Key Opportunities and Challenges in Heat Transfer Fluids Market

Key Opportunities and Challenges in Heat Transfer Fluids Market

Browse 93 market data Tables and 44 Figures spread through 158 Pages and in-depth TOC on “Heat Transfer Fluids Market”
Heat Transfer Fluids Market by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-use Industry (Chemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical, Food & Beverage, HVACR, and Others)

The global heat transfer fluids (HTFs) market size is expected to grow from USD 3.1 billion in 2019 to USD 4.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period. The major factors driving the HTFs market include high demand from the chemical industry, growth of the global solar power sector, and improved performance of heat transfer fluids.

Driver: Improved performance of HTFs

HTFs have better heat transfer properties than petroleum oils of comparable viscosity. They have exceptional thermal and oxidation stability and are widely used in open vented heat transfer systems, chemical processing equipment, laminating and calendaring rolls, molds, and dyes in the rubber and plastic industries, die-cast zinc, and aluminum alloys.

Restrain: Fire and explosion hazards

Various high-temperature applications in chemical processing, such as plastic processing, metal processing, and production of specialty chemicals, demand organic fluids, which have a risk of forming explosive conditions. These fluids operate above the flashpoint of thermal fluids that fall under “Dangerous Substances and Explosive Atmosphere” Regulations 2002 (DSEAR).

To know about the assumptions considered for the study download the pdf brochure

Opportunity: Increasing need for energy conservation

The need for energy conservation is increasing tremendously due to energy scarcity and environmental safety regulations. This has led to the adoption of energy transfer devices, such as heat exchangers and heat pumps. For efficient use of energy, the management of heat in industrial and residential applications is very important. HTFs will play a vital role in providing effective solutions to utilize heat in a more productive manner in various applications.

Challenge: Volatility in raw material prices

Volatility in raw material prices of HTFs is one of the major challenges for manufacturers. Raw materials used in HTFs include phenol, benzene, glycol, and other materials. The rise or fall in crude oil prices has a direct impact on the price movements of raw materials required for HTFs.

APAC is estimated to be the largest and the fastest-growing market for heat transfer fluids. The countries in the APAC region are expanding their production capacities and investing in new projects to decrease dependence on imports and thereby boosting regional energy security and autonomy. The increasing population, urbanization, and standard of living in the region result in providing an impetus to industrialization, which, in turn, leads to the growth of the HTFs market. Some of the major end-use industries having high growth potential for HTFs in the region are renewable energy, HVACR, chemical, and automotive.
Major vendors in the HTFs market include The Dow Chemical Company (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron (US), Huntsman Corporation (US), Royal Dutch Shell (Netherlands), LANXESS (Germany), Paratherm (US), Clariant (Switzerland), Schultz Canada Chemicals (Canada), Arkema (France), BASF (Germany), British Petroleum (UK), Dalian Richfortune Chemicals Ltd. (China), DuPont Tate & Lyle (UK), Dynalene (US), Global Heat Transfer (UK), Hindustan Petroleum Corporation (India), Indian Oil Corporation (India), Isel (US), Paras Lubricants Limited (India), Petro-Canada (Canada), Phillips 66 (US), Radco Industries (US), Sasol (South Africa), Schaeffer Specialized Lubricants (US), and Solvay (Belgium).

ExxonMobil (US) is working efficiently in the HTFs market, owing to its high growth. The company focuses on building long-term strategic partnerships with companies involved in the value chain of the HTFs market. In August 2017, the company acquired Jurong Aromatics Corporation (Singapore), which is one of the world’s largest aromatics plants. This plant enabled the growth of the company’s aromatic business and can produce 1.90 million tonnes of ethylene annually. With this acquisition, ExxonMobil’s Singapore aromatics production increased to over 3.5 million tonnes per year. This acquisition strategy has helped ExxonMobil to strengthen their production and logistics systems and to ensure synergy in the HTFs market.

Eastman Chemical Company (US) is progressing in the HTFs market by providing solutions to closed and forced circulation heat transfer systems. The company acquired Marlotherm HTFs manufacturing assets located in Germany from Sasol (South Africa) in April 2019. This acquisition helped the company to expand its heat transfer product offerings to customers around the globe. In June 2015, Eastman invested in a production unit of Therminol 55 at the Scandiflex manufacturing site in Mauá, Brazil. Therminol 55 is a synthetic HTF that is used for low pressure or nonpressurized systems. It offers reliable, efficient, and uniform heat exchange. The plant produces the product locally and caters to the demand for HTFs in South America. Earlier, this plant was focused on plasticizer production, but now it supports the specialty fluids and intermediates businesses.  This plant helped the company to improve its services in the region.

Speak to Analyst:

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States