CHICAGO, Sept. 21, 2022 /PRNewswire/ -- Heat Transfer Fluids Market size is estimated to USD 3.7 billion in 2022 and is projected to reach USD 5.8 billion by 2027, at a CAGR of 9.3% between 2022 and 2027, according to a new report MarketsandMarkets. Heat transfer is the movement of thermal energy between physical systems depending on temperature and pressure. Fluids that are used as a medium for the heat transfer process are called heat-transfer fluids (HTFs). HTFs maintain the temperature of a system and enhance energy savings by transferring heat from one system to another. These fluids store heat to prevent overheating any thermal device by circulating the fluid through its mechanical parts.
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In terms of value, mineral oils are estimated to be the second-largest market in the global HTF market, by product type, during the forecast period.
Mineral oils are clear, odorless liquids used as HTFs. They are liquid by-products of refining crude oil used to produce gasoline and other petroleum products. They are in high demand as they are less expensive than glycol-based fluids and synthetic fluids and can be reused by mixing with fuel in oil-based boilers. However, they are not recommended for high-temperature operations [more than 300°C (572°F)] as they experience about six times the rate of degradation if exposed to higher temperatures.
Automotive is estimated to be the third-largest end-use by value in 2022
In the automotive sector, HTFs are used in lubrication, anti-freezing, and cooling applications. Engine oils, batteries, compressors, automatic transmission systems, motors, air handling systems, and heat exchangers utilize HTFs. They are used in moderate temperature range applications. Mineral oil-based HTFs are used in gear, engines, shock absorption, power steering, and motors, whereas antifreeze and cooling applications utilize glycol-based HTFs.
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The Dow Chemical Company is the largest player operating in the HTFs market. The company offers a variety of HTFs which find use in various industries such as pharmaceutical, food & beverage, HVAC, chemical, renewable energy, and environmental test chambers. It has a high focus on low-cost production to serve emerging markets worldwide and has many registered patents owing to its extensive R&D efforts. It manufactures HTF under than brand name Dowtherm and Ucartherm. The company has a presence in 160 countries.
Europe accounted for second largest region, by value, during the forecast period
Europe is the second-largest chemical producer in the world, accounting for almost 15% of the total sales in 2020. The presence of a strong base of chemical, automotive, and food & beverage industries create a high demand for HTFs in the country. Thus, the chemical industry is witnessing high demand for HTFs. Also, the need for resource efficiency and low-carbon and environmentally sustainable products has led to high R&D investment by many industries. The European Union (EU) has also planned to reduce the average global temperature by 2°C (35.6°F) based on its energy and climate policies. This has driven the use of renewable sources of energy.
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Some major players active in the HTF market are The Dow Chemical Company (US), Eastman Chemical Company (US), Exxon Mobil (US), Chevron (US), Dow (US), Shell plc (Netherlands), Hindustan Petroleum Corporation Limited (India), Paratherm (US), Phillips 66 Company (US), and Arkema (France). These players have adopted various growth strategies to expand their presence in the market. New product launches and investment & expansion have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global HTF market.
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Related Reports:
ENGINEERED FLUIDS MARKET - Type (Lubricants, Solvents, Heat Transfer Fluids), End-Use Industry (Electronics & Semiconductor, Automotive, Chemical Processing, Oil & Gas, Power Generation, Aerospace), Region
FUNCTIONAL FLUIDS MARKET - Type (Process Oil, Hydraulic & Transmission Fluid, Metal Working Fluid, Heat Transfer Fluid, and Others) & by Application (Industrial, Construction, Transportation, and Others)
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