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Heat Transfer Fluids Market Size, Share & Industry Analysis, By Type (Silicone Fluids, Aromatic Fluids, Mineral Oils, Glycol Based Fluids, and Others), By Application (Oil & Gas, Chemical, Concentrated Solar Power, Food & Beverages, Plastics, Pharmaceutical, HVAC and Others), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI101205

 

KEY MARKET INSIGHTS

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The global heat transfer fluids market size was USD 3,477.90 million in 2019 and is projected to reach USD 5,372.24 million by 2027, exhibiting a CAGR of 5.78% during the forecast period.


A heat transfer fluid involves heat transmission by cooling one side of the process while heating, transporting, and storing energy, on the other side of a process. HTFs are used in numerous end-uses and industrial procedures that require heating or cooling, usually in a closed circuit and in continuous cycles. At higher temperatures, synthetic hydrocarbon/silicone-based fluids are mostly preferred as they provide a lower pressure. The machinery and engines used in the automotive sector and the industrial sector do not operate at constant pressure and temperature. As a result, these products assist the engine to operate efficiently at various temperatures by evading overheating of equipment and thus ensure longer life of the machinery and to prevent breakdowns.


LATEST TRENDS


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Increase in Demand for Concentrated Solar Power to Aid Growth


Heat transfer fluids are used in solar collectors along with water, and water-glycol mixtures. They are emerging as ‘green glycol’ known as trimethylene glycol. Also, several hydrocarbon oils are used in different compositions including naphthenic oils, aromatic oils, and paraffinic oils in their growing order of temperatures. Moreover, semi-synthetic products are also used in some instances. The demand for these products for high-temperature collectors is high and extensive investigations & developments are carried out globally for its usage. Synthetic hydrocarbon oils are used in various high-temperature collectors and commercial feasibility for maximizing their benefits.


DRIVING FACTORS


Rising Demand for Heat Transfer Fluid for Energy Efficient Solutions Is Expected to Drive the Market


In today’s world, industries which are involved in production and process are facing tremendous pressure to increase productivity. This indicates that the operating temperature of the heat transfer fluids system is increasing and they must operate under pressure for a longer time duration. The demand for these products is especially high from the industries which operate 24*7.


For instance, in the chemical and petrochemical process industries, it plays a very important role in the production plants. The operating temperature in such industries is very high and these fluids help regulate the temperature. A heat transfer fluid has become an essential component in the industries to improve energy efficiency, reliability, temperature control, and operational safety.


Increasing Demand in Concentrated Solar Power (CSP) is driving the Market


A heat transfer fluid plays a very important role in CSP. It carries the heat that is collected from the sun to the solar field and is then transferred to a power block and is converted into electricity. It is the most preferred fluid in CSP as water can prove unstable and very difficult to manage at high pressure and temperature. Moreover, at the elevated temperatures, it begins to vaporize causing energy losses. These products are used to get over the pressure and temperature issues; it does not expand or contracts with the temperature changes and works with maximum efficiency.


RESTRAINING FACTORS


Problems Associated with Cracking of the Product are Expected to Hamper the Market


The process involved in the aging of heat transfer fluid is a bit complicated. Thermal cracking of fluids occurs when the system operates at very high temperatures when it occurs to causes decomposition of oil molecules and the formation of coke. This formation can result in a decrease in flashpoint and the viscosity of a fluid, which will increase vapor pressure. Flashpoint is the temperature when vapor produced by fluid begins to ignite. The coke present in the system will be baked in the system and will create a hotspot that can burn the metal surface. Hence, it is very essential for the manufacturers to regularly carry out the health checks of the system and the working fluid.


SEGMENTATION


By Type Analysis


Mineral Oils to holds the Largest Share in the Market


Based on type, the market is classified into silicone fluids, aromatic fluids, mineral oils, glycol-based fluids, and others. Mineral oils are low in cost as they are generally available from major refineries, and they are multi-purpose with a negligible amount of additives blended. Mineral oils hold the largest share in the heat transfer fluids market. Mineral oils are cheaper than other oils that are easily available in the market. Moreover, people are stuck to the mineral oils from years and it is difficult to change their minds as they are used to the pros and cons of it. The added benefit of mineral oils is that it can fit into any kind of machinery, which have several applications in industries such as food & beverages, chemicals, pharmaceuticals, and others.


By Application Area Analysis


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Oil & Gas to Hold the Largest Share in the Market


The heat transfer fluid market is segmented into oil and gas, chemicals, concentrated solar power, plastics, food & beverages, pharmaceutical, HVAC, and others. They are a key component in oil & gas processing industry and are widely consumed in all the phases of fuel extraction, fuel transport, and fuel refining. Oil & gas processing necessitates precise products which is developed to perform at elevated temperatures for extended periods. Oil & gas operations are mostly located in remote areas, so it becomes necessary to use HTFs at high flashpoint to minimize the possibility of explosion. On offshore platforms, liquid phase heat transfer fluids are used for heating purposes and regenerate glycols in order to separate water from the produced natural gas. HTFs are also used in refineries for the distillation purpose of oil and oil-based products. Market players that recycle and reprocess used oils also use the thermal fluids at high-temperature plants, whereas the pumping stations and oil pipelines consume heat transfer mechanism to regulate the viscosity of the moving oil through the line. The heat transfer fluid have numerous applications in the oil & gas processing industry; as a result of which this segment holds the largest share in the market.


REGIONAL INSIGHTS


North America Heat Transfer Fluid Market Size, 2016-2027 (USD Million)

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The market size in North America stood at USD 834.52 million in 2019. North America holds a significant share in the global heat transfer fluids market owing to the presence of various manufacturers in the region. Moreover, the stringent regulations on the carbon emission and the continuous R&D activities for new and innovative solutions have boosted demand for the product. In Europe, the governments in several countries across the region are making tremendous efforts to promote the usage of concentrated solar power. As mentioned, these fluids are an important element in the CSP industry, thus this estimated to drive the market in this region. Asia Pacific is currently the fastest growing market due to increasing demand from countries such as China, India, and Japan.


China holds the largest share in this region, due to the active efforts in the energy-saving techniques in this country. Rapid industrialization, coupled with the improvement in machinery in countries such as India and South Korea have enhanced the significance of heat transfer fluid. In Latin America, Mexico has done various investments in the chemical industry to strengthen its core in chemicals. Growing industrialization and urbanization, along with growing export of chemicals to countries such as Brazil and Mexico, are projected to fuel demand. The Middle East & Africa is expected to show rapid growth in the future, due to the demand from various industries including food & beverages and petrochemicals. This region is considered the fastest-growing region due to rapid industrial development in this region.


Moreover, the COVID-19 pandemic is projected to have an unpleasant effect on the market all over the world. The impact of COVID-19 is anticipated to reflect in the year 2020 and 2021 very severely, due to the temporary shutdown of all production plants in all the regions. In the COVID-19 situation only food and beverage industries are operating, that too at only a 30% operational rate to meet the basic demand of the customers. This pandemic is anticipated to drastically decrease the market in 2020, however, the industries are expected to resume at the end of 2020. The demand from heat transfer fluid is anticipated to rise after 2021 as various machinery which will be idle will require new and fresh fluid for their smooth and efficient operation.


KEY INDUSTRY PLAYERS


Key Players are Adopting Merger and Acquisition to Maintain a Considerable Position in the Market


The global HTF market is fragmented in nature with the presence of several global and regional players. Key market players have been continuously investing heavily in research & development activities to develop innovative products. Additionally, several small, as well as medium-scale players, have adopted mergers & acquisitions as their key strategy, to improve their product offerings.


LIST OF KEY PLAYERS PROFILED:



  • Element Solutions Inc (U.S.)

  • Caldic B.V. (Netherlands)

  • Eastman Chemical Company (U.S.)

  • Schultz Chemicals (Canada)

  • Arkema S.A. (France)

  • Isel (Florida)

  • FRAGOL AG (Germany)

  • Clearco Products Co., Inc. (U.S.)

  • Arteco (Belgium)

  • Eastern Petroleum (North Carolina)

  • Dynalene, Inc. (Pennsylvania)

  • Honeywell International Inc. (U.S.)

  • Exxon Mobil Corporation (U.S.)

  • Chevron Corporation (U.S.)

  • The Dow Chemical Company (U.S.)

  • Huntsman Corporation (U.S.)

  •  and Others


KEY INDUSTRY DEVELOPMENTS:



  • 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. The global product line will include ValvolineTM EV Heat Transfer Fluid, ValvolineTM EV Brake Fluid, ValvolineTM EV Drive System Fluid, and ValvolineTM EV Grease these fluids are designed for the diverse needs of the expanding number of EVs on the road today.

  • 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.


REPORT COVERAGE


The heat transfer fluids market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, type, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the heat transfer fluids market growth over recent years.


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Report Scope & Segmentation










































 ATTRIBUTE



  DETAILS



Study Period



   2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Million) and Volume (Kilo Tons)



Segmentation



By Type



  • Silicone Fluids

  • Aromatic Fluids

  • Mineral Oils

  • Glycol Based Fluids

  • Others



 



By Application Area



  • Oil & Gas

  • Chemical

  • Concentrated Solar Power

  • Food & Beverages

  • Plastics

  • Pharmaceutical

  • HVAC

  • Others



 



By Geography



  • North America (U.S. and Canada)

  • Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea, ASEAN, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the global heat transfer fluids market size was USD 3,477.90 million in 2019 and is projected to reach USD 5,372.24 million by 2027.

In 2019, the market value stood at USD 3.47 billion.

Growing at a CAGR of 5.78%, the market will exhibit steady growth in the forecast period (2020-2027).

The mineral oil segment is expected to be the leading segment in this market during the forecast period.

An increase in demand oil & gas industry is driving the demand for heat transfer fluids products.

Asia pacific held the highest market share in 2019.

Demand for environment-friendly products for end-use industries is supporting the growth of the market during the forecast period.

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Heat Transfer Fluids  Market Size, Share and Global Industry Trend Forecast till 2026
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