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Global Thermic Fluids Market – Industry Trends and Forecast to 2031

Chemical and Materials

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Global Thermic Fluids Market – Industry Trends and Forecast to 2031

  • Chemical and Materials
  • Upcoming Report
  • Mar 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Thermic Fluids Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 12.16 USD Billion
Diagram Market Size (Forecast Year) USD 16.77 USD Billion
Diagram CAGR %

Major Markets Players

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Global Thermic Fluids Market, By Product (Silicone and Aromatic-Based, Mineral Oil-Based, PAG and Glycol-Based, and Others), Application (Oil and Gas, Chemical Industry, CSP, Food and Beverages, Plastics, Pharmaceuticals, Manufacturing Processes, Biodiesel Production, HVAC, and Others), Sales Channel (Direct Channel, and Distribution Channel) - Industry Trends and Forecast to 2031.

Thermic Fluids Market

Thermic Fluids Market Analysis and Size

The global thermic fluids market is majorly used in concentrated solar power (CSP) systems. Thermic fluids, such as synthetic or mineral oils, are used as heat transfer mediums in CSP plants to efficiently capture and store solar energy. These fluids help transfer and store heat generated from concentrated sunlight, allowing for continuous power generation even during periods of sunlight absence. This application enhances the efficiency and reliability of CSP systems, contributing to the growth of the thermic fluids market in the renewable energy sector.

Data Bridge Market Research analyses the global thermic fluids market, which was 12.16 billion in 2023, is expected to reach USD 16.77 billion by 2031, growing at a CAGR of 4.1% during the forecast period of 2024-2031. 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.

Thermic Fluids Market Scope and Segmentation

Report Metric

Details

Forecast Period

2024-2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product (Silicone and Aromatic-Based, Mineral Oil-Based, PAG and Glycol-Based, and Others), Application (Oil and Gas, Chemical Industry, CSP, Food and Beverages, Plastics, Pharmaceuticals, Manufacturing Processes, Biodiesel Production, HVAC, and Others), Sales Channel (Direct Channel, and Distribution Channel)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Market Players Covered

Dow (U.S.), Eastman Chemical Company (U.S.), Exxon Mobil Corporation (U.S.), BP p.l.c. (U.K.), BASF SE (Germany), Dynalene, Inc. (U.S.), paratherm (U.S.), MULTITHERM LLC (U.S.), Chevron Corporation (U.S.), Shell (U.K.), Indian Oil Corporation Ltd (India), TULSTAR PRODUCTS INC. (U.S.), Radco Industries, Inc. (U.S.), Clariant (Switzerland), Wattco (Canada), Caldera (U.S.), Arkema (France), Peter Huber Kältemaschinenbau SE (Germany), HP Lubricants (India), Tide Water Oil Co. (India) Ltd. (India)

Market Opportunities

  • Increasing Demand in Concentrated Solar Power (CSP) Industry
  • Expansion of Chemical Industries Require Thermic Fluids for Smooth Operations

Market Definition

Thermic fluids are specialized liquids or gases designed to efficiently transfer heat in industrial processes. They possess high thermal stability and a wide operating temperature range, making them suitable for applications such as heating, cooling, and heat exchange in various systems. Commonly used in thermal oil heaters and solar thermal systems, thermic fluids play a crucial role in maintaining consistent and controlled temperatures in diverse industrial settings. 

Global Thermic Fluids Market Dynamics

Drivers

  • Growing Industrialization Increase the Demand For Thermic Fluids

Industries such as manufacturing, chemicals, food and beverage, pharmaceuticals, and oil and gas rely heavily on efficient heat transfer systems. Thermic fluids play a crucial role in maintaining stable and controlled temperatures in various industrial processes, such as heat exchangers, reactors, and distillation units. As more countries undergo industrial development and expansion, the demand for thermic fluids is expected to rise.

  • Growing Demand for Bio-Based and Environmentally Friendly Thermic Fluids

With a global emphasis on sustainability and energy efficiency, industries are actively seeking ways to optimize their processes and reduce energy consumption. Thermic fluids contribute to energy efficiency by providing effective heat transfer and temperature control, helping industries operate more efficiently. There is a growing demand for bio-based and environmentally friendly thermic fluids as companies strive to reduce their carbon footprint. The development and adoption of thermic fluids that are both efficient and environmentally sustainable are driving the growth of the market.

Opportunities

  • Increasing Demand in Concentrated Solar Power (CSP) Industry

Concentrated solar power (CSP) systems use mirrors or lenses to concentrate sunlight onto a small area to produce heat, which is then used to generate electricity. Thermic fluids play a crucial role in these systems by transferring and storing heat efficiently. The growing interest in renewable energy sources, coupled with advancements in CSP technology, presents a significant opportunity for thermic fluid manufacturers. As countries aim to diversify their energy mix and reduce reliance on fossil fuels, the demand for thermic fluids in the CSP sector is expected to increase.

  • Expansion of Chemical Industries Require Thermic Fluids for Smooth Operations

Thermic fluids are widely used in the chemical and petrochemical industries for processes such as heating, cooling, and temperature control. The expansion of these industries, driven by factors such as population growth, urbanization, and increased industrialization, presents a lucrative opportunity for the thermic fluids market. As new chemical and petrochemical plants are established or existing ones undergo capacity expansions, there is a growing need for efficient and high-performance thermic fluids to ensure smooth and reliable operations.

 Restraints/Challenges

  • Limiting Adoption in Certain Industries with High Operating Temperatures

In industries with extremely high operating temperatures or specialized applications, alternative heat transfer solutions may be preferred. The limited adoption in certain industries can pose a challenge for the broader market growth, as it restricts the potential customer base and market penetration for thermic fluid products.

  • Fluctuations in Prices of the Raw Materials

The thermic fluids market is influenced by the prices and availability of raw materials such as base oils and additives. Fluctuations in the prices of these raw materials can impact the production costs for thermic fluids manufacturers. As a result, companies in the industry may face challenges in maintaining stable pricing for their products, and this volatility can affect profit margins. Economic factors, geopolitical events, and supply chain disruptions can contribute to the unpredictability of raw material prices, posing a restraint for players in the thermic fluids market.

This global thermic fluids market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global thermic fluids market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In January 2022, Linde plc collaborated with Yara to construct a 24 MW green hydrogen plant, signaling a significant push towards sustainable hydrogen production. This development boosts hydrogen demand and underscores the importance of efficient thermic fluid systems in the hydrogen production process, aligning with the broader growth trajectory of the thermic fluids market
  • In December 2021, Chart Industries collaborated with Howden to enhance their hydrogen solutions, integrating Howden's gas compression system. This collaboration diversifies Chart Industries' hydrogen offerings and emphasizes the critical role of thermic fluid systems in optimizing the efficiency of gas compression processes. The move aligns with the growing demands in both the hydrogen storage and thermic fluids markets

Global Thermic Fluids Market Scope

The global thermic fluids market is segmented on the basis of product, application and sales channel. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets. 

Product

  • Silicone and Aromatic-Based
  • Oil and Gas
  • Chemical Industry
  • CSP
  • Food and Beverages
  • Plastics
  • Pharmaceuticals
  • HVAC
  • Others
  • Mineral Oil-Based
  • PAG and Glycol-Based
  • Others

Application

  • Oil and Gas
  • Chemical Industry
  • Concentrated Solar Panel
  • Food and Beverages
  • Plastics
  • Pharmaceuticals
  • Manufacturing Processes
  • Biodiesel Production
  • HVAC
  • Others

Sales Channel

  • Direct Channel
  • Distribution Channel

Global Thermic Fluids Market Regional Analysis/Insights

The global thermic fluids market is analyzed and market size, volume information is provided by country, product, application and sales channel as referenced above.    

The countries covered in the global thermic fluids market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America. 

North America dominates the thermic fluids market primarily because of its robust manufacturing sector, driving significant demand for heat transfer fluids. The region's industrial activities, technological advancements, and stringent quality standards contribute to the widespread use of thermic fluids in various manufacturing processes, solidifying North America's leadership in the market.

The Asia-Pacific thermic fluids market is projected to experience accelerated growth, driven by robust industrialization, increasing demand from diverse sectors, and favorable economic conditions. The region's dynamic manufacturing landscape and expanding industrial activities contribute to its status as the fastest-growing market for thermic fluids during this forecast period.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Thermic Fluids Market Share Analysis

The global thermic fluids market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to global thermic fluids market.

Some of the major players operating in the global thermic fluids market are:

  • Dow (U.S.)
  • Eastman Chemical Company (U.S.)
  • Exxon Mobil Corporation (U.S.)
  • BP p.l.c. (U.K.)
  • BASF SE (Germany)
  • Dynalene, Inc. (U.S.)
  • paratherm (U.S.)
  • MULTITHERM LLC (U.S.)
  • Chevron Corporation (U.S.)
  • Shell (U.K.)
  • Indian Oil Corporation Ltd (India)
  • TULSTAR PRODUCTS INC. (U.S.)
  • Radco Industries, Inc. (U.S.)
  • Clariant (Switzerland)
  • Wattco (Canada)
  • Caldera (U.S.)
  • Arkema (France)
  • Peter Huber Kältemaschinenbau SE (Germany)
  • HP Lubricants (India)
  • Tide Water Oil Co. (India) Ltd. (India)


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Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

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FREQUENTLY ASK QUESTIONS

The thermic fluids market size will be worth USD 16.77 billion by 2031.
The growth rate of the thermic fluids market is 4.1% by 2031.
Growing industrialization increase the demand for thermic fluids & growing demand for bio-based and environmentally friendly thermic fluids are the growth drivers of the thermic fluids market.
Product, application and sales channel are the factors on which the thermic fluids market research is based.
Major companies in the thermic fluids market are Dow (U.S.), Eastman Chemical Company (U.S.), Exxon Mobil Corporation (U.S.), BP p.l.c. (U.K.), BASF SE (Germany), Dynalene, Inc. (U.S.), paratherm (U.S.), MULTITHERM LLC (U.S.), Chevron Corporation (U.S.), Shell (U.K.), Indian Oil Corporation Ltd (India), TULSTAR PRODUCTS INC. (U.S.), Radco Industries, Inc. (U.S.), Clariant (Switzerland), Wattco (Canada), Caldera (U.S.), Arkema (France), Peter Huber Kältemaschinenbau SE (Germany), HP Lubricants (India), Tide Water Oil Co. (India) Ltd. (India).
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