Heat Transfer Fluids Industry Overview

The global heat transfer fluids market size was estimated at USD 11.06 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030.

The rapid adoption of concentrated solar power globally is one of the major factors driving demand. Heat transfer fluids are industrial products derived from petroleum sources that prevent overheating and store thermal energy. The primary raw materials involved in production are crude oil, silica, and base oils. The essential characteristics that define a heat transfer fluid are low viscosity, non-corrosive nature, high thermal conductivity and diffusivity, and extreme phase transition temperatures.

Gather more insights about the market drivers, restrains and growth of the Heat Transfer Fluids Market

Heat transfer fluids are traditionally used for the sole purpose of transferring heat to the process stream. However, the selection of the right HTF is a multi-dimensional complication wherein factors such as pumpability, thermal stability, and pressure requirements are put into consideration. Heat transfer fluids are gaining significant importance in their applications, such as extracting heat from the sun in concentrated solar panels to processing gas & oil in cold climatic conditions.

The COVID-19 pandemic caused severe disruption in businesses and supply chains. The negative impact of a pandemic on the oil & gas industry also hampered the growth of the heat transfer fluid market growth. The decrease in supply and demand for oil & gas, especially in North America and Europe, halted the onshore and offshore production processes, impacting the growth of the heat transfer fluids market. The suspension of new solar power projects installation work and disruption in activities of operational plants also obstructed the market.

The U.S. is one of the critical contributors to the global installed CSP capacity. The country strategically delivers its power outputs using CSP units when the demand is exceptionally high. Heat transfer fluids have been identified as one of the crucial components used to improve the efficiency of concentrated solar power plants. They play an essential 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 heat transfer fluids in the segment.

Heat transfer fluids are used in the oil and gas industry, 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 product demand.

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• The global diesel exhaust fluid market size was valued at USD 36.66 billion in 2023 and is projected to grow at a CAGR of 7.9% from 2024 to 2030, owing to its rising application in construction and agricultural equipment.
• The global cold flow improvers market size was estimated at USD 811.05 million in 2023 and is expected to grow at a CAGR of 5.6% from 2024 to 2030.

Heat Transfer Fluids Market Segmentation

Grand View Research has segmented the global heat transfer fluids market based on product, application, and region:

Heat Transfer Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Silicone Fluids
• Aromatic Fluids
• Mineral Oils
• Glycol-based Fluids
• Other (Including Molten Salts & HFPE)

Heat Transfer Fluids Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Oil & Gas
• Chemical Industry
• CSP
• Food & Beverages
• Plastics
• Pharmaceuticals
• HVAC
• Others

Heat Transfer Fluids Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK.
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Thailand
  • Malaysia
  • Australia
• Central & South America
  • Brazil
• Middle East & Africa
  • Africa
  • Saudi Arabia

Key Companies profiled:

• Dynalene, Inc.
• Indian Oil Corporation Ltd. (IOCL)
• KOST USA, Inc
• Hindustan Petroleum Corporation Ltd. (HPCL)
• Delta Western, Inc. (DWI)
• British Petroleum (BP)
• Huntsman Corporation
• Royal Dutch Shell Plc
• Eastman Chemical Company
• Phillips 66
• Chevron Co.
• BASF SE
• ExxonMobil Corporation
• Dow Chemicals
• Dalian Richfortune Chemicals Ltd.
• GJ Chemical
• Radco Industries Inc
• LANXESS AG

Key Heat Transfer Fluids Company Insights

Key companies are adopting several organic and inorganic growth strategies, such as capacity expansion, mergers & acquisitions, and joint ventures, to maintain and expand their market share.

• In September 2023, Valvoline invested in a European manufacturer of heat transfer fluids in order to broaden its product portfolio and cater to the consumers globally.
• In May 2023, ORLEN Południe announced the completion of the first operational year of its BioPG plant, involving the conversion of glycerol into renewable propylene glycol. BASF provided its BioPG technology for the purpose, while Air Liquide Engineering & Construction contributed with the licensing, proprietary equipment, and basic engineering services
• In February 2022, Chevron announced the agreement to acquire Renewable Energy Group which further helped the company in delivering lower carbon energy.
• In May 2023, ORLEN Południe announced the completion of the first operational year of its BioPG plant, involving the conversion of glycerol into renewable propylene glycol. BASF provided its BioPG technology for the purpose, while Air Liquide Engineering & Construction contributed with the licensing, proprietary equipment, and basic engineering services

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.