With the rise in concentrating solar power (CSP) activities in North America and Europe and the expansion of heating, ventilation, and air conditioning (HVAC), petrochemical, and chemical industries, the demand for heat transfer fluids is surging sharply across the world. Moreover, the high substitution rates of synthetic aromatic heat transfer fluids
are creating a huge positive impact on their worldwide sales, which is, in turn, driving the advancement of the global heat transfer fluids market.
Heat transfer fluids are usually required in heat exchangers for transferring the heat produced from one place to another. According to the requirements of industries and the specifications of a heat transfer system, there are many types of heat transfer fluids sold across the world. These fluids consist of additives and one critical chemical ingredient. The additives present in these fluids help in reducing their corrosive effect or their fouling nature.
Furthermore, many heat transfer fluids producing companies around the world are adopting innovative and advanced technologies for improvising the durability and cost-effectiveness of heat transfer fluids (HTFs). There are mainly three types of heat transfer fluids used across the world, namely synthetic aromatics & silicones, glycols, and mineral oils. Out of these, the demand for synthetic aromatics & silicones is currently observed to be the highest all over the world.
The major end users of heat transfer fluids are oil & gas, concentrating solar power (CSP), chemical, bio-diesel production, and manufacturing industries. Out of these, the requirement for these fluids is predicted to rise rapidly in the CSP industry in the coming years. This is because of the fact that high-temperature heat transfer fluids are extensively required in the CSP industry and the CSP technology is a highly cost-effective source for sustainable energy.
According to reports, the demand for CSP has grown massively, especially in the south-western U.S. As per the International Energy Agency (IEA), in North America, the total CSP capacity is predicted to rise to 50 GW by 2020. This will create huge growth opportunities for the heat transfer fluid producing organizations focusing on producing synthetic, molten, and aromatic salts. Globally, the demand for heat transfer fluids will rise rapidly in the Asia-Pacific (APAC) region in the future years.
Hence, it is safe to say that the demand for heat transfer fluids will soar all over the world in the forthcoming years, primarily because of their ballooning requirement in various industries such as chemical, petrochemical, manufacturing, and HVAC.