The Global Heat Transfer Fluids Market is expected to exhibit strong growth, reaching USD 5.9 billion by 2030. As per the report titled “Heat transfer fluids Market Size, Share & COVID-19 Impact Analysis, By Product Type (Mineral Oils, Synthetic Fluids, Glycol-based Fluids and Others), By End-Use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, HVAC, Pharmaceutical and Others), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 3.5 billion and USD 5.9 billion in 2030. The market is expected to exhibit a CAGR of 9.10% during the forecast period.
Eastman announced plans to increase production of Therminol 66 heat transfer fluid
In 2022, Eastman announced plans to increase Anniston, Alabama's Therminol 66 heat transfer fluid capability. The plant's expansion will double US capacity and is anticipated to be finished in 2024.
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Demand for Concentrated Solar Power Will Rise, Supporting Growth
Solar collectors utilize heat transfer fluids in addition to water and water-glycol combinations. They are starting to appear as trimethylene glycol, also known as “green glycol.” Additionally, various hydrocarbon oils are employed in various compositions, including paraffinic, aromatic, and naphthenic oils in ascending order of temperature. In other cases, semi-synthetic goods are also utilized. There is a strong demand for these goods for high-temperature collectors, and several studies and advances are being made for their application worldwide. To maximize their advantages, several high-temperature collectors use synthetic hydrocarbon oils.
Problems Related to Product Cracking Are Predicted to Hurt the Market
The procedure for how heat transfer fluid ages is a little difficult. Thermal cracking of fluids happens when a system operates at extremely high temperatures, which results in the breakdown of oil molecules and the creation of coke. This development may cause a fluid's viscosity and flashpoint to decrease, which will raise the vapor pressure. The flashpoint is the temperature at which a fluid's vapor starts to ignite. Coke will be baked into the system, producing a hotspot that could burn the metal surface. Therefore, the makers must do routine system and working fluid health inspections.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the heat transfer fluids market plan acquisitions to improve their brand recognition globally. For instance, in September 2019, The launch of Valvoline EV Performance Fluids marked the beginning of Valvoline's line of electric vehicle-specific products and services. Valvoline is a manufacturer and supplier of premium branded lubricants and automotive services. In addition to ValvolineTM EV Heat Transfer Fluid, ValvolineTM EV Drive System Fluid, ValvolineTM EV Brake Fluid, and ValvolineTM EV Grease, the company's global product line will also contain these items. These fluids are made to meet the wide range of requirements of increasing EVs on the road.
Recent development:
April 2019: The German-based manufacturer of heat transfer fluids Marlotherm, together with its intellectual property, related formulations, and client contracts, has been acquired by Eastman Chemical Co. from Sasol, a multinational chemical and energy company. With this acquisition's aid, Eastman will offer its customers a wider range of heat transfer fluid products.
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List of Key Players Profiled in the Report
- Dow Chemicals
- Eastman Company
- Exxon Mobil
- Shell
- BP
Further Report Findings
- The market in North America is expected to gain a huge portion of the global heat transfer fluids market share in the coming years since the automotive and energy sectors are both well-established.
- Due to strict government emission control rules, the region is also expected to experience significant expansion.
- In the Asia Pacific, the growth in this region is primarily driven by accelerated industrialization and rising energy needs. More product demand is projected as a result of the growing population and rising consumer disposable income levels.
