Heat Transfer Fluids Market Size Expected to be Reach $2.9 Billion by 2027

Heat Transfer Fluids Market Size Expected to be Reach $2.9 Billion by 2027

“Heat Transfer Fluids Market”
Increase In the Consumption of Oil Across The Globe is Majorly Driving The Demand For Heat Transfer Fluids Market

Heat Transfer Fluids Market Overview

Heat Transfer Fluids Market size is expected to be valued at US$2.9 billion by the end of the year 2027 and is set to grow at a CAGR of 8.4% during the forecast period from 2022-2027. The increase in demand for energy across the globe coupled with a growing population and rapid urbanization is one of the major factors driving the heat transfer fluids market. Heat transfer fluids such as glycol-based fluids, silicones based fluids, and molten salt fluids are used in serving as an intermediary or coolant and ideal for transforming and storing thermal power energy. Various other heat transfer fluids such as phase change fluids are widely used in refrigeration and aromatic based fluids are used in fuel additives, paints and coating, pesticides, and other applications. This is majorly driving the heat transfer fluids market.

COVID-19 impact

Amid the Covid-19 pandemic, the heat transfer fluids market was majorly affected owing to the various legal and economic restrictions laid down by many governments across the globe. Owing to the various restrictions laid down during the pandemic across the globe, the heat transfer fluids market was hugely affected in terms of production, supply and distribution. Any movements including movement of people and goods were banned fearing the spread of the coronavirus. This hugely impacted the heat transfer fluids market, as the sales decreased down due to the crashing decrease in demand for heat transfer fluids. The situation of the heat transfer fluids market is however set to improve by the year ending 2021.

Heat Transfer Fluids Market Segment Analysis – By Product Type

Mineral oils segment held the largest share in the heat transfer fluid market in the year 2021. Mineral oils such as petroleum, paraffin, wax and others are widely used for various applications such as fuel in automobile, machineries and others. Mineral oil is cheaper in comparison to other heat transfer fluids such as glycol-based fluids, silicones based fluids, and molten salt fluids. The initial set up of mineral oil is much easier and affordable. For instance, when thermal fluid is being transferred, there is a loss of some amount of the fluid often, and is therefore economical to use mineral oil. This is majorly driving the mineral oils segment in the heat transfer fluids market.

Heat Transfer Fluids Market Segment Analysis – By End Use Industry

Food and Beverages Industry held the largest share in the heat transfer fluid market in the year 2021. The increase in the demand for cold stored food is one of the significant factors driving the demand for refrigeration. This is, in turn, is driving the demand for phase change fluids as it is widely used in refrigeration and freezers. The increase in the growth of population coupled with the increase in demand for food and beverage is majorly driving the demand for heat transfer fluids market. According to the National Confectioners Association, the US confectionery industry is averagely valued at US$36 billion. Additionally, according to data released by Canada Government, during 2020, the grocery sales increased by 38%. Furthermore, in 2019, the U.S. consumers, businesses, and government entities together spent US$1.77 trillion on food and beverages in grocery stores and also other retailers and on away-from-home meals and snacks. This is increasing the demand for phase change fluids as it is widely used for refrigeration, which is further driving the heat transfer fluids market.

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Heat Transfer Fluids Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 38% in the heat transfer fluid market in the year 2021. The growing population in countries in the Asia pacific region like China, India and Indonesia along with the increase in the demand for food consumption is majorly increasing the demand for food in the region, which in turn is driving the demand for phase change fluids. According to Worldometer, the population in China increased at a rate of 0.39% during the year 2020 from the previous year 2019, standing as the highest populated country in the world. Secondly, the population in India increased by 0.99% during the year 2020, as compared to the previous year 2019. Furthermore, the population of Indonesia also increased by 1.07%, standing as the fourth largest populated country in the world. According to Indian government data, Indian LPG consumption in 2020 was at 27.41 million tons, 4.3% higher than a year earlier. Gasoline demand over the same period plunged 9.3% to 27.27 million tons. Diesel remained the top consumed fuel at 71.91 million tons. This is hugely driving the heat transfer fluid market.

Heat Transfer Fluid Market Drivers

The increase in consumption of oil across the globe is driving the demand for heat transfer fluids market

The increase in the consumption of oil across the globe is majorly driving the demand for heat transfer fluids like glycol-based fluids and silicones based fluids. According to the International Energy Association (IEA) oil market report, the global oil consumption is estimated to increase by 5.4 million barrels per day in the year 2021. Furthermore, according to United States Refining and Storage Capacity Report published by American Fuel & Petrochemical Manufacturers, the refining capacity in the US increased by 1.10% during the year 2019. Similarly, according to Indian Brand Equity Foundation, the Indian government announced an investment of US$102.49 billion on oil and gas infrastructure in the next five years. This will increase the demand for heat transfer fluids market.

Growing pharmaceutical industry is majorly increasing the demand for heat transfer fluids market Heat transfer fluids such as phase change fluids are used in drugs for temperature control and stability. Therefore, the growing pharmaceutical industry is driving the demand for heat transfer fluids. According to sources from European commission, the overall pharmaceutical companies in the region invested 15% of their total revenue in research and development of pharma industry during the year 2019. This was recorded as the highest amount of investment made compared to any other mainstream industries. Additionally, the Brazilian pharmaceutical industry grew by 11.2% during the year 2019. The pharmaceutical industry of China and India grew by 6.9% and 11.1% respectively during the time period of 2014-2019. Furthermore, according to International Trade Administration, the production in pharmaceuticals industry in Japan increased by 35.2% to US$84.6 million during the year 2019 from US$62.57 million in the year 2018. This is driving the demand for the heat transfer fluids market.

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Heat Transfer Fluids Market Challenges

Volatile prices of raw materials

One of the significant raw materials used in the production of heat transfer fluids is crude oil. Crude oil is a highly volatile commodity owing to its constantly changing supply-demand scenario. The volatility in the crude oil prices acts as one of the biggest challenges to the heat transfer fluids market. The price of crude oil decreased by 20.54% in the year 2020, increased by 34.46% in the year 2019, decreased by 24.84% in 2018 and increased by 12.47% in the year 2017 across the world. This depicts the volatile nature of crude oil and therefore is one of the biggest challenges to the heat transfer fluids market.

Heat Transfer Fluids Industry Outlook

Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the Heat Transfer Fluids Market. Major players in the Heat Transfer Fluids Market are:

DowDuopont Inc.

ExxonMobil

Eastman Chemical Company

Chevron

Huntsman Corporation

LANXESS

Royal Dutch Shell Plc.

Schultz Canada Chemicals Ltd.

Paratherm, Clariant

Sasol Limited

Arkema

Acquisitions/Technology Launches

On 21 October 2020, Royal Dutch Shell introduced new e-fluids for light-, medium- and heavy-duty electrified commercial vehicles to its existing range of passenger car e-fluids. The new fluids are for battery and fuel-cell EVs and include transmission fluids, greases and battery coolants.

Key Takeaways

Asia-Pacific market is expected to grow in the heat transfer fluids market due to the increase in population coupled with the increase in demand for industries such as pharmaceuticals and consumer appliances.

The increasing demand from the pharmaceutical industry is a major driver of the heat transfer fluids market.

The growing global consumption of oil is one of the significant factors driving the heat transfer fluid market. Amid the Covid-19 pandemic, the heat transfer fluid market witnessed a downfall in the growth owing to the various economic and legal restrictions laid down by governments for across the globe.

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