The increase in volume of the liquid would be partially/completely/or over-compensated by the increase in size of the vessel due to its temperature increasing. As the vessel undergoes heat expansion, its volume will increase which means that your volume measurements/markings made at a lower temperature will be out.
As others have said, do your volume measurements with hot water and allow the vessel sufficient time to heat up as well.
I did indeed neglect that, but I can show that it's valid to do so;
The equation for
linear thermal expansion is deltaL = alpha x L0 x deltaT
For
area thermal expansion it's deltaA = 2 x alpha x A0 x deltaT
deltaL; change in linear length
deltaA; change in area
alpha; coefficient of linear thermal expansion
L0; original length
A0; original area
deltaT; change in temperature
I don't have my vessels here to measure, so I'm going to assume a cylinder with base radius 0.15m and height 0.6m. This gives a total volume of about 42.4L, or similar to a converted keg.
Assume the vessel has a flat base. Stainless steel has alpha = 0.0000173 (Aluminium has alpha = 0.000023). If the base has a radius of 0.15m, heating from 25C to 70C will change the base area by 0.00011m^2 (0.00015m^2). A non-flat base will make this less.
Assume the vessel has straight walls. Just working with the walls, the thermal expansion of 0.6m makes the vessel grow by 0.00047m (0.00062m). Accounting for the expansion in the base and the walls, the new volume is larger by about 0.1L (0.13L). Non-straight walls will make this less.
BUT! It doesn't matter how tall the vessel is - the calibration doesn't change if we make the vessel taller, but it will change if the base gets wider, so we only need to take into account the change in the base, so the increased volume is just 0.066L (0.09L).
... I think you'll be fine. If you want to be really fussy we could include the contribution from the increase in water vapour pressure inside the vessel and capilliary action inside the sight glass. Perhaps not.
@katzke - the question is not so much how much will I end up with, it's how much am I adding to the mash to begin with. According to these calculations, the calibration of the sight glass on the HLT will be off by about 0.3L (you end up adding 0.3L less than you thought). If it was a significant volume, it could affect the mash.