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The thermic fluid market share is expected to increase by USD 1.01 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7%.
This thermic fluid market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermic fluid market segmentation by end-user (oil and gas, chemicals, concentrated solar power, food and beverages, and others) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The thermic fluid market report also offers information on several market vendors, including Apar Industries Ltd., Arteco Coolants, BASF SE, Bharat Petroleum Corp. Ltd., The 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. among others.
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The growth of the concentrated solar power industry is notably driving the thermic fluid market growth, although factors such as fire and explosions hazards may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermic fluid industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermic Fluid Market Driver
One of the key factors driving growth in the thermic fluid market is the growth of the concentrated solar power industry. Growing conservation concerns about emissions and efforts to reduce air pollution are driving the growth of the market. Government policies aimed at reducing the expanding carbon footprint and monetary incentives to encourage the adoption of alternative energy sources are expected to drive the growth of the global thermic fluid market during the forecast period. The Enhanced Oil Recovery (EOR) application category is rapidly growing, and by 2027, it is expected to account for 123.0 MW of capacity. Steam generated by concentrated solar power plants is injected into oil fields for tertiary recovery in this application. The implementation of such technology in crude oil-producing countries will drive the growth of the concentrated solar plant industry. This is significantly increasing the demand for thermic fluids during the forecast period.
Key Thermic Fluid Market Trend
The increasing demand for energy conservation is a thermic fluid market trend that is expected to have a positive impact in the coming years. Due to energy constraints and environmental regulations, the need for energy conservation is expanding dramatically. As a result, energy transfer equipment such as heat exchangers and heat pumps have become popular. The management of heat in industrial and residential applications is critical for optimal energy utilization. Thermic fluids will be critical in delivering effective solutions for making better use of heat in various end-user industries. For example, propylene glycol-based thermic fluids operate well in medium-temperature secondary loop refrigeration, resulting in increased energy efficiency, decreased refrigerant costs, and up to 50% reduction in maintenance. Therefore, such factors are anticipated to drive the growth of the global thermic fluid market during the forecast period.
Key Thermic Fluid Market Challenge
The fire and explosions hazards will be a major challenge for the thermic fluid market during the forecast period. Several high-temperature chemical processing applications, such as metal processing, plastic processing, and specialty chemical production, necessitate organic fluids, which can form explosive conditions. These fluids work above the flashpoint of thermal fluids that are regulated by the Dangerous Substance and Explosive Atmosphere Regulations (DSEAR) of 2002. Furthermore, fluids, including mineral oils, deteriorate over time. The flashpoint of these fluids is reduced as a result of this deterioration, making them combustible. Under pressure and below the flashpoint, fluids form an explosive mist atmosphere. Thus, the explosion risks posed by thermic fluids are anticipated to limit the growth of the global thermic fluid market.
This thermic fluid market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global thermic fluid market as a part of the global commodity chemicals market within the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermic fluid market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the thermic fluid market encompasses successful business strategies deployed by the key vendors. The thermic fluid market is fragmented and the vendors are deploying growth strategies such as focusing on R&D activities to develop advanced, high-quality products and strengthen their product offerings to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermic fluid market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermic fluid market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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39% of the market's growth will originate from APAC during the forecast period. China is the key market for thermic fluid in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising demand for concentrated solar power and increased demand for energy conservation in China, India, Indonesia, and Thailand will facilitate the thermic fluid market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, APAC witnessed price fluctuations due to imbalances in the supply and demand for oil & gas due to COVID-19. The manufacturing and refining operations were at a halt as a result of the shutdown, which reduced the demand for thermic fluids in the first half of 2020. However, population growth and improving living standards in several countries such as India, China, Japan, Thailand, and Vietnam is a major contributing factor in the dynamic growth of the food & beverage industry. The food & beverage industry requires thermal fluids for cooling, heating and dehumidifying processes. This is anticipated to drive the growth of the thermic fluid market in the region during the forecast period.
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The thermic fluid market share growth by the oil and gas segment will be significant during the forecast period. The oil and gas segment is highly dependent on the thermic fluids. It provides smooth, efficient running of any component of the plant relies upon an effective thermal fluid heater. The thermic fluid makes the processes more efficient, cost-effective with heating solutions to a range of oil and gas plants. Furthermore, corrosion of the furnaces makes the extraction of oil & gas process tedious and time-consuming, however, the thermic fluid helps in accurate temperature control, and there is no risk of corrosion or freeze damage when the plant is shut down. Therefore, these are the factors which is anticipated to propel the growth of thermic fluid market in the oil and gas end-user during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thermic fluid market size and actionable market insights on post COVID-19 impact on each segment.
Thermic Fluid Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7% |
Market growth 2022-2026 |
$ 1.01 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.6 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 39% |
Key consumer countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Apar Industries Ltd., Arteco Coolants, BASF SE, Bharat Petroleum Corp. Ltd., The 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 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 the 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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