Heat Transfer Fluids Market Size, Growth, Share, Trends & Forecast 2023-2028

IMARC Group, a leading market research company, has recently released a report titled "Heat Transfer Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The study provides a detailed analysis of the industry, including the heat transfer fluids market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Heat Transfer Fluids Market?

The global heat transfer fluids market size reached US$ 10.56 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.42 Billion by 2028, exhibiting a growth rate (CAGR) of 5.20% during 2023-2028.

What are Heat Transfer Fluids?

Heat transfer fluids (HTFs), also known as thermic fluids, are chemicals in liquid or vapor form that transfer heat from one system to another. They are typically manufactured using synthetically formulated hydrocarbons, highly refined petroleum, or silicone. These fluids play a vital role in preventing overheating and enabling the storage of thermal energy. Heat transfer fluids offer the advantage of high temperatures at low system pressures and provide several benefits, including non-corrosive properties, high thermal conductivity and diffusivity, low viscosity, and extended operating lifetimes. As a result, they find extensive applications in processing facilities across various sectors such as automotive, chemical, oil and gas, renewable energy, and pharmaceutical industries. Heat transfer fluids are commonly used in condensers, regenerators, reboilers, and heat exchanging systems.

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What are the growth prospects and trends in the heat transfer fluids industry?

The heat transfer fluids market is driven by several factors. Firstly, there is extensive utilization of these fluids in concentrated solar power (CSP) plants, where they collect and transport solar energy to storage systems for electricity generation. Additionally, the increasing demand for heat transfer fluids in various stages of natural gas processing, such as sweetening, glycol dehydration, and fractionation, contributes to market growth. Furthermore, heat transfer fluids are gaining popularity in heating and cooling applications at food processing facilities for additive manufacturing, vegetable oil deodorizing, and packaging production. The use of these fluids in refining processes for heating reboilers and overhead cooling condensers is also a significant growth factor. Moreover, there is a growing need for heat transfer fluids in indirect heating of process liquids and polymers, single fluid batch processing, low-pressure cogeneration, and drying of bulk materials. These factors are expected to drive the heat transfer fluids market in the forecasted period.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Type Insights:

Mineral Oils
Synthetic Fluids
Glycols
Others

End User Insights:

Chemical
Oil and Gas
Food and Beverages
Pharmaceutical
Renewable Energy
Automotive
HVAC and Refrigeration
Others

Market Breakup by Region:

North America (United States, Canada)
Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Arkema S.A.
BASF SE
Chevron Corporation
Clariant AG
Dalian Richfortune Chemicals Co. Ltd.
Dow Inc.
Dynalene Inc.
Eastman Chemical Company
Exxon Mobil Corporation
Hindustan Petroleum Corporation Ltd. (Oil and Natural Gas Corporation)
Indian Oil Corporation Ltd.
Phillips 66 Company
Radco Industries Inc.
Shell plc
TotalEnergies SE

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This release was published on openPR.