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North American Heat Transfer Fluids Market size to reach $1.4 Bn by 2026
Published Date: 2021-05-21
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North American Heat Transfer Fluids Market size is poised to cross USD 1.4 billion by 2026, according to a latest forecast report by Graphical Research.
Growing production of chemicals and petrochemicals in North America is expected to trigger the use of heat transfer systems in production and processing applications. Further, rising focus on generating energy from solar power plants should drive the number of concentrated solar power systems, which can create new opportunities for the market revenue.
In terms of product types, the silicone and aromatics HTFs segment dominated the market share in 2019. Silicone and synthetic heat transfer fluids hold important position in various heat transfer systems owing to their high thermal stability, high boiling temperature, and low specific heat which facilitate efficient heat transfer.
These are used in systems where high heat transfer is achieved. Increasing production levels of chemicals and petrochemicals to cater the growing demand from various industry verticals should proliferate the demand for synthetic heat transfer fluid. Also, use of plastic for packaging, healthcare, and manufacturing has soared in recent years due to growing consumption of packaged foods and beverages, and consumer goods which in turn fueled the demand for heat transfer fluids in plastic processing.
Heat transfer fluids are used in production of wide range of chemicals such as petrochemicals, biofuels, chiral chemicals, specialty chemicals, and polymers. Chemical manufacturing involves high as well as low temperature heat transfer processes as a it involves production of a wide range of chemicals. These heat transfer processes use various types of HTFs such as synthetics, silicone, ethylene glycol, and propylene glycol.
Browse detailed statistical insights from the report, “North America Heat Transfer Fluids Market Size By Product (Silicone & Aromatics, Mineral oils, Glycol, Others), By Application (Oil & gas, Chemical industry, Concentrated Solar Power (CSP), Food & Beverages, Plastics, Pharmaceuticals, HVAC, Others), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026” along with the table of contents (ToC) @
Use of these fluids in chemical manufacturing has soared in recent years on account of increasing chemical production in United States and Canada. In United States, the chemical manufacturing output reached a value of around USD 870 billion in 2019 from nearly USD 775 billion in 2016. This rise in the chemical manufacturing output should boost the utilization of heat transfer fluids in chemical industry.
United States HTF market held over USD 550 million in 2019 attributed to growing manufacturing output from industries like chemicals, pharmaceuticals, plastics, and HVAC. In 2019, nearly 10 billion tons of high density polyethylene, around 3.5 billion tons of low density polyethylene, and around 31.5 billion tons of ethylene was produced in United States.
Growth in the production of plastics and chemicals is attributed to rising demand for food and beverage packaging, electronics, and consumer goods. Further, rising investment in solar power is expected to stimulate the concentrated solar power system deployment.
The North American heat transfer fluids (HTF) market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2015 to 2026 for the following segments:
North America Market, By Material
- Silicones & aromatics
- Mineral oils
- Others (Molten salts, HFPE and PFPE)
North America Market, By Product
- Oil & gas
- Concentrated Solar Power (CSP)
- Food & beverages
- Heating, Ventilation & Air Conditioning (HVAC)
- Others (Transportation, biodiesel and waste heat recovery)
The above information has been provided for the following countries:
- North America