Nanofluids (NFs) have emerged as a transformative technology in industrial heat transfer applications due to their demonstrably superior thermal properties compared to conventional fluids. These engineered suspensions of nanoparticles in base fluids, including oil, ethylene glycol, or water exhibit significant enhancements in both conductive and convective heat transfer mechanisms. Their high surface area-to-volume ratio translates to exceptional heat exchange potential, making NFs ideally suited for real-world engineering applications. The performance of heat-transfer fluids may be greatly enhanced by NFs. This paper presents a summary to address the special properties of NFs, including their methods of synthesis, heat transfer processes, improvement of conduction and convection heat transfer, and maximizing heat exchange potential because of their high surface area relative to their volume. This paper also reviews the stability of NFs and the various methods to study their stability and their thermophysical characteristics. Finally, applications of NFs in various areas and industries are described, along with suggestions for future research that would encourage the rapid commercialization of NFs.
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