North America Heat Transfer Fluids Market size surpassed USD 800 million in 2019 and is estimated to witness over 7.5% CAGR from 2020 to 2026.
Heat transfer fluids take part on heat transfer process by acting as an intermediate for heating, cooling, and energy storing purposes. Heat transfer fluids have low viscosity and high boiling point. High boiling point of heat transfer fluids prevent the vaporization of such fluids and high heat capacity so that heat is transferred efficiently. In higher temperature applications, chemicals or oil that have low vapor pressure are used as heat transfer fluids.
Heat transfer fluids are utilized in an array of applications such as plastic and rubber production, chemical processing, oil and gas processing, natural gas purification, pharmaceutical manufacturing, alternative energy, and food and beverage processing. Growing industrial as well as manufacturing production output should accelerate the North America heat transfer fluids market demand. Also, growth in commercial and residential construction industries is likely to trigger the heating, ventilation, and air conditioning systems, stimulating the market expansion.
Mineral oils are used as heat transfer fluids owing to their low cost compared to synthetic fluids and are less hazardous to environment as well as humans. Further, these are utilized in various industrial applications as these can transfer heat without changing its states and have low maintenance cost.
Industrial production levels of metals and plastics have soared in recent years pertaining to rising demand from various industries. This trend is likely to trigger the demand for low cost heat transfer fluids for low temperature applications. The demand for low cost HTFs has also been fuelled by increasing focus of companies on reducing the overall operational and manufacturing costs, which should also fuel the demand for mineral oils in heat transfer applications.
Based on applications, the concentrated solar power (CSP) segment in the North America heat transfer fluids market will observe around 9% growth rate during the forecast period. Concentrated solar power is generated by concentrating sunlight at a single point using panels to provide heat which is then converted into electricity. Heat transfer fluids such as air, water, and synthetic oils are used in concentrated solar power applications.
Heat transfer fluids are of high importance in CSP applications as these ensure efficient heat transfer and equipment efficiency. Growing demand for renewable energy has proliferated the deployment of solar based power plants in North America. Government and private companies are increasing investing in new renewable energy sources such as solar power plants. This should stimulate the deployment in concentrated solar power systems around North America.
Leading companies operating in the North America heat transfer fluids market include Dow Chemical Company, Eastman Chemical Company, Chevron Co., Dynalene, Inc., Huntsman Corporation, Exxon Mobil, Royal Dutch Shell Plc, BASF, CFR Chemicals, Babcock Wanson, KOST USA, Inc., Indian Oil Corporation Ltd. (IOCL), and Inlet Petroleum Company (IPC).