According to the new market research report “Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-Use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceuticals, Food & Beverage, HVACR, and Others), and Region – Global Forecast to 2024″, published by MarketsandMarkets™, the heat transfer fluids market is expected to grow from USD 3.2 billion in 2019 to USD 5.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period.
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Heat transfer is the movement of thermal energy between physical systems depending on the temperature and pressure. Fluids that are used as a medium for the heat transfer process are heat transfer fluids (HTFs). The HTFs market is expected to witness high growth during the forecast period due to increasing awareness related to energy efficiency. Large number of industries use HTFs to prevent over heating of thermal devices. Increasing costs related to energy utilization in manufacturing processes are reducing profit margins. The use of HTFs help in optimizing the energy usage by transferring the heat energy and, thereby reducing operational costs.
Synthetic fluids is the fastest-growing segment of the market, in terms of value. These fluids resist coking and thermal degradation, help reduce system deposits arising out of oxidation, and extend service life. They possess excellent heat transfer properties and exceptional low temperature fluidity. Their molecular structure and strong bonding strength between atoms provide them with high thermal stability. Due to these properties, these are widely used in the chemical processing and renewable energy end-use industries.
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Renewable energy is the fastest-growing end-use industry of HTFs owing to the high demand from the Concentrated Solar Power (CSP) and biodiesel production sectors. Rising global awareness in the use of renewable energy has propelled the use of synthetic fluids, glycols, and molten salts-based HTFs in CSP. Upcoming projects for CSP on a global scale are among the major factors leading to the highest growth rate of the market during the forecast period.
APAC is the largest and the fastest-growing market for heat transfer fluids. The growing chemical industry in the region is leading to increasing investments in chemical manufacturing units in this region. Moreover, growing economies in the region, such as China and India are leading to the high demand for heat transfer fluids. APAC is also expected to contribute two-thirds of the demand for petrochemicals during the next ten years. All these factors are expected to be favorable for the growth of the HTFs market. The key players of the HTFs market have adopted various growth strategies, such as new product launch, investment & expansion, and merger & acquisition to increase their revenue and presence in the region.
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