Heat Transfer Fluids (HTFs) Market by Product Type, End-use and Region – Global Forecast to 2027 – ResearchAndMarkets.com

Heat Transfer Fluids (HTFs) Market by Product Type, End-use and Region – Global Forecast to 2027 – ResearchAndMarkets.com




Heat Transfer Fluids (HTFs) Market by Product Type, End-use and Region – Global Forecast to 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Heat Transfer Fluids (HTFs) Market by Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids), End-use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical), and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The global market for HTFs is estimated to be worth USD 3.7 billion in 2022 and is projected to reach USD 5.8 billion by 2027, rising at a CAGR of 9.3% between 2022 and 2027.

This is attributed to the increasing number of concentrated solar power plants with the rising demand for clean energy drives the growth of the HTF market. Moreover, HTFs plays crucial role in providing effective solutions to utilize heat more productively in various end-use like food & beverage, automotive, etc.

In terms of value, glycol-based fluids are the third fastest-growing segment in the HTF market, by product type, during the forecast period

Glycol-based HTFs are odorless and high-performance fluids designed for industrial applications, with a special focus on high thermal efficiency and durability. They give high thermal efficiency and durability in industrial applications. Their enclosed system ensures cleanliness, reduces wear and tear, and eliminates filtration requirements.

In terms of value, pharmaceutical is estimated to be third fastest-growing segment in the HTF market, by end-use industry, during the forecast period

The pharmaceutical industry uses HTFs to design and manufacture new products. A wide temperature range is required because chemical reactions occur at high-temperatures, and crystallization occurs at lower temperatures during manufacturing a final product. Mineral- and silicone-based HTFs are used in pharmaceutical processing because of their thermal stability, high purity, and heat transfer efficiency. Safety is an essential criterion for using HTFs in the pharmaceutical industry. Food-grade HTFs are used in case of accidental contact takes place. These are colourless, odourless, and non-toxic.

North America accounted for the third-largest share in the HTF market, by value

The market in North America consists of leading manufacturing companies such as The Dow Chemical Company, Chevron, Schultz Canada Chemicals Ltd., and Exxon Mobil. The high demand for HTFs from the chemical, oil & gas, and automotive industries drives the market.

According to the ICCA-chem economic analysis report, base chemicals and fertilizers dominate the chemical industry in the region. According to the Center for Strategic and International Studies (CSIS), the development of abundant tight oil and unconventional natural gas resources drives the economic growth of North America. The regional market has been segmented into the US, Canada, and Mexico.

Market Dynamics

Drivers

  • Rapid Industrialization and Supportive Renewable Energy Policies in Asia-Pacific
  • Growing Number of Concentrating Solar Power Projects
  • Increased Use of HTFs to Reduce Operating Costs and Save Energy

Restraints

  • Volatile Raw Material Prices

Opportunities

  • Increasing Need for Energy Conservation and Clean Energy
  • Government Schemes Focused on Energy Efficiency and Renewable Energy

Challenges

  • Fire and Explosion Hazards Related to Thermal HTFs

Companies Mentioned

  • Arkema
  • BASF
  • British Petroleum
  • Chevron
  • Chromalox
  • Clariant AG
  • Dalian Richfortune Chemicals
  • DuPont Tate & Lyle
  • Dynalene
  • Eastman Chemical Company
  • ExxonMobil
  • Global Heat Transfer
  • Hindustan Petroleum Corporation
  • Huntsman Corporation
  • Hydromx
  • Indian Oil Corporation
  • Indorama Ventures
  • 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

For more information about this report visit https://www.researchandmarkets.com/r/hkdc5e

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