The India thermic fluids market is thriving with positive growth factors. The market witnesses a surge in demand due to the increasing industrial applications that rely on efficient heat transfer solutions. Thermic fluids offer excellent thermal stability, high boiling points, and low maintenance, enhancing equipment performance and energy efficiency. Moreover, the rising adoption of renewable energy sources such as solar and biomass fuels drives the demand for thermic fluids in various sectors. The market's positive trajectory reflects its vital role in supporting diverse industries and promoting sustainable energy practices in India.
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Data Bridge Market Research analyses that the India Thermic Fluids Market is expected to grow at USD 423.21 million in 2022, would grow up to USD 1,018.28 million by 2030, and is expected to undergo a CAGR of 11.60% during the forecast period of 2023 to 2030. The expanding industrial sector in India increases the demand for thermic fluids in various manufacturing processes, including chemical, pharmaceutical, and textile industries.
Key Findings of the Study
Increasing energy efficiency is expected to drive the market's growth rate
Thermic fluids play a pivotal role in enhancing energy efficiency for industries. These fluids possess excellent heat transfer properties, efficiently carrying and distributing heat across equipment and processes. Facilitating precise temperature control, thermic fluids minimize energy wastage, resulting in reduced operational costs and optimized production processes. The improved energy efficiency achieved through the use of thermic fluids aligns with industries' sustainability goals, making them a preferred choice for various applications and contributing to India's efforts towards energy conservation and resource efficiency.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Mineral Oil, Water (Under Pressure), PAG and Glycols-based Fluids, Steam (Saturated and Superheated), Molten Salt and Others), Source (Oxidation and Thermal Cracking), Application (Crude Oil Extraction and Processing Industries, Natural Gas Processing Plants, Metal Fabrication and Finishing Plants, Food Processing Industries, Rubber and Plastic Industries, Paper Industries, Printing Industries, Textile Industries, Chemical Industries, Automobile, Pharmaceuticals, Building Materials, Plywood and Laminates, Others)
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Market Players Covered
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Bharat Petroleum Corporation Limited (India), Chevron Corporation (U.S.), Indian Oil Corporation Limited (India), Exxon Mobil Corporation (U.S.), HP Lubricants (India), Dow (U.S.), Eastman Chemical Company (U.S.), Huntsman International LLC (U.S.), Paras Lubricants Ltd (India), and Thermotech Systems Ltd (India)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The India thermic fluids market is segmented on the basis of type, source, and application.
- On the basis of type, The India thermic fluids market is segmented into mineral oil, water (under pressure), PAG and glycols-based fluids, steam (saturated and superheated), molten salt, and others.
- On the basis of source, The India thermic fluids market is segmented into oxidation and thermal cracking.
- On the basis of application, the India thermic fluids market is segmented into crude oil extraction and processing industries, natural gas processing plants, Metal Fabrication and finishing plants, food processing industries, rubber and plastic industries, paper industries, printing industries, textile industries, chemical industries, automobile, pharmaceuticals, building materials, plywood and laminates, others.
Major Players
Data Bridge Market Research recognizes the following companies as the major India Thermic Fluids market players in India Thermic Fluids market are Indian Oil Corporation Limited (India), Exxon Mobil Corporation (U.S.), HP Lubricants (India), Dow (U.S.), Eastman Chemical Company (U.S.), Huntsman International LLC (U.S.)
Market Developments
- In 2022, Total Energies Marketing India, a subsidiary of Total Energies. The company has introduced 'Quartz EV Fluid' for cars and 'Hi-Perf EV Fluid' for two-wheelers, specifically designed for drivetrain reducers, e-motors, e-transmissions, and batteries in electric and hybrid vehicles.
- In 2022, Bozzler Energy Pvt Ltd announced that the company would be showcasing its new designs of Thermic Fluid Heaters at the Boiler India 2022 exhibition organized by Orangebeak Technologies, which was to be held at CIDCO Exhibition Centre, Navi Mumbai. The new designs are expected to be highly suitable for environmental health and eco-friendly.
- In 2022, Eastman Chemical Company announced its plans to increase its Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama, USA. It ensures that the company will meet customers' needs worldwide for years. The plant expansion is expected to be completed in 2024 and will increase United States-based capacity by 50%.
- In 2022, Shell lubricants announced that the company will launch Electric Vehicle battery coolants (heat transfer fluids) in India, after being attracted by the country’s electric vehicle play. As stated, the company will initially import electric vehicle thermic fluids, but manufacture the product locally later in the country.
For more detailed information about the India thermic fluids market report, click here – https://www.databridgemarketresearch.com/reports/india-thermic-fluids-market
