October 19, 2022 08:58 ET | Source: Research and Markets Research and Markets

Dublin, Oct. 19, 2022 (GLOBE NEWSWIRE) -- The "Global Heat Transfer Fluids (HTFs) Market by Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids), End-use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global market for HTFs is estimated to be worth USD 3.7 billion in 2022 and is projected to reach USD 5.8 billion by 2027, rising at a CAGR of 9.3% between 2022 and 2027.

This is attributed to the increasing number of concentrated solar power plants with the rising demand for clean energy drives the growth of the HTF market. Moreover, HTFs plays crucial role in providing effective solutions to utilize heat more productively in various end-use like food & beverage, automotive, etc.

In terms of value, glycol-based fluids are the third fastest-growing segment in the HTF market, by product type, during the forecast period

Glycol-based HTFs are odorless and high-performance fluids designed for industrial applications, with a special focus on high thermal efficiency and durability. They give high thermal efficiency and durability in industrial applications. Their enclosed system ensures cleanliness, reduces wear and tear, and eliminates filtration requirements.

In terms of value, pharmaceutical is estimated to be third fastest-growing segment in the HTF market, by end-use industry, during the forecast period

The pharmaceutical industry uses HTFs to design and manufacture new products. A wide temperature range is required because chemical reactions occur at high-temperatures, and crystallization occurs at lower temperatures during manufacturing a final product. Mineral- and silicone-based HTFs are used in pharmaceutical processing because of their thermal stability, high purity, and heat transfer efficiency. Safety is an essential criterion for using HTFs in the pharmaceutical industry. Food-grade HTFs are used in case of accidental contact takes place. These are colourless, odourless, and non-toxic.

North America accounted for the third-largest share in the HTF market, by value

The market in North America consists of leading manufacturing companies such as The Dow Chemical Company, Chevron, Schultz Canada Chemicals Ltd., and Exxon Mobil. The high demand for HTFs from the chemical, oil & gas, and automotive industries drives the market. According to the ICCA-chem economic analysis report, base chemicals and fertilizers dominate the chemical industry in the region. According to the Center for Strategic and International Studies (CSIS), the development of abundant tight oil and unconventional natural gas resources drives the economic growth of North America. The regional market has been segmented into the US, Canada, and Mexico.

4 Premium Insights 4.1 Attractive Opportunities for Players in HTF Market 4.2 Asia-Pacific: HTF Market, by End Use and Country 4.3 HTF Market, by Product Type 4.4 HTF Market, by End Use 4.5 HTF Market, by Country

5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Rapid Industrialization and Supportive Renewable Energy Policies in Asia-Pacific 5.2.1.2 Growing Number of Concentrating Solar Power Projects 5.2.1.3 Increased Use of HTFs to Reduce Operating Costs and Save Energy 5.2.2 Restraints 5.2.2.1 Volatile Raw Material Prices 5.2.3 Opportunities 5.2.3.1 Increasing Need for Energy Conservation and Clean Energy 5.2.3.2 Government Schemes Focused on Energy Efficiency and Renewable Energy 5.2.4 Challenges 5.2.4.1 Fire and Explosion Hazards Related to Thermal HTFs 5.3 Porter's Five Forces Analysis 5.4 Value Chain Analysis 5.5 Ecosystem 5.6 COVID-19 Impact Analysis 5.6.1 COVID-19 Economic Assessment 5.6.2 Effects on Country-Level GDP 5.6.3 Impact on End-users 5.7 Pricing Analysis 5.7.1 Average Selling Price, by Region 5.7.2 Average Selling Price, by Product Type 5.7.3 Average Selling Price, by Key Player 5.8 Trade Analysis 5.9 Macroeconomic Data 5.9.1 Oil Production Data 5.9.2 Renewable Energy Production Data 5.9.3 Automotive Production Data 5.10 Trends/Disruptions Impacting Customer Business 5.11 Case Study Analysis 5.11.1 Eastman Offered Therminol Heat-Transfer Fluid to Indorama Ventures to Increase Its Plant Efficiency 5.11.2 Hydromx Saved 35% Energy Costs by Installing Glycol-based CRAC Units in Cass County Electric Cooperative Building 5.11.3 Chromalox and Eastman Meet High-Temperature Demands of Chemical Production Plant 5.12 Key Conferences and Events, 2022-2023 5.13 Factors Influencing Buying Decisions 5.14 Tariff and Regulatory Landscape 5.15 Patent Analysis

6 HTF Market, by Product Type 6.1 Introduction 6.2 Mineral Oils 6.2.1 Designed for Industrial Application Below 300C 6.3 Synthetic Fluids 6.3.1 Sui Table for High-Temperature Applications 6.4 Glycol-based Fluids 6.4.1 Reduce Maintenance Costs as They Comprise Anti-Corrosive Additives 6.5 Others

7 HTF Market, by End Use 7.1 Introduction 7.2 Chemical & Petrochemical 7.2.1 Implementation of HTFs in Chemical Plants Owing to Their Corrosion Resistance, Nontoxicity, and Low Volatility Properties 7.3 Oil & Gas 7.3.1 Adoption of HTFs in Oil & Gas Plants to Reduce Vibrations in Transducers, Cables, and Control Valves 7.4 Automotive 7.4.1 Use of HTFs in Automobile Batteries, Compressors, and Motors for Efficient Heat Transfer 7.5 Food & Beverage 7.5.1 Utilization of HTFs as Substitute for Steam in Food Processing Plants 7.6 Renewable Energy 7.6.1 Deployment of HTFs in CSP Plants due to Their High Oxidation Resistance and Thermal Stability 7.7 Pharmaceutical 7.7.1 Implementation of Food-Grade HTFs in Pharmaceutical Applications Because of Thermal Stability and High Purity Requirements 7.8 HVAC 7.8.1 Corrosion Resistance and Long-Term Stability of HTFs to Increase Their Demand for HVAC Applications 7.9 Others

9 Competitive Landscape 9.1 Overview 9.2 Strategies Adopted by Key Players 9.3 Market Ranking Analysis 9.4 Market Share Analysis 9.5 Revenue Analysis of Top Players 9.6 Market Evaluation Matrix 9.7 Company Evaluation Matrix 9.7.1 Stars 9.7.2 Emerging Leaders 9.7.3 Pervasive Players 9.7.4 Participants 9.8 Start-Ups and Small and Medium-Sized Enterprises (SMEs) Evaluation Matrix 9.8.1 Responsive Companies 9.8.2 Starting Blocks 9.9 Competitive Benchmarking 9.9.1 Company Product Type Footprint 9.9.2 Company End Use Footprint 9.9.3 Company Region Footprint 9.10 Strength of Product Portfolio 9.11 Business Strategy Excellence 9.12 Competitive Scenario 9.12.1 Product Launches 9.12.2 Expansions, Collaborations, and Investments 9.12.3 Mergers & Acquisitions

10 Company Profiles 10.1 Major Players 10.1.1 The Dow Chemical Company 10.1.2 Eastman Chemical Company 10.1.3 ExxonMobil 10.1.4 Chevron 10.1.5 Huntsman Corporation 10.1.6 Shell PLC 10.1.7 Lanxess 10.1.8 Clariant AG 10.1.9 Wacker Chemie AG 10.1.10 Indian Oil Corporation 10.1.11 Schultz Canada Chemicals Ltd. 10.2 Other Players 10.2.1 Paratherm 10.2.2 Arkema 10.2.3 BASF 10.2.4 Dalian Richfortune Chemicals 10.2.5 British Petroleum 10.2.6 Dupont Tate & Lyle 10.2.7 Dynalene 10.2.8 Hindustan Petroleum Corporation 10.2.9 Global Heat Transfer 10.2.10 ISEL 10.2.11 Paras Lubricants Limited 10.2.12 Petro-Canada 10.2.13 Phillips 66 10.2.14 Radco Industries 10.2.15 Schaeffer Specialized Lubricants

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