IMARC Group, a leading market research company, has recently releases report titled Heat Transfer Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028The study provides a detailed analysis of the industry, including the globalheat transfer fluids market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the heat transfer fluids market?

What is heat transfer fluids?

Heat transfer fluids (HTFs), also known as thermic fluids, are chemicals in either liquid or vapor form that are utilized to transfer heat from one system to another. They are produced using synthetic hydrocarbons, highly refined petroleum, or silicone. The primary purpose of heat transfer fluids is to prevent overheating and enable the storage of thermal energy. These fluids offer the advantage of operating at high temperatures while maintaining low system pressures. They provide several benefits, including non-corrosive properties, high thermal conductivity and diffusivity, low viscosity, and extended operating lifetimes.

The applications of heat transfer fluids are extensive, encompassing various sectors such as automotive, chemical, oil and gas, renewable energy, and pharmaceutical. These fluids are utilized in different systems within processing facilities, including condensers, regenerators, reboilers, and heat exchangers. Their versatility and reliability make them essential components in maintaining optimal heat transfer efficiency and temperature control in these industries.

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What are the growth prospects and trends in the heat transfer fluids?

The heat transfer fluids market is experiencing significant growth primarily due to the extensive use of concentrated solar power (CSP) plants. These plants require heat transfer fluids to collect and transport energy from the solar field to storage systems, where the reserved power is utilized for electricity generation. Additionally, there is a growing demand for heat transfer fluids in various stages of natural gas processing, such as sweetening, glycol dehydration, and fractionation, further driving market growth. The food processing industry is also adopting heat transfer fluids for heating and cooling applications, including additive manufacturing, vegetable oil deodorizing, and packaging production, contributing to the global market's expansion.

Furthermore, the refining sector utilizes heat transfer fluids as a medium for heating reboilers in fractionation units and cooling condensers for overhead systems, which further boosts market growth. The increasing need for these fluids in indirect heating of process liquids and polymers, single fluid batch processing, low-pressure cogeneration, and bulk material drying is expected to propel the heat transfer fluids market during the forecast period.

What is included in market segmentation?

The report has segmented the market into the following categories:

Type Insights:

• Mineral Oils
• Synthetic Fluids
• Glycols
• Others

End User Insights:

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

Breakup by Geography:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• Arkema S.A.
• BASF SE
• Chevron Corporation
• Clariant AG
• Dalian Richfortune Chemicals Co. Ltd.
• Dow Inc.
• Dynalene Inc.
• Eastman Chemical Company
• Exxon Mobil Corporatioz
• Hindustan Petroleum Corporation Ltd. (Oil and Natural Gas Corporation)
• Indian Oil Corporation Ltd.
• Phillips 66 Company
• Radco Industries Inc.
• Shell plc
• TotalEnergies SE

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