{"id":50059,"date":"2022-10-25T19:02:05","date_gmt":"2022-10-25T17:02:05","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/heat-transfer-fluids-htfs-market-by-product-type-end-use-and-region-global-forecast-to-2027-researchandmarkets-com\/"},"modified":"2022-10-25T19:02:05","modified_gmt":"2022-10-25T17:02:05","slug":"heat-transfer-fluids-htfs-market-by-product-type-end-use-and-region-global-forecast-to-2027-researchandmarkets-com","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/heat-transfer-fluids-htfs-market-by-product-type-end-use-and-region-global-forecast-to-2027-researchandmarkets-com\/","title":{"rendered":"Heat Transfer Fluids (HTFs) Market by Product Type, End-use and Region – Global Forecast to 2027 – ResearchAndMarkets.com"},"content":{"rendered":"
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DUBLIN–(BUSINESS WIRE)–The “Global Heat Transfer Fluids (HTFs) Market by Product Type (Mineral Oils, Synthetic Fluids, Glycol-Based Fluids), End-use (Chemical & Petrochemical, Oil & Gas, Automotive, Renewable Energy, Pharmaceutical), and Region – Forecast to 2027”<\/a> report has been added to ResearchAndMarkets.com’s<\/strong> offering.\n<\/p>\n

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\nThe global market for HTFs is estimated to be worth USD 3.7 billion in 2022 and is projected to reach USD 5.8 billion by 2027, rising at a CAGR of 9.3% between 2022 and 2027.\n<\/p>\n

\nThis is attributed to the increasing number of concentrated solar power plants with the rising demand for clean energy drives the growth of the HTF market. Moreover, HTFs plays crucial role in providing effective solutions to utilize heat more productively in various end-use like food & beverage, automotive, etc.\n<\/p>\n

\nIn terms of value, glycol-based fluids are the third fastest-growing segment in the HTF market, by product type, during the forecast period<\/em><\/strong>\n<\/p>\n

\nGlycol-based HTFs are odorless and high-performance fluids designed for industrial applications, with a special focus on high thermal efficiency and durability. They give high thermal efficiency and durability in industrial applications. Their enclosed system ensures cleanliness, reduces wear and tear, and eliminates filtration requirements.\n<\/p>\n

\nIn terms of value, pharmaceutical is estimated to be third fastest-growing segment in the HTF market, by end-use industry, during the forecast period<\/em><\/strong>\n<\/p>\n

\nThe pharmaceutical industry uses HTFs to design and manufacture new products. A wide temperature range is required because chemical reactions occur at high-temperatures, and crystallization occurs at lower temperatures during manufacturing a final product. Mineral- and silicone-based HTFs are used in pharmaceutical processing because of their thermal stability, high purity, and heat transfer efficiency. Safety is an essential criterion for using HTFs in the pharmaceutical industry. Food-grade HTFs are used in case of accidental contact takes place. These are colourless, odourless, and non-toxic.\n<\/p>\n

\nNorth America accounted for the third-largest share in the HTF market, by value<\/em><\/strong>\n<\/p>\n

\nThe market in North America consists of leading manufacturing companies such as The Dow Chemical Company, Chevron, Schultz Canada Chemicals Ltd., and Exxon Mobil. The high demand for HTFs from the chemical, oil & gas, and automotive industries drives the market.\n<\/p>\n

\nAccording to the ICCA-chem economic analysis report, base chemicals and fertilizers dominate the chemical industry in the region. According to the Center for Strategic and International Studies (CSIS), the development of abundant tight oil and unconventional natural gas resources drives the economic growth of North America. The regional market has been segmented into the US, Canada, and Mexico.\n<\/p>\n

\nMarket Dynamics<\/strong>\n<\/p>\n

\nDrivers<\/em><\/strong>\n<\/p>\n