The global heat transfer fluids market size is estimated to USD 3.7 billion in 2022 and is projected to reach USD 5.8 billion by 2027, at a CAGR of 9.3 % between 2022 and 2027. The increasing number of concentrated solar power plants with the rising demand for clean energy drives the growth of the HTF market. However, fire and explosion hazards related to HTFs are likely to hinder market growth, mostly in developed regions, including Europe and North America. The increased need for energy conservation is expected to create opportunities for manufacturers during the forecast period.
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Some major players active in the HTF market are The Dow Chemical Company (US), Eastman Chemical Company (US), Exxon Mobil (US), Chevron (US), Dow (US), Shell plc (Netherlands), Hindustan Petroleum Corporation Limited (India), Paratherm (US), Phillips 66 Company (US), and Arkema (France). These players have adopted various growth strategies to expand their presence in the market. New product launches and investment & expansion have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global HTF market.
The Dow Chemical Company is the largest player operating in the HTFs market. The company offers a variety of HTFs which find use in various industries such as pharmaceutical, food & beverage, HVAC, chemical, renewable energy, and environmental test chambers. It has a high focus on low-cost production to serve emerging markets worldwide and has many registered patents owing to its extensive R&D efforts. It manufactures HTF under than brand name Dowtherm and Ucartherm. The company has a presence in 160 countries.
Eastman is the second-largest player in the HTFs market with operations in more than 100 countries. It focuses on synthetic oil based HTFs and has approximately 50 manufacturing facilities globally. In April 2019, Eastman acquired the Marlotherm HTFs manufacturing assets located in Germany from Sasol Limited (South Africa). The company also focuses on R&D activities to achieve high growth in the market. The company manufactures HTF under than brand name, Therminol, which is a part of the Additives & Functional Products segment. In July 2022, the company announced the plan to expand the Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama. Plant expansion is expected to be completed in 2024 and will increase US-based capacity by 50%.
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Another important player in the HTF market is ExxonMobil. The company provides mineral oil- and synthetic oil-based HTFs for various industries including chemical, textile, rubber, solar, petroleum, pharmaceutical, and food & beverage. In recent years, ExxonMobil has adopted mergers and acquisitions as its key business strategy to strengthen its position in the HTFs market
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