• Reports

      Reports

      Stay ahead and make informed decisions with Delvens insightful analysis on key business and technological trends.

      How We Can help you
      • Healthcare
      • Automotive
      • Chemicals & Materials
      • Aerospace & Defense
      • Semiconductors & Electronics
      • Food & Beverages
      • Pharmaceutical
      • IT & Telecom
      • Energy
      • Consumer Goods & Services
  • Best Practice Guide

      Best Practice Guides

      The Delvens Best Practice Team offers practical tactics, procedures, and resources to help you address the major growth-related dos and don'ts.

      How We Can help you
      • Healthcare
      • Automotive
      • Chemicals & Materials
      • Aerospace & Defense
      • Semiconductors & Electronics
      • Food & Beverages
      • Pharmaceutical
      • IT & Telecom
      • Energy
      • Consumer Goods & Services
  • Expertise

      Expertise

      Delvens' decades of experience helps you to strategize, plan, optimize and win.

      See What we can do
      • Syndicated Research
      • Custom Research
      • Consulting
      • Implementation Support
      • Audio-Video Infographic Workshops
      • Subscription Model
      • Bundle Reports Model
      • Best Practice Guides
  • Innovation

      Innovation

      Gain thought-provoking insights on some of the biggest trends in the world to guide you in the phase of innovation.

      Let's Innovate

      Latest Chronicles

      Pharma Businesses

      Pharma businesses that are rewired will win in the digital era

      13th July 2023

      Featured Chronicle

      ESG

      Why ESG is more important than ever!

      4th November 2022
  • Innovation
  • Explore

      Explore

      From accelerating growth and providing strategic vision to the world's biggest brands, to lunch-break sneaker shopping on Melrose, and thirsty Thursdays at the local pubs. We have a Hustling atmosphere because growing together should be fun, or why do it?

      Let's Explore Something

      About

      • Who We Are
      • Why Choose Us
      • Research Methodology
      • Careers
      • Contact

      Help

      • Customer FAQs
      • How To Order
      • Delivery Method
      • Return Policy
      • Privacy Policy
      • Terms of Use
  • Newscast

      Blogs

      The Pros and Cons of Cloud Computing

      The Pros and Cons of Cloud Computing

      13th July 2023
      Let's Read

      Press Room

      Healthcare AI Innovation

      Healthcare AI innovation: a new era of patientcare

      13th July 2023
      Let's Understand

      Article

      Electric Vehicle Thermal Management System (EVTMS) Market

      19th May 2023
      Let's Study
  • Newscast
      • Blog
      • Article
      • Pressroom
Chemical & Material Icon

Heat Transfer Fluids (HTF) Market – Trends Forecast Till 2030

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).

  • Published Date : September 2023
  • Base Year Estimate : 2021
  • Report ID : D-CM-HTFM-1536
  • Format :
  • Number of Pages : 580
  • Domain : Chemicals & Materials
  1. Chemicals & Materials
  2. Heat Transfer Fluids (HTF) Market – Trends Forecast Till 2030
Buy Now Get Free Sample Now
REPORT SYNOPSIS
Market Snapshot Market Overview Delvens Industry Expert's Standpoint Market Portfolio Key Findings Regional Analysis Competitive Landscape Recent Developments Reasons to Acquire Report Scope
Table Of Content Frequently Asked Questions

Market Snapshot

Market Overview

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.

Heat transfer fluids (HTFs) refer to either gases or liquids that are specifically designed to facilitate the movement of heat from one system to another. These fluids are typically made from highly refined petroleum, synthetically formulated hydrocarbons, or siloxanes, such as silicone. The use of HTFs can provide several advantages, including the ability to operate at high temperatures while maintaining low system pressures, as well as ensuring safety, low maintenance, and extended operating lifetimes. It is anticipated that these benefits will have a consequential impact on the HTFs market.

The growth of the global Heat Transfer Fluids (HTF) market is mainly driven by the the swift acceptance of concentrated solar power on a worldwide scale is among the principal stimulants of demand. Heat transfer fluids, which avoid overheating and accumulate thermal energy, are industrial commodities that stem from petroleum origins. The main components of the manufacturing process comprise crude oil, silica, and base oils. The fundamental traits that delineate a heat transfer fluid encompass low viscosity, a non-corrosive constitution, elevated thermal conductivity and diffusivity, as well as extreme phase transition temperatures. Heat transfer fluids are gaining significant importance in their applications, such as extracting heat from the sun in concentrated solar panels to processing gas & oil in cold climatic conditions.

On the other hand, volatile raw material prices may hamper the market growth to some extent.

The COVID-19 pandemic has had a profound impact on businesses and supply chains, causing significant disruption. Moreover, the oil and gas industry has also been adversely affected by the pandemic, impeding the growth of the heat transfer fluid industry. The decline in both the supply and demand of oil and gas, particularly in North America and Europe, has resulted in the suspension of onshore and offshore production processes, thereby hindering the expansion of the heat transfer fluids market. Additionally, the suspension of new solar power projects and the disruption of activities in operational plants have further obstructed the market.

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.

Market Portfolio

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.

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.

 

Competitive Landscape

  • 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