Global Thermic Fluids Market to Reach US$4.17 bn by 2024; China and U.S. Most Attractive Markets
Transparency Market Research has released a new market report titled, “Thermic Fluids (Silicone & Aromatic Based, Mineral Oils Based, Glycol Based, and Others) Market for Oil & Gas; Chemical; Concentrated Solar Power (CSP); Food & Beverage; Plastics; Pharmaceuticals; Heating, Ventilation, and Air Conditioning (HVAC); and Other End-users – 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.
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Thermic fluids are primarily used to prevent excess heating of a thermal device, store heat, and to transfer heat from one device to another. Based on product type, thermic fluids can be classified into silicone and aromatic based thermic fluids, mineral oils based thermic fluids, glycol (ethylene and propylene) based thermic fluids, and others. These thermic fluids have applications in end-use industries such as food & beverages, pharmaceuticals, chemicals, plastics, oil & gas, concentrated solar power (CSP), and HVAC (heating, ventilation, and air conditioning), and others. Volatility in prices of raw materials is likely to hamper market growth in the near future.
The thermic fluids market in Asia Pacific is expected to expand at the fastest rate during the forecast period due to the development of the end-use industries such as chemicals and food & beverages in the emerging economies. China and the U.S. are the two most attractive markets for thermic fluid due to easy availability of the technology and raw materials. Europe accounted for the major share of the global thermic fluids market in 2015 owing to high demand for thermic fluids in various end-user industries of Germany and Spain. Additionally, increase in demand for glycol based thermic fluids in Europe is projected to drive the thermic fluids market during the forecast period. Demand for thermic fluids in North America has surged post FDA approval for food grade thermic fluids. North America held over 30% share of the global thermic fluids market in 2015. Silicone and aromatic based thermic fluids was the largest product segment of the thermic fluids market in 2015. In terms of volume, oil & gas was the largest end-user segment of the thermic fluids segment in 2015.
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. Most manufacturers are shifting to bio-based thermic fluids, as these are eco-friendly and offer better performance.
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