Heat Transfer Fluids -- Benefits and Use Cases
Rise of the concentrated solar power industry across the globe, FDA approvals for food-grade heat transfer fluids (HTFs), and increase in natural gas production in GCC countries drive the growth of the global heat transfer fluids market. However, fire & explosion hazards and fluctuations in raw material prices hinder the market growth. On the other hand, rise in need for conservation of energy and potential of bio-based HTFs create new opportunities in the coming years.
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Covid-19 Scenario
The demand for heat transfer fluids has experienced a significant decline as the day-to-day operations in the industrial and manufacturing sectors have been shut down amid the lockdown.
Manufacturing activities have been halted due to closedown of heat transfer fluids factories due to lockdown imposed in many countries. In addition, the supply chain is disrupted. This, in turn, affected the distribution to many end-use industries.
However, many countries have lifted the lockdown restriction and the industrial and manufacturing sectors have been coming back to normal working conditions. This would raise the demand steadily.
The mineral oils segment to continue its leadership status during the forecast period
Based on type, the mineral oils segment accounted for the highest market share in 2019, accounting for more than two-fifths of the global heat transfer fluids market, and is estimated to continue its leadership status during the forecast period. This is due to mineral oils have lesser cost as compared to synthetic liquids and wide adoption from the APAC and MEA regions. However, the synthetic fluids segment is expected to manifest the highest CAGR of 5.5% from 2020 to 2027, owing to rise in its demand from various end-use industries for its enhanced lubricity and high thermal stability.