energy storage systems, the expanding application of CSP, and its competitive advantages over other renewable energy sources.
Recent development:
- April 2019: The German-based manufacturer of heat transfer fluids Marlotherm, together with its intellectual property, related formulations, and client contracts, has been acquired by Eastman Chemical Co. from Sasol, a multinational chemical and energy company. With this acquisition's aid, Eastman will offer its customers a wider range of heat transfer fluid products.
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 9.10 % |
| 2030 Value Projection | 5.9 billion |
| Base Year | 2022 |
| Market Size in 2022 | 3.5 billion |
| Historical Data for | 2016 - 2021 |
| Segments covered | By Product Type, By End Use and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
List Of Key Companies Profiled:
- Dow Chemicals
- Eastman Company
- Exxon Mobil
- Shell
- BP
Eastman announced plans to increase production of Therminol 66 heat transfer fluid
In 2022, Eastman announced plans to increase Anniston, Alabama's Therminol 66 heat transfer fluid capability. The plant's expansion will double US capacity and is anticipated to be finished in 2024.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the heat transfer fluids market plan acquisitions to improve their brand recognition globally. For instance, in September 2019, The launch of Valvoline EV Performance Fluids marked the beginning of Valvoline's line of electric vehicle-specific products and services. Valvoline is a manufacturer and supplier of premium branded lubricants and automotive services. In addition to ValvolineTM EV Heat Transfer Fluid, ValvolineTM EV Drive System Fluid, ValvolineTM EV Brake Fluid, and ValvolineTM EV Grease, the company's global product line will also contain these items. These fluids are made to meet the wide range of requirements of increasing EVs on the road.
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Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- MNR research methodology
Driving Factors:
- Market Growth Is Predicted to Be Driven by Growing Demand for Heat Transfer Fluid for Energy-Efficient Solutions
The temptation to boost productivity is enormous in today's manufacturing and process-related sectors. As a result, the heat transfer fluids system's operational temperature must rise and exert pressure for longer. Particularly in the 24-hour/day/night operating industries, there is a considerable demand for these items. For example, it significantly impacts production facilities in the chemical and petrochemical process sectors. These fluids help regulate the temperature in these industries, where the working temperature is very high.
- Demand for Concentrated Solar Power Will Rise, Supporting Growth
Solar collectors utilize heat transfer fluids in addition to water and water-glycol combinations. They are starting to appear as trimethylene glycol, also known as "green glycol." Additionally, various hydrocarbon oils are employed in various compositions, including paraffinic, aromatic, and naphthenic oils in ascending order of temperature. In other cases, semi-synthetic goods are also utilized. There is a strong demand for these goods for high-temperature collectors, and several studies and advances are being made for their application worldwide. To maximize their advantages, several high-temperature collectors use synthetic hydrocarbon oils.
Restraining Factors:
- Fluctuating Costs For Raw Materials To Limit Market Growth
Crude oil is one of the main raw materials utilized to create heat transfer fluids. Due to the continually shifting supply-demand situation, crude oil is a very volatile commodity. One of the major problems facing the market for heat transfer fluids is the unpredictability of crude oil prices. In 2020, the price of crude oil declined by 20.54%; in 2019, it increased by 34.46%; in 2018, it decreased by 24.84%; and in 2017, it increased by 12.47%. This illustrates how volatile crude oil is, which poses one of the main problems for the market for heat transfer fluids.
Challenging Factors:
- Problems Related to Product Cracking Are Predicted to Hurt the Market
The procedure for how heat transfer fluid ages is a little difficult. Thermal cracking of fluids happens when a system operates at extremely high temperatures, which results in the breakdown of oil molecules and the creation of coke. This development may cause a fluid's viscosity and flashpoint to decrease, which will raise the vapor pressure. The flashpoint is the temperature at which a fluid's vapor starts to ignite. Coke will be baked into the system, producing a hotspot that could burn the metal surface. Therefore, the makers must do routine system and working fluid health inspections.
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Global Heat Transfer Fluids Market Segmentations:
Global Heat Transfer Fluids Market By Product Type:
- Mineral Oils
- Synthetic Fluids
- Glycol-based Fluids
- Others
Global Heat Transfer Fluids Market By End Use:
- Chemical & Petrochemical
- Oil & Gas
- Automotive
- Renewable Energy
- HVAC
- Pharmaceutical
- Others
Global Heat Transfer Fluids Market Regional Insights:
North America is projected to hold the largest share of the heat transfer fluids market over the forecast period because there are several manufacturers in the area. Demand for the product has also increased due to strict laws on carbon emissions and ongoing R&D efforts for novel and creative solutions. Demand for HTFs has increased due to continual product advancements and the adoption of strict restrictions. Production is anticipated to increase throughout the forecast period due to the availability of base stock, one of the key raw materials.
Further Report Findings:
- The market in North America is expected to gain a huge portion of the global heat transfer fluids market share in the coming years since the automotive and energy sectors are both well-established.
- Due to strict government emission control rules, the region is also expected to experience significant expansion.
- In the Asia Pacific, the growth in this region is primarily driven by accelerated industrialization and rising energy needs. More product demand is projected as a result of the growing population and rising consumer disposable income levels.
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Key questions answered in this report:
- What is the size of the Heat Transfer Fluids market and what is its expected growth rate?
- What are the primary driving factors that push the Heat Transfer Fluids market forward?
- What are the Heat Transfer Fluids Industry's top companies?
- What are the different categories that the Heat Transfer Fluids Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Heat Transfer Fluids market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis By Product Type, By End Use and By Geography
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Table of Content
Chapter 1: Preface
Chapter 2: Report Summary
Chapter 3: COVID 19 Impact Analysis
Chapter 4: Global Heat Transfer Fluids Market, By By Product Type Segment Analysis
Chapter 5: Global Heat Transfer Fluids Market, By End Use Segment Analysis
Chapter 6: Heat Transfer Fluids Market – Regional Analysis, 2023 – 2030
Chapter 7: Heat Transfer Fluids Market – Industry Analysis
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
Chapter 10: Research Methodology
Chapter 11: Questionnaire
Chapter 12: Related Reports
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Key Insights from Primary Research/Key Insights & Findings from the report:
- As per the analysis shared by our primary respondents, the Heat Transfer Fluids market is expected to grow annually at a CAGR of around 9.10%.
- Through primary research, it was established that the Heat Transfer Fluids market size was valued at around USD 3.5 billion in 2022.
- The Heat Transfer Fluids market is segmented based on product: mineral oils, synthetic fluids, glycol-based fluids and others. The mineral oils category was predicted to show maximum market share in the year 2021.
- The key factor driving the market is Growing Demand for Heat Transfer Fluid for Energy-Efficient Solutions
- The “North America” region will lead the global Heat Transfer Fluids market during the forecast period 2022 to 2030.
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Global Heat Transfer Fluids Market Size, Share & COVID-19 Impact Analysis, By Product Type (Mineral Oils, Synthetic Fluids, Glycol-based Fluids and Others), By End-Use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, HVAC, Pharmaceutical and Others), and Regional Forecasts, 2023-2030
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