In 2021, the global heat transfer fluids market had a total size of USD 3,628.1 million, and it is predicted to hit USD 8,247.1 million by 2030, progressing at a rate of 9.6% from 2021 to 2030, according to a research report by a market research company P&S Intelligence.
Heat transmission solutions are liquids that are used as a standard or carrier to convey heat from one location to another. Thermal conductivity and high diffusivity, low viscosity and non-corrosive nature.
This growth can be credited to the extensive utilization of such fluids in chemical making and processing. Moreover, their anti-freezing chartersticks at tremendously low temperatures are quickening their utilization in a range of sectors, such as solar power, oil and gas, manufacturing, chemical, and biodiesel.
The developing nations of LATAM and APAC, including India, China, Mexico, and Brazil are giving numerous prospects for heat transfer fluid producers. In such regions, the end-use businesses have grown majorly. For example, India, China, and Brazil's emerging solar business aids the requirement for such fluids. Furthermore, in APAC, utilization of such fluids is projected to be the uppermost at concentrated solar plants.
Also, the requirement for high-temperature heat transfer liquids has augmented as a result of the growing activity in the CSP industry in Europe. One of the most-effective approaches of renewable power generation is the CSP technology.
Europe has become one of the major utilizers of heat exchanging device because of the significant investments and technological advances in a range of businesses, which has, ultimately, augmented the requirement for such fluids.
In the coming few years, the APAC region is all set to experience highest CAGR, of above 12%, with a significantly rising demand for all key HTFs. The region is a looked-for location for the market companies to spend in because of the obtainability of low-cost labor and raw materials, and also the rising local demand.
Hence, the heat transfer fluids market is boosted by the rising oil and gas sector, growing emphasis on concentrated solar energy, and thriving chemical production.