IMARC Group, a leading market research company, has recently released a report titled “Heat Transfer Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the heat transfer fluids market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Heat Transfer Fluids Market?
The global heat transfer fluids market size reached US$ 10.56 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.42 Billion by 2028, exhibiting a growth rate (CAGR) of 5.20% during 2023-2028.
What are Heat Transfer Fluids?
Heat transfer fluids (HTFs), or thermic fluids, refer to chemicals in liquid or vapor form that disseminate heat from one system to another. They are manufactured using synthetically formulated hydrocarbons, highly refined petroleum, or silicone. Heat transfer fluids assist in preventing overheating and facilitate the storage of thermal energy. In addition to this, they also offer high temperatures at low system pressures and provide several benefits, such as non-corrosive nature, high thermal conductivity and diffusivity, low viscosity, and prolonged operating lifetimes. As a result, heat transfer fluids find widespread applications in the condenser, regenerator, reboiler, and exchanging systems across the processing facilities of various sectors, including automotive, chemical, oil and gas, renewable energy, and pharmaceutical.
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What are the growth prospects and trends in the heat transfer fluids industry?
The extensive utilization of concentrated solar power (CSP) plants and the escalating product demand for collecting energy from the solar field and transporting it to the storage systems, wherein the reserved power is used for electricity generation, are primarily driving the heat transfer fluids market. Besides this, the elevating requirement for these chemicals during various stages of natural gas processing, such as sweetening, glycol dehydration, and fractionation, is further augmenting the market growth. Moreover, the growing popularity of heat transfer fluids in heating and cooling applications at food processing facilities for additive manufacturing, vegetable oil deodorizing, and packaging production is also catalyzing the global market. Apart from this, rising product usage in refining processes as a medium for heating reboilers of fractionation units and overhead cooling condensers is acting as another significant growth-inducing factor. Furthermore, the increasing need for these chemicals for indirect heating of process liquids and polymers, single fluid batch processing, low-pressure cogeneration, and drying of bulk materials is anticipated to propel the heat transfer fluids market over the forecasted period.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
- Mineral Oils
- Synthetic Fluids
- Glycols
- Others
End User Insights:
- Chemical
- Oil and Gas
- Food and Beverages
- Pharmaceutical
- Renewable Energy
- Automotive
- HVAC and Refrigeration
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Arkema S.A.
- BASF SE
- Chevron Corporation
- Clariant AG
- Dalian Richfortune Chemicals Co. Ltd.
- Dow Inc.
- Dynalene Inc.
- Eastman Chemical Company
- Exxon Mobil Corporation
- Hindustan Petroleum Corporation Ltd. (Oil and Natural Gas Corporation)
- Indian Oil Corporation Ltd.
- Phillips 66 Company
- Radco Industries Inc.
- Shell plc
- TotalEnergies SE
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