Thermic Fluid Market Analysis APAC, Europe, North America, Middle East and Africa, South America - China, US, Germany, UK, Canada - Size and Forecast 2024-2028

Thermic Fluid Market Size 2024-2028

The thermic fluid market size is forecast to increase by USD 1.02 billion, at a CAGR of 7.08% between 2023 and 2028.

• The market is experiencing significant growth, driven by several key factors. One major trend is the expansion of the concentrated solar power industry, which relies heavily on thermic fluids for efficient energy transfer. Another growth factor is the increasing demand for energy conservation, as businesses and governments seek sustainable and cost-effective solutions. However, the market also faces challenges, including the potential hazards of fire and explosions associated with the use of thermic fluids. These risks necessitate stringent safety regulations and the development of clean energy and advanced technologies to mitigate risks. Overall, the market is poised for continued growth, driven by the need for energy efficiency and the increasing adoption of renewable energy sources.

What will be the Size of the Market During the Forecast Period?

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• The market is a significant sector that caters to various industries, including petroleum refinery units and chemical manufacturing activities. Thermic fluids are essential for numerous applications in industries such as oil and gas, pharmaceuticals, and solar power. In the oil and gas sector, thermic fluids are used in natural gas processing and refining procedures for oil production and exploration. The market for thermic fluids is driven by the increasing demand from end users in the oil, gas, and solar power industries. The product segmentation includes mineral oils based, aromatic based, and silicone based thermic fluids. The price of raw materials, such as oil, significantly impacts the market.
• The chemical production industry also utilizes thermic fluids in manufacturing processes. Furthermore, the food and beverage industry uses thermic fluids as a heat transfer medium. Solar power plants rely on thermic fluids for concentrated solar power generation. Bio-based thermic fluids are gaining popularity due to their eco-friendly nature. According to the BP Statistical Review, the oil industry's growth is expected to continue, leading to increased demand for thermic fluids.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• End-user
  • Oil and gas
  • Chemicals
  • Concentrated solar power
  • Food and beverages
  • Others
• Geography
  • APAC
    • China
  • Europe
    • Germany
    • UK
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

By End-user Insights

• The oil and gas segment is estimated to witness significant growth during the forecast period.

The market encompasses a wide range of applications in various sectors, including petroleum refinery units and chemical manufacturing activities. In the oil and gas industry, thermic fluids are utilized in refining procedures for oil production and exploration, as well as in natural gas processing. Additionally, they play a significant role in the gas sector, particularly in concentrated solar power plants. Raw material prices, such as oil and gas, significantly impact the market's growth. Bio-based thermic fluids are gaining popularity due to their eco-friendly nature and are increasingly used in the food and beverage industry for heating, ventilation, air conditioning, and manufacturing processes.

Product segmentation includes mineral oils based, aromatic based, glycol based, and ethylene glycol-based fluids. Silicone-based thermic fluids have acute oral toxicity and are primarily used in industrial applications. Aromatic-based fluids are commonly used in the pharmaceutical industry due to their high boiling points and chemical stability. Mineral oils based fluids are widely used in the manufacturing sector, while glycol-based fluids are preferred for their low freezing points and high thermal stability. The food processing applications of thermic fluids are on the rise due to the increasing demand for processed food and beverages. The development activity in the concentrated solar power sector is also driving the market's growth.

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The oil and gas segment was valued at USD 491.80 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 44% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market encompasses a wide range of applications in various industries, including petroleum refinery units and chemical manufacturing activities. The demand for thermic fluids is driven by the oil and gas sector, with significant usage in natural gas processing and oil production. In addition, the market is witnessing increasing adoption in concentrated solar power plants for generating electricity. Raw material prices, particularly for petroleum-based thermic fluids, significantly impact market dynamics. However, the shift towards bio-based thermic fluids is gaining momentum due to their sustainability advantages and lower environmental impact. The pharmaceutical industry also utilizes thermic fluids in manufacturing processes, while the food and beverage sector leverages them for heating, ventilation, air conditioning, and food processing applications.

Product segmentation includes mineral oils based, aromatic based, glycol based, and ethylene glycol-based fluids. Regulatory measures and concerns over acute oral toxicity have led to stringent legislative measures, particularly in food processing applications. The market is expected to witness development activity in the heating, ventilation, air conditioning, and concentrated solar power sectors due to the rising demand for energy efficiency and the increasing focus on renewable energy sources. The net importer status of several countries is also driving the market growth in the oil exploration and chemical production sectors.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in the adoption of the Thermic Fluid Market?

The growth of the concentrated solar power industry is the key driver of the market.

• The market is experiencing significant expansion due to increasing concerns over environmental conservation and the need to decrease air pollution. New administrative initiatives, including government policies and monetary incentives, are being implemented to minimize carbon emissions and promote the adoption of renewable energy sources. According to recent studies, the Enhanced Oil Recovery (EOR) application segment is poised for substantial growth, accounting for approximately 123.0 MW of capacity by 2027. In this application, steam produced by concentrated solar power plants is utilized for tertiary oil recovery. The integration of this technology in crude oil-producing countries will drive the expansion of the concentrated solar power industry. The market is expected to witness continued growth during the forecast period, fueled by these trends and the increasing demand for cleaner energy solutions.

What are the market trends shaping the Thermic Fluid Market?

Increasing demand for energy conservation is the upcoming trend in the market.

• The market is experiencing significant growth due to the increasing emphasis on energy conservation and the implementation of stringent environmental regulations. As net exporters of energy-intensive goods seek to reduce their carbon footprint, the demand for efficient energy transfer solutions, such as heat exchangers and heat pumps, is on the rise. Thermic fluids play a crucial role in optimizing energy utilization in various industries and residential applications.
• For instance, propylene glycol-based thermic fluids are particularly effective in medium-temperature secondary loop refrigeration systems, leading to increased energy efficiency, decreased refrigerant costs, and up to 50% reduction in maintenance. These factors, among others, are expected to fuel the expansion of The market over the coming years.

What challenges does Thermic Fluid Market face during the growth?

Fire and explosions hazards is a key challenge affecting the market growth.

• The market caters to the demand for high-temperature chemical processing applications, such as metal processing, plastic processing, and specialty chemical production. These applications require organic fluids that operate above the flashpoint of thermal fluids, as regulated by the Dangerous Substance and Explosive Atmosphere Regulations (DSEAR) of 2002. However, mineral oils and other fluids used in these processes degrade over time, resulting in a lower flashpoint and the formation of a combustible mist atmosphere under pressure and below the flashpoint.
• Consequently, the potential explosion risks associated with thermic fluids are expected to curb the growth of The market during the forecast period. As a net exporter of these fluids, the new administration may need to consider implementing stricter regulations to mitigate these risks and ensure the safety of workers and the environment.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Apar Industries Ltd.
• Arteco Coolants
• BASF SE
• Bharat Petroleum Corp. Ltd.
• Dow Chemical Co.
• DuBois Chemicals Inc.
• Duratherm Extended Life Fluids
• Dynalene Inc.
• Eastman Chemical Co.
• Exxon Mobil Corp.
• Generation Four Engitech Ltd.
• Globaltherm Lube Pvt. Ltd.
• Lubrex FZC
• Multitherm LLC
• Oil and Natural Gas Corp. Ltd.
• Peter Huber Kaltemaschinenbau AG
• Shell plc
• Schultz Canada Chemicals Ltd.
• The Lubrizol Corp.
• Venlub Petro Products Pvt. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is witnessing significant growth due to its extensive applications in various industries such as petroleum refinery units and chemical manufacturing activities. The demand for thermic fluids is driven by the oil and gas sector, particularly in natural gas processing and oil production. The market is also influenced by the increasing use of thermic fluids in concentrated solar power plants. Raw material prices play a crucial role in the market's growth. The market is segmented into product segments such as mineral oils based, aromatic based, and glycol based. Silicone and ethylene glycol-based fluids are popular choices due to their superior thermal stability and low toxicity.

Further, the pharmaceutical industry is another significant consumer of thermic fluids due to the demand for thermally stable fluids in manufacturing processes. The food and beverage industry also uses thermic fluids for heating, ventilation, and air conditioning applications. The development activity in the solar power sector is expected to boost the demand for thermic fluids in concentrated solar power plants. However, legislative measures and net importer status in some countries may hamper the market's growth. The BP Statistical Review provides insights into global oil and gas production and output. Refining procedures and oil exploration activities also contribute to the market's growth.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, Europe, North America, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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