According to the new market research report “Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, HVACR, and Others), and Region – Global Forecast to 2024″, The heat transfer fluids (HTFs) market is expected to grow from USD 3.2 billion in 2019 to USD 5.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. The major factors driving the HTFs market include high demand from the chemical industry, increasing need for energy conservation, and excellent properties of heat transfer fluids.
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Heat transfer is the movement of thermal energy between physical systems depending on the temperature and pressure. Fluids that are used as a medium for the heat transfer process are heat transfer fluids (HTFs). The HTFs market is expected to witness high growth during the forecast period due to increasing awareness related to energy efficiency. Large number of industries use HTFs to prevent over heating of thermal devices. Increasing costs related to energy utilization in manufacturing processes are reducing profit margins. The use of HTFs help in optimizing the energy usage by transferring the heat energy and, thereby reducing operational costs.
Synthetic fluids is the fastest-growing segment of the market, in terms of value. These fluids resist coking and thermal degradation, help reduce system deposits arising out of oxidation, and extend service life. They possess excellent heat transfer properties and exceptional low temperature fluidity. Their molecular structure and strong bonding strength between atoms provide them with high thermal stability. Due to these properties, these are widely used in the chemical processing and renewable energy end-use industries.
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The heat transfer fluids (HTFs) market size is expected to grow from USD 3.2 billion in 2019 to USD 5.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. The major driving factors for the market are high demand from chemical industry, improved performance of HTFs, and increasing need for energy conservation.
The major players in the market include The Dow Chemical Company (US), ExxonMobil (US), Eastman Chemical Company (US), Chevron (US), Huntsman Corporation (US), LANXESS (Germany), Royal Dutch Shell Plc. (Netherlands), Schultz Canada Chemicals Ltd. (Canada), Paratherm (US), and Clariant (Switzerland), Sasol Limited (South Africa), Arkema (France), Global Heat Transfer Ltd. (UK), British Petroleum (UK), Dynalene, Inc. (US), Isel (US), Phillips 66 (US), Dalian Richfortune Chemicals Ltd. (China), Hindustan Petroleum Corporation Ltd. (India), Solvay (Belgium), Indian Oil Corporation Ltd. (India), Radco Industries Inc. (US), DuPont Tate & Lyle (UK), Petro-canada (Canada), BASF (Germany), Paras Lubricants Limited (India), and Schaeffer Manufacturing Co. (US). These players have adopted various growth strategies, such as new product launch, investment & expansion, and merger & acquisition to further expand their presence in the HTFs market. New product launch and investment & expansion have been the dominating strategies adopted by the major players from 2015 to 2019, which helped them to innovate their offerings and broaden their customer base.
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ExxonMobil (US) focuses on building long-term strategic partnerships with companies that are involved in the value chain of HTFs market. In August 2017, the company acquired Jurong Aromatics Corporation (Singapore), which is one of the world’s largest aromatics plants. This plant enabled the company’s aromatic business growth and can produce 1.90 million tons of ethylene annually. With this acquisition, ExxonMobil’s Singapore aromatics production has increased to over 3.5 million tons per year. This acquisition strategy has helped ExxonMobil strengthen its production and logistics systems and ensure synergy in the HTFs market.
Eastman Chemical Company (US) is progressing in the HTFs market by providing solutions to closed and forced circulation heat transfer systems. The company acquired Marlotherm HTFs manufacturing assets located in Germany from Sasol (South Africa) in April 2019. This acquisition helped the company expand its heat transfer product offerings to customers around the globe. In June 2015, Eastman invested in a production unit of Therminol 55 at Scandiflex manufacturing site in Mauá, Brazil. Therminol 55 is a synthetic HTF that is used for low pressure or non-pressurized systems. It offers reliable, efficient, and uniform heat exchange. The product is produced locally and caters to the demand for HTFs in South America. Earlier this plant was focused on plasticizers production, but now it supports the specialty fluids and intermediates businesses. This plant helped the company improve its services in the region.
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