Heat Transfer Fluids (HTF) Market Size & Share Analysis (2023-2030): Arkema, Basf, British Petroleum, Chevron, Clariant Ag, Dalian Richfortune Chemicals, Eastman Chemical Company

Heat Transfer Fluids (HTF) Market, By Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids), End Use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The global Heat Transfer Fluids (HTF) market size was estimated at USD 3.6 billion in 2023 and is projected to reach USD 7.4 billion in 2030 at a CAGR of 9.50% during the forecast period 2023-2030.

The prominent players in the Heat Transfer Fluids (HTF) market are Arkema, Basf, British Petroleum, Chevron, Clariant Ag, Dalian Richfortune Chemicals, Dupont Tate & Lyle
Dynalene, Eastman Chemical Company, Exxonmobil, Global Heat Transfer, Hindustan Petroleum Corporation, Huntsman Corporation, Indian Oil Corporation, Isel, Lanxess, Paras Lubricants Limited, Paratherm, Petro-Canada, Phillips 66, Radco Industries, Schaeffer Specialized Lubricants, Schultz Canada Chemicals Ltd., Shell Plc, The Dow Chemical Company, Wacker Chemie Ag, and Others.

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Heat Transfer Fluids (HTF) Market Recent Developments:

In 2022, Chevron completed the acquisition of the Renewable Energy Group. Chevron completed the acquisition of the Renewable Energy Group. This acquisition is expected to help company leverage its strengths to deliver lower carbon energy.

In 2022, Eastman announced to expand the Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama. Plant expansion is expected to be completed in 2024 and will increase US-based capacity by 50%.

Heat Transfer Fluids (HTF) Market Key Findings:

The Product Type segment is further fragmented into Mineral Oils, Synthetic Fluids and Glycol-Based Fluids. The Synthetic fluids segment is expected to account for a larger market size during the forecast period. Synthetic fluids surpass mineral oils in numerous aspects owing to their exceptional properties. They remain immune to oxidation, thermal breakdown, and oil sludge issues, thereby contributing towards minimizing evaporation losses. Moreover, their molecular structure exhibits uniformity and possesses robust bonds, rendering them thermally stable and durable, and augmenting their viscosity index. Additionally, their eco-friendly nature leads to reduced oil waste production. Nonetheless, their cost is comparatively higher than their mineral oil counterparts.

The End Use segment is further bifurcated into Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy and Pharmaceutical. The Renewable energy industry is the largest market during the forecast period. Heat transfer fluids (HTFs) find their application in an array of renewable energy technologies such as concentrated solar power (CSP) plants, biodiesel production systems, wind turbines, and geothermal systems. Furthermore, HTFs can serve as an energy storage medium for the solar energy, which facilitates a consistent power supply in spite of the intermittent availability of sunlight. The demand for solar energy, in conjunction with the government's stringent regulations on clean energy, is anticipated to drive the growth of HTFs in the renewable energy industry.

The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe is estimated to account for the largest market share during the forecast period due to rising population coupled with increasing energy demand has propelled the power and energy sector growth.

Heat Transfer Fluids (HTF) Market Regional Analysis:

Europe to Dominate the Market

Europe is estimated to account for the largest market share during the forecast period due to rising population coupled with increasing energy demand has propelled the power and energy sector growth.

Moreover, Ongoing construction of new solar plants along with existing demand in industrial sectors including, automotive and metal processing is anticipated to drive the industry demand in the region.

Delvens Industry Expert's Standpoint

The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Heat transfer fluids (HTFs) are extensively employed in the chemical, oil and gas, and renewable energy sectors. Within the chemical processing industry, heat transfer is essential for the indirect heating of process liquids and polymers, single fluid batch processing, pipeline tracing, energy recovery, low-pressure cogeneration, the drying and heating of bulk materials, and gas processing. The escalating demand for chemicals from the automotive, energy and resources, construction, consumer goods, electronics, and health and nutrition industries has led to an increase in chemical production, which has in turn increased the demand for HTFs from chemical manufacturers. Additionally, HTFs are utilized in concentrated solar power (CSP) or solar energy generation and solar thermal storage, using concentrators such as parabolic trough-based systems. These fluids are employed to collect heat energy and transport it to a power station for thermal storage as a renewable energy technology. The increase in demand for clean energy worldwide has led to the establishment of various concentrated solar power plants across the globe. These factors have led to the expansion of the market and increased demand for Heat Transfer Fluids (HTF) solutions.

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