The thermic fluid market is anticipated to grow by a CAGR of more than 6.2% from 2022 to 2032. Thermic fluid oil specification is a key criterion for end users to choose the product for various purposes. These liquids are used in applications where water or streams might not work well. It is used in various industries, such as the chemical industry, solar power plants, manufacturing processes, petroleum processing, and many more. The market for thermic fluid has grown more than a CAGR of 7.5% from 2014 to 2020 globally.
| Attributes | Details |
|---|---|
| Historical CAGR of the Thermic Fluids Market (2014 to 2020) | 7.5% |
| CAGR of Thermic Fluids Market (2022 to 2032) | 6.2% |
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Increasing environmental concerns across the globe have increased investments in solar power projects, and this will significantly propel the thermic fluids market demand in the coming years.
Some of the major factors driving the growth of the market are increased performance by the industrial sectors, benefits offered by these thermal liquids, and growth in the concentrated solar power market.
Rising prices of raw materials are one of the major restraints of the market. But in the future, the thermic fluid market has huge opportunities due to growing heat transfer leading to demand and increasing demand from the Asia Pacific region due to their continued strong economic growth and rising demand for energy.
Thermic liquids also have a low viscosity, which allows for better heat transfer. Thermic fluids of this type are widely used in technical applications such as chemical processing, pharmaceutical processing, oil and gas processing, and CSP plants.
Based on product, the thermic fluid market is segmented into Silicone & Aromatic Based, Mineral Oils Based, and Glycol Based. Ethylene glycol-based fluids are employed in the cooling and heating processes because they are corrosion-resistant, easy to maintain, and replenishable.
Thermal fluid with low acute oral toxicity is a must-have property for food processing applications and processes that may come into contact with water.
Based on application, the thermic fluid market is segmented into Oil & Gas, Chemical, Concentrated Solar Power (CSP), Food & Beverage, Plastics, Pharmaceuticals, Heating, Ventilation & Air Conditioning (HVAC).
Increased Research and Development activity to create cures and preventative medications and vaccines will arise from an increase in the number of individuals suffering from chronic diseases. This will improve pharmaceutical production, boosting the demand for thermic fluids in the next few years.
Due to the pharmaceutical industry, North America is experiencing rapid growth in the thermic fluid market. Thermic fluids are also garnering high popularity in Europe.
Europe is the market leader for thermic fluid. But in the future, Asia Pacific is expected to be the most promising market. India and China are expected to be the fastest-growing markets for these fluids.
Another growing thermic fluid market for heat transfer liquids is the Middle East. In the future, the growth of the thermic fluid is expected to be moderate in the economies of Europe and North America.
From 2018 to 2025, the North American thermic fluid market is expected to increase at a healthy 5.5 percent. This is owing to the existence of a variety of end-use sectors, such as pharmaceuticals, oil and gas, chemical, food and beverage, HVAC, and others.
The USA has transitioned from being a net importer to a net exporter as a result of increased shale oil and gas output. Furthermore, the new administration's legislative measures will help the thermal oil and gas business flourish, as well as the chemical industry. The above-mentioned trends will continue and offer the thermic fluids market a boost in the future.
| Attributes | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data available for | 2014 to 2020 |
| Market Analysis | USD Billion for Value |
| By Type | Mineral Oils, Silicon and Aromatics, Glycols, Others |
| By End-user Industry | Food & Beverage, Chemical, Pharmaceutical, Oil & Gas, Concentrated Solar Power, Others |
| By Region | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific; Middle East and Africa |
| Key Players | Solutia Inc. (USA); Dow Chemical’s Co. (USA); ExxonMobil (USA); Shell Corporation (The Netherlands); BP (United Kingdom) |
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The global thermic fluid market is expected to register a CAGR of 6.2% from 2022 to 2032.
The size of the thermic fluid market was worth 3 Billion in 2020.
| Expected Market Value (2022) | USD 5.4 Billion |
|---|---|
| Anticipated Forecast Value (2032) | USD 9.7 Billion |
| Projected CAGR (2022 to 2032) | 6.03% |
| Expected Market Value (2022) | USD 5.3 Billion |
|---|---|
| Anticipated Forecast Value (2032) | USD 8.8 Billion |
| Projected CAGR (2022 to 2032) | 5% |
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Thermic Fluid Market
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