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Heat Transfer Fluids Market - Forecast(2024 - 2030)

Heat Transfer Fluid Market Overview

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With growing environmental concerns and stringent regulations, there’s a notable trend towards using sustainable Heat Transfer fluids. These fluids are formulated to have lower environmental impact, reduced toxicity, and improved biodegradability compared to traditional options. Manufacturers are investing in research and development to create bio-based and synthetic Heat Transfer fluids that offer high performance while minimizing harm to the environment. This trend is driven by the need to align with sustainability goals and cater to environmentally conscious industries. Another significant trend in the Heat Transfer fluid market is the increasing demand for fluids capable of operating at high temperatures. Industries such as chemical processing, oil and gas, and food processing require Heat Transfer fluids that can withstand extreme temperatures while maintaining thermal stability and efficiency. This trend is fueled by the need for enhanced productivity, energy efficiency, and operational reliability in processes involving high heat. Manufacturers are innovating to develop advanced formulations that can meet the stringent requirements of these applications, driving growth in the high-temperature Heat Transfer fluid segment.

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Market Snapshot:

COVID-19 Impact

The pandemic disrupted supply chains worldwide, leading to delays in raw material procurement and equipment manufacturing. This caused temporary disruptions in the availability of Heat Transfer fluids and related equipment, affecting the market’s growth momentum. During the initial phases of the pandemic, many industries scaled back or suspended operations to comply with lockdown measures and ensure employee safety. This led to a reduction in demand for Heat Transfer fluids across various sectors such as manufacturing, automotive, and construction, impacting market revenues.

However, the pandemic also prompted heightened awareness of hygiene and safety measures in industrial settings. As a result, there has been increased interest in cleaner and safer heat transfer solutions, such as non-toxic and biodegradable Heat Transfer fluids, which offer improved workplace safety and environmental sustainability.

Report Coverage

The “Heat Transfer Fluid Market report — Forecast (2024–2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Heat Transfer Fluid Market. By Type: Mineral oils, Silicone & Aromatics, PAG & Glycol-based Fluids and Others By Application: Oil & Gas, Chemical, Concentrated Solar Power, Manufacturing Process, Pharmaceuticals, Biodiesel Production and Others. By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa).

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Key Takeaways

Dynamic growth in the food & beverage industry would raise the market for thermal fluids worldwide due to population growth and improving living standards across the globe. In the food & beverage business, there are many processes that involve thermal fluids for cooling, heating and dehumidifying.

Rising shale oil & gas production in the U.S. has moved the tag from net importer to net exporter. In addition, the new administration’s regulatory decisions would improve the oil & gas sector and enable the chemical industry to expand as well. The above developments will follow and will give the thermal fluids industry a boost in the future.

Thermal fluids are used by the oil and gas industry to efficiently carry out services such as oil and gas refining, natural gas purification, asphalt processing and storage, etc.

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Heat Transfer Fluid Market Segment Analysis — By Type

Silicone & Aromatics sector has dominated the market for Heat Transfer Fluid Market in 2023. Synthetic thermal fluids are known as silicone and aromatic fluids, whereas mineral oil thermal fluids are non-synthetic thermal fluids. Fluids based on silicone have lower maintenance costs as they do not fail, resulting in fewer substitutes. They have low viscosity as well which makes them superior properties for heat transfer. In technological applications such as chemical manufacturing, pharmaceutical processing, oil & gas processing and in CSP plants, these types of thermal fluids are commonly employed.

Heat Transfer Fluid Market Segment Analysis — By Application

Oil & Gas sector has dominated the market for Heat Transfer Fluid Market in 2023, by growing at a CAGR of 5.98%. In the oil and gas sector, the widespread use of thermal fluids is increasingly growing to satisfy the increasing demand for electricity. Major activities are carried out by the oil and gas industry, such as the processing of oil and gas, the purification of natural gas, refining, liquid gas, asphalt processing and storage, etc., using thermal fluids. The world’s regular interest in raw petroleum (counting biofuels) is on the rise. 101.7 million barrels a day was consumed by the end of 2023. The prospectus for the potential growth of the oil and gas sector proposes that oil discovery continue to expand the use of thermal fluids in the long run, and at the same time. In addition, per unit of crude, further penetration must be achieved, as hydrocarbon discoveries get less effective over time.

Heat Transfer Fluid Market Segment Analysis — By Geography

Rest of the World dominated the Heat Transfer Fluid Market share with more than 43.5%, followed by Europe and North America. Due to the involvement of the world’s largest oil-producing countries such as Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates, the Middle Eastern field holds a large share of the thermal fluid market worldwide. It has been assessed that the bulk of OPEC’s overall oil reserves are owned by Middle Eastern countries. The region’s proven oil reserves are estimated at around 113.2 billion metric tonnes. In addition, it is projected that about 33 percent of the world’s overall oil supply is produced in the Middle East, which was about 33 million barrels of oil per day in 2023. It is estimated that global oil demand is about 99 million barrels a day. This will fuel the market of the Middle Eastern nations’ oil and gas sector, and hence the use of thermal fluid in the industry. Rising demand from different sectors is therefore projected to drive the market in the area analysed during the forecast period.

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Heat Transfer Fluid Market Drivers

Increasing need for energy conservation:

Because of energy shortages and environmental protection laws, the need for energy efficiency is growing tremendously. This has contributed to the adoption, such as heat exchangers and heat pumps, of energy transfer machines. Managing heat in industrial and residential applications is very critical for the efficient use of electricity. Thermal fluid can play a critical role in delivering reliable solutions in diverse applications to use heat in a more effective way.

Government Regulations regarding emissions and energy efficiency:

Stringent regulations regarding emissions and energy efficiency standards imposed by governments worldwide are compelling industries to adopt Heat Transfer fluid systems to comply with these regulations. This regulatory environment acts as a catalyst for the growth of the Heat Transfer fluid market, as companies seek compliant solutions to avoid penalties and maintain their competitive edge in the market.

Heat Transfer Fluid Market Challenges

Volatility in raw material prices:

One of the main problems for producers is uncertainty in the price of raw materials for thermal fluids. The increase or decrease in the price of crude oil has a direct influence on the price movement of the raw materials needed for thermal fluid. Manufacturers have to contend with high and unpredictable prices of raw materials that lower their profit margins. In order to maintain growth and preserve market share, this situation has pushed market leaders to increase their operations’ performance and competitiveness.

Thermal Fluid Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Heat Transfer Fluid Market. The key companies in the Heat Transfer Fluid Market are

Dow Chemical Company

Aramco (Valvoline Inc.)

Exxon Mobil

Eastman Chemical Company (Solutia Inc.)

British Petroleum (BP)

Royal Dutch Shell

Hindustan Petroleum

BASF AG

Dynalene Inc.

Multitherm LLC

Recent Developments

In September 2023, Valvoline made an investment in a European heat transfer fluids manufacturer to expand its product range and better serve customers worldwide.

In May 2023, ORLEN Południe has declared the successful conclusion of the inaugural operational year of its BioPG facility, dedicated to converting glycerol into renewable propylene glycol. BASF supplied its BioPG technology for this endeavor, with Air Liquide Engineering & Construction offering licensing, proprietary equipment, and basic engineering services.

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