Heat Transfer Fluids Market Overview
The global heat transfer fluids market size was estimated at USD 10.3 billion in 2021 and is projected to reach USD 14.2 billion by 2030, at a CAGR of 3.6% from 2022 to 2030.
The adoption of concentrated solar power globally is one of the major factors driving the demand. Heat transfer fluids are industrial products derived from petroleum sources that are used to prevent overheating and for the storage of thermal energy. The basic raw materials involved in the production are crude oil, silica, and base oils. The important characteristics that define a heat transfer fluid are low viscosity, non-corrosive nature, high thermal conductivity and diffusivity, and extreme phase transition temperatures.
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The COVID-19 pandemic caused serious disruption in businesses and supply chains. The negative impact of a pandemic on the oil & gas industry also hampered its growth of the industry. The decrease in supply and demand for oil & gas, especially in North America and Europe, halted the onshore and offshore production processes, impacting the market growth. The suspension of new solar power projects installation work and disruption in activities of operational plants also obstructed the market growth. The U.S. is one of the important contributors to the global installed CSP capacity.
The country strategically delivers its power outputs, by using CSP units when the demand is particularly high. Heat transfer fluids (HTFs) have been identified as one of the crucial components used to improve the efficiency of concentrated solar power plants. They play an important role in the collection of energy from the solar field and transport it to the energy storage systems. This stored energy is later utilized for generating electricity after sunset or even in cloudy weather conditions. Compared to PV systems, CSP plants possess capabilities to add storage capacity of an extra six hours, which leads to the operational value of USD 35.8/MWh.
The increasing scope of CSP and its competitive advantages over other renewable energy sources is responsible for the high growth and significant penetration of HTFs in the segment. HTFs are used in the oil and gas industry, which is a key contributor to the U.S. economy. The country is projected to up its liquids and natural gas production over the foreseeable future as a result of shale resource development, thereby boosting the product demand. Major manufacturers are involved in the captive consumption of these thermal oils. Others distribute them to target markets through third-party suppliers.
Some of the major suppliers of HTFs in the industry are Paratherm, Hubbard Hall, Thermic Fluids Pvt. Ltd., and Inlet Petroleum Co. (IPC). Most of these suppliers offer multi-brand fluids and have a separate internet-based portal for selling their products. With heavy investments in research & development activities, major industry participants are shifting toward bio-based thermic oils to comply with government regulations. The shift from synthetic to bio-based thermic oils is anticipated to be a disrupting trend fueled by stringent regulations and strict scrutiny of available products in the marketplace.
Heat Transfer Fluids Market Segmentation
Based on the Process Insights, the market is segmented into Silicone Fluids, Aromatic Fluids, Mineral Oils, Glycol-based Fluids and Other (Including Molten Salts & HFPE).
Based on the Application Insights, the market is segmented into Oil & Gas, Chemical Industry, CSP, Food & Beverages, Plastics, Pharmaceuticals, HVAC and Others.
Based on the Heat Transfer Fluids Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa (MEA)
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Market Share Insights:
Key Companies Profile:
The global market is moderately consolidated with major companies striving for market leadership. These companies have appointed authorized resellers or third-party distributors to cater to the local and regional demands. Manufacturing companies have also partnered with e-commerce companies to distribute their products across a particular region or globally.
Some prominent players in the global Heat Transfer Fluids market include
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