Heat transfer liquids: market forecasts
The heat transfer fluids market is currently undergoing a phase of rapid expansion, accelerated by a series of factors such as growing industrialisation and rising demand for energy efficient solutions across a range of manufacturing sectors.
According to the report ‘Heat Transfer Fluids Market by Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids) End-use Industry (Chemical & Petrochemicals, Oil & Gas, Automotive, Food & Beverages, Pharmaceuticals, HVAC, Renewable Energy) – Global Forecast to 2029’, this market is expected to grow from:
- 3 billion dollars in 2024;
- to 5.4 billion dollars by 2029, with a CAGR (Compound Annual Growth Rate) of 4.9%.
Key growth factors
This growth in the heat transfer fluids market is driven by several global trends, including industrialisation (as mentioned above), which, especially in emerging markets, imposes the need for efficient thermal management solutions.
Sectors like the chemical, petrochemical, automative, food and beverage and HVAC (heating, ventilation and air conditioning) industries, rely on these fluids to maintain optimal operational temperatures and ensure the efficiency of industrial processes.
Another significant factor driving this expansion is the growing emphasis on energy storage and efficiency. Heat transfer fluids play a crucial role in reducing energy consumption and improving the overall efficiency of thermal systems.
Furthermore, the widescale adoption of renewable energy sources, such as solar and wind power, requires the use of technologically advanced fluids in storage and transfer procedures. These liquids not only facilitate the operation of these plants, they also improve their general sustainability.
Product types: mineral oils in the spotlight
In order to present the information more clearly, experts have divided the heat transfer fluids market forecasts according to product type, with mineral oils accounting for the largest market share in terms of value during the forecast period. These liquids are the most popular because:
- they are cheap;
- they are easily accessible;
- they possess unique performance characteristics.
As they are significantly cheaper than sythetic glycol-based fluids, they provide an attractive option for companies aiming to optimise their balance sheet (mineral oils derive from crude oil and can therefore take advantage of a well consolidated global supply chain, which ensures a constant supply and limits the risk of shortages).
Considering that they also offer a good balance between thermal stability, heat transfer efficiency and their wide range of operating temperatures, they are suitable for use in sectors like the chemical, petrochemical and manufacturing industries.
In addition, their compatability with most materials used in heat transfer systems reduces the risk of corrosion and extends the equipment’s lifespan, making it even more cost-effective.
End-use sectors: the dominance of chemical and petrochemical industries
The chemical and petrochemical industries are the sectors with the largest end–use segment in the heat transfer fluids market. These sectors require efficient thermal management for a variety of processes, such as distillation, polimerisation and chemical synthesis, while accurate temperature contol is required in order to ensure the quality and safety of the final product.
Furthermore, the strict standares of reliability and operational security required in these sectors encourages the use of high quality fluids, able to withstand difficult conditions and offer long term stability. The constant growth of these industrial sectors, driven by the rise in global demand for chemical and material products, contributes to further enhance the dominant market position held by these fluids.
Asia-Pacific leads the heat transfer fluids market
Geographically speaking, the Asia-Pacific region is destined to become the most rapidly growing region in terms of the heat transfer liquids market over the forecast period. It is an area characterised by rapid industrialisation, strong economic growth and the presence of important end-use sectors.
The chemical and petrochemical industries of countries such as China, India and Japan are booming, which is generating significant demand for heat transfer fluids, needed in key processes such as distillation and polimerisation.
Translated by Joanne Beckwith
