The global market for thermic fluids is highly competitive and consolidated in nature with a few players holding a large share of the market, states a research report by Transparency Market Research (TMR). In 2014, the leading players in the global thermic fluids market held a share of around 71% of the overall market. Among these players, the Dow Chemicals Company is expected to witness a strong growth and remain in the leading position in the forecast period. On the other hand, Eastman Chemical Company and ExxonMobil Corporation are estimated to remain in the third and fourth position in the next few years. As per the research study, the competition in the global market is anticipated to become intense in the near future with the rising demand for bio-based thermic fluids across the globe. Key players in the market are making remarkable efforts and are focusing on research and development activities in order to sustain in the competitive environment of the market.
According to the research report by Transparency Market Research, in 2014, the global thermic fluids market was worth US$2.1 bn. The market is expected to reach a value of US$4.17 bn by the end of 2024 and register a healthy growth rate throughout the forecast period.
Europe to Remain Dominant in Global Thermic Fluids Market
From a geographical standpoint, Europe is expected to witness a strong growth and is likely to remain in the topmost position throughout the forecast period. The high growth of this region can be attributed to the development of the construction industry and the rising demand for thermic fluids across diverse industries. As per the research report, Europe is expected to register a healthy 6.80% CAGR between 2016 and 2024. The significant contribution from Greece, Portugal, Poland, and Ireland is expected to supplement the growth of the Europe market in the near future. Furthermore, Asia Pacific is anticipated to register a progressive growth rate in the next few years with the expansion of the application base of thermic fluids.
On the basis of end use, the oil and gas segment is expected to lead the global thermic fluids market in the forecast period. As the oil and gas plants are operated at high temperatures, resulting in a high storage of energy in different types of thermic fluids. As a result, this segment is expected to register a healthy growth in the near future. On the other hand, the chemicals segment is projected to remain in the second leading position in the near future in terms of revenue.
Growing Awareness Regarding Benefits of Thermic Fluids to Encourage Market Growth
The increasing production of concentrated solar power across the globe is one of the major factors expected to encourage the growth of the global thermic fluids market in the next few years. The rising awareness among the consumers regarding the advantages of thermic fluid systems in comparison with other steam systems is expected to accelerate the growth of the overall market throughout the forecast period. In addition, the FDA approval for food grade thermic fluids is estimated to contribute substantially towards the development of the overall market in the next few years.
On the contrary, the fluctuating prices of raw materials are likely to restrict the growth of the global thermic fluids market throughout the forecast period. Nevertheless, a significant rise in the production of bio-based thermic fluids and the untapped opportunities in the several developing nations of Asia Pacific are projected to supplement the growth of the global thermic fluids market in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Thermic Fluids Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global thermic fluids market has been segmented as below:
Global Thermic Fluids Market, by Product Type
- Silicone and Aromatic Based Thermic Fluids
- Mineral Oils Based Thermic Fluids
- Glycol (ethylene and propylene) Based Thermic Fluids
- Others (Including molten salts, HFPE thermic fluids, etc.)
Global Thermic Fluids Market, by End Use
- Oil & Gas
- Concentrated Solar Power (CSP)
- Food & Beverages
- Heating, Ventilation, and Air Conditioning (HVAC)
- Others (Including transport, biodiesel, waste heat recovery, etc.)
Global Thermic Fluids Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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