The global heat transfer fluids (HTFs) market size is expected to grow from USD 3.1 billion in 2020 to USD 4.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period. This high growth is due to the increasing awareness regarding energy conservation and high demand in chemical, oil & gas, and renewable energy end-use industries.
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The need for energy conservation is increasing tremendously due to energy scarcity and environmental safety regulations. This has led to the adoption of energy transfer devices, such as heat exchangers and heat pumps. For efficient use of energy, the management of heat in industrial and residential applications is very important. HTFs will play a vital role in providing effective solutions to utilize heat in a more productive manner in various applications. For instance, propylene glycol-based HTFs provide good performance in medium temperature secondary loop refrigeration and have significantly improved energy efficiency, lowered refrigerant costs, and reduced maintenance by as much as 50%.
The synthetic fluids segment is expected to hold the largest market size in the global HTFs market
The HTFs market has been segmented based on types into four categories: mineral oils, synthetic fluids, glycols, and others. Among these types, the synthetic fluids segment is estimated to account for the largest share of the market in 2019. Synthetic fluids are generally superior to other types and offer high thermal stability. The synthetic fluids segment is also projected to be the fastest-growing in the overall HTFs market during the forecast period, as it provides enhanced lubricity at different temperatures and high thermal stability.
Renewable energy end-use industry is expected to grow at the highest CAGR in the global HTFs market
Renewable energy end-use industry is growing rapidly owing to the rising demand for clean energy production. HTFs are used to store energy, control temperature, transfer heat, and cooling during various processes in the renewable energy industry. They also offer excellent oxidation resistance, enhance system efficiency, and high thermal stability in these processes. With the increasing demand for renewable energy, the HTFs market has high growth prospects.
APAC is expected to hold the largest market size in the global HTFs market
APAC is estimated to be the largest and the fastest-growing market for heat transfer fluids. The countries in the APAC region are expanding their production capacities and investing in new projects to decrease dependence on imports and thereby boosting regional energy security and autonomy. The increasing population, urbanization, and standard of living in the region result in providing an impetus to industrialization, which, in turn, leads to the growth of the HTFs market. Some of the major end-use industries having high growth potential for HTFs in the region are renewable energy, HVACR, chemical, and automotive.
Major vendors in the HTFs market include The Dow Chemical Company (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron (US), Huntsman Corporation (US), Royal Dutch Shell (Netherlands), LANXESS (Germany), Paratherm (US), Clariant (Switzerland), Schultz Canada Chemicals (Canada), Arkema (France), BASF (Germany), British Petroleum (UK), Dalian Richfortune Chemicals Ltd. (China), DuPont Tate & Lyle (UK), Dynalene (US), Global Heat Transfer (UK), Hindustan Petroleum Corporation (India), Indian Oil Corporation (India), Isel (US), Paras Lubricants Limited (India), Petro-Canada (Canada), Phillips 66 (US), Radco Industries (US), Sasol (South Africa), Schaeffer Specialized Lubricants (US), and Solvay (Belgium).
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