# Heat-transfer fluids and heat pipes: Value chain

Chilean nitrates, refrigerant giants and Taiwanese cooling firms

Source page: https://www.materialinsights.org/energy/e_heat_carriers/valuechain/

What this tab covers Who does what, from equipment makers to builders, owners, operators, traders and users, with the leading companies at each step.

Chemical firms make the fluids and salts, equipment makers build loops, heat pipes and stores, and end users range from solar power plants and refineries to data centres and pipelines.

#### The chain
 Thermal oil makers Nitrate salt suppliers Refrigerant producers Heat pipe and thermal module makers End users and operators Regulators

| Stage | What happens | Leading companies |
|---|---|---|
| **Thermal oil makers** | Synthetic heat-transfer fluids for chemical plants and solar fields | Eastman (US), Therminol brand^[5](https://www.therminol.com/product/71093459) |
| **Nitrate salt suppliers** | Sodium and potassium nitrate for solar salt | SQM (Chile), about 1.5 million tonnes of sodium and potassium nitrates a year (company data)^[6](https://sqm.com/en/producto/sales-termo-solares/) |
| **Refrigerant producers** | HFC, HFO and other refrigerants | Chemours (US) Solstice Advanced Materials (US) Arkema (France) Orbia (Mexico) Daikin Industries (Japan)^[13](https://www.sec.gov/Archives/edgar/data/1627223/000119312526065201/cc-20251231.htm) |
| **Heat pipe and thermal module makers** | Heat pipes, vapour chambers, cold plates | Fujikura (Japan) Asia Vital Components (Taiwan) Auras (Taiwan)^[8](https://www.fujikura.com/solutions/thermal/)^[15](https://www.taiwannews.com.tw/news/6336454) |
| **End users and operators** | Solar thermal plants, industry, data centres, pipelines | Andasol 3 solar plant (Spain) Alyeska Pipeline Service (US)^[2](https://solarthermalworld.org/news/molten-salt-suitable-heat-transfer-fluid-for-concentrating-collector-fields/)^[9](https://www.pbs.org/wgbh/americanexperience/features/pipeline-designs-protect-permafrost/) |
| **Regulators** | Limits on fluorinated gases and PFAS | European Commission (F-gas Regulation 2024/573) European Chemicals Agency^[12](https://eia-international.org/wp-content/uploads/2026-EIA-A-Concise-Guide-to-the-EU-F-Gas-Regulation-5.pdf)^[14](https://www.efsa.europa.eu/sites/default/files/2026-06/10.5.b_ECHA%E2%80%99s%20update%20on%20the%20REACH%20Restriction%20on%20PFAS_IFT.pdf) |

Chemours's annual report names Solstice Advanced Materials, Arkema, Orbia, Daikin and Chinese F-gas producers as its refrigerant competitors. Several figures in this tab are company data rather than independent assessments: Eastman's rated range for Therminol VP-1, SQM's statement that its solar salts are chemically stable above 580 C, and Fujikura's description of itself as one of the biggest thermal-solution suppliers. Independent market shares for thermal oils, solar salts and heat pipes are not published.

#### Sources

1. [Molten salt suitable heat transfer fluid for concentrating collector fields](https://solarthermalworld.org/news/molten-salt-suitable-heat-transfer-fluid-for-concentrating-collector-fields/) solarthermalworld.org, 2021
2. [Therminol VP-1 heat transfer fluid (company data)](https://www.therminol.com/product/71093459) Eastman, 2026
3. [Thermo-Solar Salts (company data)](https://sqm.com/en/producto/sales-termo-solares/) SQM, 2026
4. [Thermal solutions (company data)](https://www.fujikura.com/solutions/thermal/) Fujikura, 2026
5. [Pipeline designs protect permafrost](https://www.pbs.org/wgbh/americanexperience/features/pipeline-designs-protect-permafrost/) PBS American Experience, 2006
6. [A Concise Guide to the EU F-Gas Regulation](https://eia-international.org/wp-content/uploads/2026-EIA-A-Concise-Guide-to-the-EU-F-Gas-Regulation-5.pdf) Environmental Investigation Agency, 2026
7. [The Chemours Company Form 10-K for fiscal year 2025](https://www.sec.gov/Archives/edgar/data/1627223/000119312526065201/cc-20251231.htm) US SEC, 2026
8. [ECHA's update on the REACH restriction on PFAS (100th EFSA Advisory Forum)](https://www.efsa.europa.eu/sites/default/files/2026-06/10.5.b_ECHA%E2%80%99s%20update%20on%20the%20REACH%20Restriction%20on%20PFAS_IFT.pdf) European Chemicals Agency, 2026
9. [AI demand lifts Taiwan cooling suppliers to record monthly sales](https://www.taiwannews.com.tw/news/6336454) Taiwan News, 2026

## Other sections

- [Summary](https://www.materialinsights.org/energy/e_heat_carriers/index.md)
- [Overview](https://www.materialinsights.org/energy/e_heat_carriers/overview/index.md)
- [Correlation](https://www.materialinsights.org/energy/e_heat_carriers/correlation/index.md)
- [How it works](https://www.materialinsights.org/energy/e_heat_carriers/explain/index.md)
- [Efficiency and losses](https://www.materialinsights.org/energy/e_heat_carriers/efficiency/index.md)
- [Technology advances](https://www.materialinsights.org/energy/e_heat_carriers/advances/index.md)
- [Geopolitics and regulation](https://www.materialinsights.org/energy/e_heat_carriers/geopolitics/index.md)
- [Unit economics](https://www.materialinsights.org/energy/e_heat_carriers/economics/index.md)
- [Impact on the biosphere](https://www.materialinsights.org/energy/e_heat_carriers/biosphere/index.md)
- [Relationships](https://www.materialinsights.org/energy/e_heat_carriers/links/index.md)