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The thermic fluid market size is forecast to increase by USD 1.02 billion and is estimated to grow at a CAGR of 7.08% between 2023 and 2028. The concentrated solar power (CSP) industry has experienced significant growth in recent years due to increasing global awareness of renewable energy sources and technological advancements. One key factor driving this growth is the improved performance of heat transfer fluids (HTFs), which have become more efficient at transferring heat and withstanding high temperatures. Another significant contributor is the rising demand from the oil and gas industry for CSP technology to enhance their operations. CSP systems can be used to generate electricity and provide thermal energy for various industrial applications, making them an attractive alternative to traditional fossil fuel-based methods. This trend is expected to continue as governments and businesses seek to reduce their carbon footprint and explore sustainable energy solutions.
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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. 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.
Growth of concentrated solar power industry is notably driving market growth. 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. Thus, such factors are driving the growth of the market during the forecast period.
Increasing demand for energy conservation is the key trend in the market. The global thermic fluid market is experiencing significant growth due to the increasing emphasis on energy conservation and the implementation of stringent environmental regulations.
Moreover, 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. Thus, such trends will shape the growth of the market during the forecast period.
Fire and explosions hazards is the major challenge that affects the growth of the market. The thermic fluid market caters to the demand for high-temperature chemical processing applications, such as metal processing, plastic processing, and specialty chemical production.
Moreover, 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. Hence, the above factors will impede the growth of the market during the forecast period
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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BASF SE: The company offers thermic fluids such as Lutron HF 1 which is a highly miscible polyglycol ether that is commonly used as a basic brightener, flux, and heat-transfer fluid for the plastic and soldering industries.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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.
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.
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The oil and gas segment was the largest segment and valued at USD 491.80 million in 2018. 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. Hence, such factors are fuelling the growth of this segment during the forecast period.
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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. The Thermic Fluid 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. Hence, such factors are driving the market in APAC during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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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. The pharmaceutical industry is another significant consumer of thermic fluids due to the demand for thermally stable fluids in manufacturing processes.
The market landscape depends on the Pharmaceutical product demand, Thermic fluid oil specification, Petroleum processing, Cooling and heating processes, Acute oral toxicity, Food processing applications, Net exporter, New administration. 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. The market for bio-based thermic fluids is expected to grow due to the increasing demand for sustainable and eco-friendly alternatives. The market for thermic fluids is expected to grow at a steady pace due to the increasing demand from various industries and the development of new applications. The market is also influenced by the shale oil and gas output and the demand for thermic fluids in the manufacturing of chronic diseases treatments.
Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
Market growth 2024-2028 |
USD 1.02 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.49 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key countries |
China, US, Germany, UK, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and Venlub Petro Products Pvt. Ltd. |
Market dynamics |
Parent market analysis, market report, market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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