CHICAGO, September 21, 2022 /PRNewswire/ — Heat Transfer Fluids Market size is estimated $3.7 billion in 2022 and is expected to be achieved $5.8 billion by 2027, at a CAGR of 9.3% between 2022 and 2027, according to a new report Markets and Markets™. Heat transfer is the movement of thermal energy between physical systems as a function of temperature and pressure. Liquids used as the medium for the heat transfer process are called heat transfer fluids (HTFs). HTFs maintain a system’s temperature and increase energy savings by transferring heat from one system to another. These fluids store heat to prevent thermal devices from overheating by circulating the fluid through their 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 during the forecast period by product type.
Mineral oils are clear, odorless liquids used as HTFs. They are liquid by-products of crude oil refining used to make 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 operation [more than 300°C (572°F)] since they degrade about six times as fast when exposed to higher temperatures.
The automotive industry will be the third largest end use by value in 2022
In the automotive sector, HTFs are used in lubrication, antifreeze and cooling applications. Motor oils, batteries, compressors, automatic transmission systems, engines, air conditioning systems and heat exchangers use HTFs. They are used in medium temperature applications. Mineral oil based HTFs are used in transmissions, engines, shock absorbers, power steering and engines while antifreeze and cooling applications use glycol based HTFs.
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The Dow Chemical Company is the largest player in the HTF market. The company offers a variety of HTFs that are used in various industries such as pharmaceutical, food and beverage, HVAC, chemical, renewable energy and environmental test chambers. It has a strong focus on low-cost production to serve emerging markets worldwide and has many patents pending due to its extensive R&D efforts. It manufactures HTF under the Dowtherm and Ucartherm brand names. The company is present in 160 countries.
Europe was the second largest region by value during the forecast period
Europe is the second largest chemical producer in the world, accounting for almost 15% of total sales in 2020. The presence of a strong base of chemical, automotive and food and beverage industries creates high demand for HTFs in the country. Therefore, the chemical industry is experiencing high demand for HTFs. Also, the need for resource efficiency and low-carbon and green products has led to high R&D investments in 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 pushed the use of renewable energy sources.
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Some major players in 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 (USA), Phillips 66 Company (USA) and Arkema (France). These players have developed various growth strategies to expand their presence in the market. New product launches along with investment and expansion have been the leading strategies adopted by the major players over the past five years to strengthen their competitiveness and expand their customer bases in the global HTF market.
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TECHNICAL FLUIDS MARKET – Type (Lubricants, Solvents, Heat Transfer Fluids), End-Use Industry (Electronics & Semiconductors, Automotive, Chemical Processing, Oil & Gas, Power Generation, Aerospace), Region
FUNCTIONAL FLUID MARKET – Type (process oil, hydraulic and transmission fluid, metalworking fluid, heat transfer fluid and others) and by application (industrial, construction, transportation and others)
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