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Heat Transfer Fluids Market Size Worth $14.2 Billion By 2030, Driven By Increasing Adoption Of Concentrated Solar Power And Rising Demand From Manufacturing & Energy Sectors | Grand View Research, Inc

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Heat Transfer Fluids Market Size Worth $14.2 Billion By 2030, Driven By Increasing Adoption Of Concentrated Solar Power And Rising Demand From Manufacturing & Energy Sectors | Grand View Research, Inc

May 18
06:45 2022
Heat Transfer Fluids Market Size Worth $14.2 Billion By 2030, Driven By Increasing Adoption Of Concentrated Solar Power And Rising Demand From Manufacturing & Energy Sectors | Grand View Research, Inc
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, Heat transfer fluids are industrial products derived from petroleum sources that are used to prevent overheating and for the storage of thermal energy.

Heat Transfer Fluids Market Overview

The global heat transfer fluids market size was estimated at USD 10.3 billion in 2021 and is projected to reach USD 14.2 billion by 2030, at a CAGR of 3.6% from 2022 to 2030.

The adoption of concentrated solar power globally is one of the major factors driving the demand. Heat transfer fluids are industrial products derived from petroleum sources that are used to prevent overheating and for the storage of thermal energy. The basic raw materials involved in the production are crude oil, silica, and base oils. The important characteristics that define a heat transfer fluid are low viscosity, non-corrosive nature, high thermal conductivity and diffusivity, and extreme phase transition temperatures.

Gather more insights about the market drivers, restrains and growth of the Global Heat Transfer Fluids Market

The COVID-19 pandemic caused serious disruption in businesses and supply chains. The negative impact of a pandemic on the oil & gas industry also hampered its growth of the industry. The decrease in supply and demand for oil & gas, especially in North America and Europe, halted the onshore and offshore production processes, impacting the market growth. The suspension of new solar power projects installation work and disruption in activities of operational plants also obstructed the market growth. The U.S. is one of the important contributors to the global installed CSP capacity.

                         U.S. heat transfer fluids market size, by product, 2020 - 2030 (USD Billion)

The country strategically delivers its power outputs, by using CSP units when the demand is particularly high. Heat transfer fluids (HTFs) have been identified as one of the crucial components used to improve the efficiency of concentrated solar power plants. They play an important role in the collection of energy from the solar field and transport it to the energy storage systems. This stored energy is later utilized for generating electricity after sunset or even in cloudy weather conditions. Compared to PV systems, CSP plants possess capabilities to add storage capacity of an extra six hours, which leads to the operational value of USD 35.8/MWh.

The increasing scope of CSP and its competitive advantages over other renewable energy sources is responsible for the high growth and significant penetration of HTFs in the segment. HTFs are used in the oil and gas industry, which is a key contributor to the U.S. economy. The country is projected to up its liquids and natural gas production over the foreseeable future as a result of shale resource development, thereby boosting the product demand. Major manufacturers are involved in the captive consumption of these thermal oils. Others distribute them to target markets through third-party suppliers.

Some of the major suppliers of HTFs in the industry are Paratherm, Hubbard Hall, Thermic Fluids Pvt. Ltd., and Inlet Petroleum Co. (IPC). Most of these suppliers offer multi-brand fluids and have a separate internet-based portal for selling their products. With heavy investments in research & development activities, major industry participants are shifting toward bio-based thermic oils to comply with government regulations. The shift from synthetic to bio-based thermic oils is anticipated to be a disrupting trend fueled by stringent regulations and strict scrutiny of available products in the marketplace.

Heat Transfer Fluids Market Segmentation

Based on the Process Insights, the market is segmented into Silicone Fluids, Aromatic Fluids, Mineral Oils, Glycol-based Fluids and Other (Including Molten Salts & HFPE).

  • Glycol-based HTFs form the fastest-growing product category as they exhibit excellent antifreeze properties; the segment is anticipated to exhibit a CAGR of 4.1% over the forecast period.
  • Mineral oils are generally utilized in diverse convenient radiator heaters, which are used broadly for commercial as well as residential applications.

Based on the Application Insights, the market is segmented into Oil & Gas, Chemical Industry, CSP, Food & Beverages, Plastics, Pharmaceuticals, HVAC and Others.

  • The oil & gas segment accounted for the maximum revenue share of more than 22.00% in 2021. 
  • In the chemical industry, reboilers are used as heat exchangers to provide heat to distillation column bottoms. Reboilers boil the liquids from the bottom of the distillation column to form vapors that are used to drive the distillation column separation. 

Based on the Heat Transfer Fluids Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa (MEA)

  • The North America region accounted for the largest volume-based share of 28.3% in 2021.
  • Governments across the Europe region have been making significant efforts to promote the use of concentrated solar power. There are 59 operational concentrating solar power projects across Europe, out of which, 52 are located in Spain.

Browse through Grand View Research’s Petrochemicals Industry Research Reports.

  • Base Oil MarketThe global base oil market size was valued at USD 20.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. The growth is attributed to the increasing utilization of engine oils from industries such as metallurgy, automotive, chemicals, heavy equipment, and power generation.
  • Petrochemicals MarketThe global petrochemicals market size was valued at USD 556.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030.

Market Share Insights:

  • April 2019: Eastman Chemical Co. announced that it has acquired Marlotherm, heat transfer fluids manufacturing assets, intellectual property, related formulations, and customer contracts located in Germany from Sasol, which is a global chemical and Energy Company. This acquisition will help Eastman to expand its heat transfer fluids product offerings to customers around the globe.
  • September 2019: Valvoline a manufacturer, and supplier of premium branded lubricants and automotive services, announced the first of its electric vehicle specific product and service offerings with the introduction of Valvoline EV Performance Fluids.

Key Companies Profile:

The global market is moderately consolidated with major companies striving for market leadership.  These companies have appointed authorized resellers or third-party distributors to cater to the local and regional demands. Manufacturing companies have also partnered with e-commerce companies to distribute their products across a particular region or globally. 

Some prominent players in the global Heat Transfer Fluids market include

  • Dow Chemicals
  • Eastman Company
  • Exxon Mobil
  • Shell
  • BP

Order a free sample PDF of the Heat Transfer Fluids Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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