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In 2015, the global heat transfer fluids (HTFs) market was valued at $2,811.0 million, and is expected to grow at a CAGR of 6.8% during the forecast period (2016–2021). This growth can be majorly attributed to the expansion of concentrating solar power (CSP) activities in Europe and North America; growth in the chemical, petrochemical, and heating, ventilation, and air conditioning (HVAC) industries; and high substitution rates of synthetic aromatic HTFs.
HTF is generally required in heat exchanger as a channel to transfer heat generated from one origin to another. A large variety of HTFs are accessible as per industry’s requirements and specification of a heat transfer equipment. These fluids comprise additives along with one key chemical ingredient. Additives present in the fluids help in reducing corrosive effect or fouling. Moreover, HTF producing companies are adopting advanced technologies in order to improvise cost effectiveness and durability of HTFs.
GLOBAL HEAT TRANSFER FLUIDS MARKET SIZE BY TYPE KT (2012–2021)
Based on type, the HTFs market is categorized into three categories, namely, mineral oils, synthetic aromatics & silicones, and glycols. Among these, synthetic aromatics and silicones are the most commonly consumed HTFs, globally. Whereas, mineral oils are medium to high temperature HTFs, with an operating temperature of 320 oC, and are mostly originated from petroleum/crude oils. These oils have high alkanes produced after distillation of crude oils in a refinery. While, synthetic aromatics & silicones are high temperature HTFs, with an operating temperature of 400 oC. Although, they have been formed to operate at high temperatures, however, on an annual average, about 10% HTF’s volume share is lost to degradation in a plant using them, therefore, HTF users require annual volume top ups. This boosts the demand for HTFs in the market.
Heat exchangers have a wide range of applications across all industries. These include applications where energy is required for combustion, reaction, or conversion of a substance. HTFs are required in heat exchangers for the collection of heat and transferring it from one point to any other point. Some of the major end users in the HTFs market that require HTFs include oil & gas, concentrating solar power (CSP), chemical, manufacturing processes, and bio-diesel production industries.
By end-use industry, the CSP category is projected to witness the highest growth, with a CAGR of 8.6%, during the forecast period, in the HTFs market. This is due to the fact that CSP technology is one of the most cost-effective sources for sustainable energy, and the CSP industry specifically requires high temperature HTFs. In recent years, the demand for CSP has increased to a great extent, specifically in the south-western U.S. According to the International Energy Agency (IEA), by 2020, CSP capacity in North America is likely to reach 50 GW. Hence, this is expected to create ample growth opportunities for HTF manufacturers of aromatic, synthetic, and molten salts.
Geographically, the Asia-Pacific (APAC) HTFs market is expected to witness the highest growth, owing to the high consumption of HTFs. The region consumed 117.9 kilotons of HTFs in 2015, which is projected to reach 179 kilotons by 2021.
Some leading players in the global HTFs market include The Dow Chemical Company, Honeywell International Inc., Huntsman Corporation, Chevron Corporation, ConocoPhillips, BASF SE, Exxon Mobil Corporation, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, and Indian Oil Corporation Ltd.
Key Questions Answered in the Report