Thermic Fluids Market Anticipated to Reach US$4.17 bn by 2024; Demand Steered by Burgeoning Use in Concentrated Solar Power
Transparency Market Research has released a new market report titled, “Thermic Fluids Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.” According to the report, the global thermic fluids market was valued at US$2.25 bn in 2015 and is expected to reach US$4.17 bn by 2024, expanding at 7.1% CAGR between 2016 and 2024.
Thermic fluids are commonly referred as heat transfer fluids or thermal fluids. Different types of thermic fluids are hydrocarbon or mineral oil based fluids, silicone based fluids, aromatic fluids, and glycol based fluids. Major end-use industries of thermic fluids include food & beverages, pharmaceuticals, chemicals, plastics, oil & gas, concentrated solar power (CSP), and HVAC (heating, ventilation, and air conditioning). CSP is expected to be fastest growing end-user segment in the global thermic fluid market during the forecast period due to rising demand for renewable energy. However, volatility in prices of raw materials is likely to hamper thermic fluids market growth during the forecast period.
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In terms of revenue, the silicone and aromatic based thermic fluids product segment accounted for the major share of the global thermic fluids market in 2015. This trend is projected to continue during the forecast period. Glycol (ethylene and propylene) based thermic fluids is likely to be the fastest growing product segment of the global thermic fluids market in terms of revenue between 2016 and 2024. The reason being, the best results shown by this class of thermic fluids at low temperatures.
In terms of volume, the oil & gas end-user segment held more than 20% share of the global thermic fluids market in 2015 due to the increasing applications of thermic fluids in the oil & gas industry. Thermic fluids are predominantly used to save and transfer heat energy in the oil & gas industries. CSP was the fastest growing end-user segment of the thermic fluids market in 2015. Rising demand for molten and aromatic based thermic fluids is the key factor driving the CSP industry. Europe accounted for the major share of the global thermic fluids market in 2015 owing to high demand for thermic fluids in various industries in Germany and Spain.
The U.S. FDA approval for usage of food grade thermic fluids in the food & beverages industries is likely to act as a driver of the thermic fluids market. Furthermore, development of bio-based thermic fluids is anticipated to provide significant opportunities in the thermic fluids market during the forecast period. Key players in the thermic fluids market include The Dow Chemical Company, Exxon Mobil, Eastman Chemical Company, British Petroleum, Shell, BASF SE, Dynalene, Inc., Paratherm Corporation, Multitherm LLC, and Kost USA, Inc.
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