June 22, 2022 16:13 ET | Source: Arizton Advisory and Intelligence Arizton Advisory and Intelligence
Chicago, June 22, 2022 (GLOBE NEWSWIRE) -- According to latest research report, the heat transfer fluids market is expected to grow at a CAGR of 5.6% during the forecast period. Heat-transfer fluids are used in a wide range of applications in processing, refining, and transportation in the natural gas industry. They are utilized for the recovery of glycols and the removal of water from processed natural gas. The utilization of heat-transfer fluids in offshore oil and natural gas systems and the high number of liquefied natural gas (LNG) workstations is increasing the demand for heat-transfer fluids.
Heat Transfer Fluids (HTFs) Market Report Scope
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The heat-transfer fluid industry evolves to cater the changing needs and preferences of end-use industries. Earlier, the primary function of heat-transfer fluids was to transfer heat from one system to another. However, heat-transfer fluids are now used in energy storage applications, and mechanical systems owing to technological advances and R&D.
Heating, ventilation, and air conditioning (HVAC) and power-generation industries also use heat-transfer fluids as the demand for environment-friendly products in these industries is on the rise. Increased environmental issues and global warming increase the demand for renewable energy. Heat-transfer fluids are used in many renewable energy applications, such as CSP systems, that carry heat from collectors to generators to convert heat into power. They are also used in solar water heaters to carry heat from solar collectors to heat exchangers and from heat exchangers to heat storage tanks. Hence, the increased use of heat-transfer fluids in renewable energy applications would propel the growth of the global heat-transfer fluid market.
Technological advances and environmental & economic challenges driving the development of safer and recyclable heat-transfer fluids. Changes in government regulations and an increase in renewable energy production will be key opportunities for the growth of the global heat-transfer fluid market. Many companies focus on innovation and new product development to boost their performance and tap into new markets. Some examples are:
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