Global Heat Transfer Fluid (HTF) Market Insights Forecasts to 2032

• The Global Heat Transfer Fluid (HTF) Market Size was valued at USD 7.2 Billion in 2022.
• The Market Size is Growing at a CAGR of 9.2% from 2022 to 2032
• The Worldwide Heat Transfer Fluid (HTF) Market Size is expected to reach USD 17.5 Billion by 2032
• North America is expected To Growth the fastest during the forecast period

The Global Heat Transfer Fluid (HTF) Market Size is expected to reach USD 17.5 Billion by 2032, at a CAGR of 9.2% during the forecast period 2022 to 2032.

The heat transfer function is typically utilized as an intermediary fluid to transport heat from a heating source to other heat needs or cold sources. Heat Transfer Fluid (HTF) is utilized in a wide range of applications and industrial processes that require heating or cooling, often in closed circuits and in uninterrupted operations. Cooling water, for example, cools an engine, whereas the heated water in a hydronic heating system heats the radiators in an enclosed space. They produce high temperatures at minimal system pressures while simultaneously providing safety, low upkeep, and prolonged operational lifespan. HTFs are common in the chemical, oil and gas, and sustainable energy sectors.

Water is among the most commonly employed heat transfer fluid due to its low cost, large thermal conductivity, and good transfer qualities. Numerous other Heat Transfer Fluid (HTF)s, on the other hand, are currently being used in a wide range of applications. Mineral oil or synthetic hydrocarbon- or silicone-based fluids have lower vapor pressure at higher temperatures. Where liquids are not acceptable, gasses such as vaporized water, argon, nitrogen, helium, and hydrogen have been employed as Heat Transfer Fluids (HTF). Usually, in order to achieve larger flow rates with less pumping power, the pressure for gases needs to be increased.

In indirect solar water heating systems, heat transfer fluid is quite important. The heat transfer function serves as a medium for transmitting heat gathered by solar collectors to the natural water that needs to be heated using an HX. Due to their long-term stability, nonflammability, low environmental impact, non-corrosiveness, and low freezing temperatures, chlorofluorocarbon refrigerants are more typically employed as HTFs in indirect SWH systems.

The major players in the Global Heat Transfer Fluid Market include ExxonMobil, Delta Western, Inc., The Dow Chemical Company, Phillips 66 Company, Arkema, Chevron Co., Huntsman Corporation, and Eastman Chemical Company. To enhance their competitive edge in the Heat Transfer Fluid Market, players in the market are adopting a variety of techniques such as product launches, partnerships, joint ventures, and acquisitions.

Driving Factors

The growing need for heat transfer fluids from chemical producers has stemmed from higher requirements for chemicals from automobile manufacturing, energy & resources, development, consumer products, electronics, and health & nutrition. HTFs are common in the chemical, oil and gas, and energy from renewable sources segments. Heat transfer is essential in the chemical processing sector for non-direct heating of process liquids and polymers in general, single fluid batch processing, pipeline tracing, energy recovery, low-pressure cogeneration, drying and heating of bulk materials, and gas processing. Additionally, HTFs serve applications in the oil and gas industry to heat buildings, regenerate glycols to extract water from the natural gas produced, and heat reboilers and columns for the distillation process of oil and petroleum-based materials in refineries and offshore drilling platforms.

In addition, heat transfer fluids are employed as heat-dissipating coolant fluid in radiator systems used in vehicle engines. Heat transfer fluids are also used in concentrated solar power (CSP) and solar thermal storage (TS) systems to gather heat energy and convey it to a generating plant for thermal storage as an environmentally friendly energy technology. As a result, the utilization of heat transfer fluids by oil and gas processing firms has increased. During the projected period, these drivers are anticipated to fuel the growth of the heat transfer fluids market.

These thermal oils are consumed captively by major enterprises. Others make these resources available to target markets via third-party sources. Most of the above-mentioned providers sell multi-brand fluids and have their own online sales platform. Major business players are transitioning toward bio-based thermic oils to ensure compliance with regulatory restrictions, with substantial expenditures in scientific research and development. The change in emphasis from synthetic to bio-based thermic fluids is expected to be a disruptive trend, propelled by tough restrictions and rigorous analysis of existing products in the market.

Market Segmentation

By Product Type Insights

The mineral oils segment is dominating the market with the largest revenue share over the forecast period.

On the basis of product type, the global heat transfer fluid market is segmented into mineral oils, synthetic fluids, glycol-based fluids, and others Among these, the mineral oils segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Mineral oils are commonly employed in a variety of simple radiator heating systems, which are widely used in both commercial and domestic applications. These types of oils are non-toxic and non-corrosive in nature and have good resistance to chemical oxidation and cracking caused by heat. Mineral oils are also utilized in a variety of heat transfer mediums, however, they degrade rapidly at higher temperatures. Additionally, mineral oil is less expensive than synthetic liquids, which have an initial cost that is approximately two to three times that of mineral oil.

Furthermore, the glycol-based fluids heat transfer fluid segment is predicted to be the fastest growing following the mineral oils segment during the forecast period. Because they are suitable for both high and low temperatures, bio-based glycols are gaining popularity as a crucial element in heat transfer fluid formulations.

By End-Use Insights

The chemical & petrochemical segment accounted for the largest revenue share of more than 43.2% over the forecast period.

On the basis of end-use, the global heat transfer fluid market is segmented into chemical & petrochemical, oil & gas, automotive, renewable energy, pharmaceutical, HVAC & refrigeration, food & beverages, and others. Among these, the chemical & petrochemical segment is dominating the market with the largest revenue share of 43.2% over the forecast period. The chemical manufacturing market has increased due to rising demand from the automotive, energy and resources, building, consumer products, electronics, and health and nutrition industries. As a result, chemical producers have increased their need for heat transfer fluids for indirect heating of process liquids and polymers, single fluid batch processing, pipeline tracing, energy recovery, low-pressure cogeneration, drying and heating of bulk materials, and gas processing.

Furthermore, during the projection period, the oil and gas industry is expected to develop at the fastest CAGR. Heat transfer fluids are used in the oil and gas sector to heat facilities and regenerate glycols to remove water from natural gas produced, as well as to heat reboilers and columns for the distillation of oil and oil-based products. These goods are used in activities like as recycling, manufacturing, refining, and transportation.

Regional Insights

Asia Pacific dominates the market with the largest market share over the forecast period.

Asia Pacific is dominating the market with more than 58.7% market share over the forecast period. The widespread accessibility of cost-effective raw materials and labor, in conjunction with rising local demand, makes the region an appealing investment location for the heat transfer fluids market. Increasing population, fast industrialization in order to and an increasing emphasis on energy development and infrastructure in developing nations such as India and China are some of the primary drivers driving HTF market expansion in the Asia-Pacific region. These reasons are expected to propel the Asia Pacific heat transfer fluid market forward.

North America, on the contrary, is expected to grow the fastest during the forecast period. Heat transfer fluids are employed in the oil and gas industry in North America, which is a significant driver of growth in the US economy. As a result of shale exploration and production, the country is expected to increase liquids and natural gas output in the near future, enhancing product demand. Furthermore, the United States is a significant contributor to the global overall CSP infrastructure. One of the critical components utilized for enhancing the functionality of concentrated solar power plants has been recognized as heat transfer fluids. Furthermore, the Mexican chemical sector has seen several high-level investments as well as continuous procurement of varied raw materials to improve its foundation. The nation is also well-represented in the plastics manufacturing business.

The Europe market is expected to register a substantial CAGR growth rate during the forecast period. This is because expanding population combined with increased energy consumption has fueled the rise of the power and energy sectors. The region's industry demand is expected to be driven by the ongoing building of new solar facilities, as well as current demand in industrial sectors such as automotive and metal processing.

List of Key Market Players

• ExxonMobil
• Delta Western, Inc.
• The Dow Chemical Company
• Phillips 66 Company
• Arkema
• Chevron Co.
• Huntsman Corporation
• Eastman Chemical Company
• Shell plc
• Hindustan Petroleum Corporation Ltd.
• BASF SE
• Paratherm
• KOST USA, Inc
• British Petroleum

Key Market Developments

• On July 2022, Eastman announced plans to expand its Anniston, Alabama-based Eastman Therminol® 66 heat transfer fluid manufacturing capacity. The plant expansion, which is anticipated to be completed in 2024, will expand capacity in the United States by 50%.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Heat Transfer Fluid (HTF) Market based on the below-mentioned segments:

Heat Transfer Fluid (HTF) Market, Product Type Analysis

• Mineral Oils
• Synthetic Fluids
• Glycol-Based Fluids
• Others

Heat Transfer Fluid (HTF) Market, By End-Use Analysis

• Chemical & Petrochemical
• Oil & Gas
• Automotive
• Renewable Energy
• Pharmaceutical
• HVAC & Refrigeration
• Food & Beverages
• Others

Heat Transfer Fluid (HTF) Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa