The global heat transfer fluids market size is expected to reach $8,247.1 million by 2030, growing at a CAGR of 9.6% from 2021 to 2030. The growing chemical, petrochemical, and HVAC industries, and expanding CSP capacity in developed nations are the factors driving the growth of the market.
In 2021, the category that generated the majority of the revenue was mineral oil. Different types of practical radiator heaters that are widely used for both commercial and residential applications typically employ mineral oils. These oils are both non-toxic and non-corrosive and exhibit a high level of resistance to chemical oxidation and thermal cracking. Further, they efficiently transport heat with their high specific heat and strong thermal conductivity.
The market for aromatic heat transfer fluids also continues to account for a sizeable portion of the total market. These aromatic HTFs are used in both the liquid and vapor phases because of their outstanding fluid and heat transfer capabilities for low-temperature applications.
Since they have strong antifreeze qualities, glycol-based HTFs are the fastest-growing product category. With an operating temperature range of 150 °C to 180 °C, glycolic HTFs are low-temperature heat transfer fluids. Chemical firms offer a variety of glycol-based heat transfer fluids, including ethylene glycol and propylene glycol. The low freezing points of heat transfer fluids containing propylene glycol makes them appropriate for the food processing industry.
APAC is now the market with the fastest pace of growth, as a result of the rising demand for these chemicals from China, India, and Japan. The importance of heat transfer fluids has also increased in the region as a result of the quick industrialization and advances in manufacturing equipment in South Korea and India. Additionally, the market will prosper as a result of the rise in the investments in the automotive, chemical, and renewable energy sectors in this region.
China accounts for a rather high global heat transfer fluids market demand, driven by the rising usage of these liquids in concentrated solar power and various other industries. The chemical industry in China is the largest in the world, with businesses investing heavily here as a result of its quick industrialization and affordable manufacturing, on account of the access to cheap and plentiful labor.
Some of the key players in the market are Honeywell International Inc., ExxonMobil, Chevron Corporation, BASF SE, Eastman Chemical Company, The Dow Chemical Company, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, and Huntsman International LLC.