According to recent market research "Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, And Glycols), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, And HVACR), And Region – Global Forecast To 2025", The global heat transfer fluids (HTFs) market size is expected to grow from USD 3.1 billion in 2019 to USD 4.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period. The major factors driving the HTFs market include high demand from the chemical industry, growth of the global solar power sector, and improved performance of heat transfer fluids.
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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 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.
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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. The major driving factors are high demand from the chemical industry, growth of the global CSP industry, and improved performance of HTFs.
The major HTFs vendors 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). These players have adopted various growth strategies, such as new product launches, investment & expansion, and merger & acquisition, to expand their presence in the HTFs market further. New product launches and investment & expansion have been the most dominating strategy adopted by major players from 2015 to 2019, which helped them to innovate on their offerings and broaden their customer base.
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ExxonMobil (US) is working efficiently in the HTFs market, owing to its high growth. The company focuses on building long-term strategic partnerships with companies involved in the value chain of the 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 growth of the company’s aromatic business and can produce 1.90 million tonnes of ethylene annually. With this acquisition, ExxonMobil’s Singapore aromatics production increased to over 3.5 million tonnes per year. This acquisition strategy has helped ExxonMobil to strengthen their production and logistics systems and to 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 to expand its heat transfer product offerings to customers around the globe. In June 2015, Eastman invested in a production unit of Therminol 55 at the Scandiflex manufacturing site in Mauá, Brazil. Therminol 55 is a synthetic HTF that is used for low pressure or nonpressurized systems. It offers reliable, efficient, and uniform heat exchange. The plant produces the product locally and caters to the demand for HTFs in South America. Earlier, this plant was focused on plasticizer production, but now it supports the specialty fluids and intermediates businesses. This plant helped the company to improve its services in the region.
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