Thermic Fluid Market Size (2024 - 2029)

The thermic fluids market is projected to experience growth driven by increasing demand from the oil and gas sector and the rising use of concentrated solar power. Despite challenges such as raw material price volatility, the market is expected to expand, with significant opportunities in developing bio-based thermic fluids. The Asia-Pacific region, with its substantial refinery capacity and presence in the chemical and pharmaceutical industries, currently holds a leading position in market share and is anticipated to maintain this status during the forecast period.

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Market Size of Thermic Fluid Industry

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Thermic Fluid Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Thermic Fluid Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Thermic Fluids Market Analysis

The thermic fluid market is anticipated to register a CAGR of over 5% during the forecast period.

COVID-19 negatively impacted the market in 2020. Considering the pandemic scenario, the petroleum refinery units had cut their production throughout, and many chemical manufacturing activities were temporarily stopped, reducing the studied market demand. However, the pharmaceutical product demand increased during the pandemic, enhancing the market-studied demand. Nonetheless, the industry picked up speed in the post-pandemic era and is expected to keep doing so during the forecast period.

  • The market growth is anticipated to be fueled by rising demand from the oil and gas sector, where the activities heavily rely on thermic fluid usage and rising demand for concentrated solar power.
  • Conversely, the volatility in raw material prices is expected to hinder the market's growth.
  • The high potential for developing bio-based thermic fluids will likely provide a significant growth opportunity for the market studied.
  • With the highest refinery capacity and a substantial global presence in the chemical and pharmaceutical industries, the Asia-Pacific region led the market share for thermic fluids. It is expected to continue doing so during the forecast period.

Thermic Fluids Industry Segmentation

Thermic fluids, also known as heat transfer fluids, are chemicals that can be in liquid or vapor form and used for transferring heat from one system to another. These fluids are mainly used in the reboiler, condenser, regenerator, and other heat-exchanging systems in the processing facilities of various end-user industries, including oil and gas, chemical, and pharmaceutical. Thermic fluids can be based on synthetic oils, molten salts, silicone fluids, glycols, etc. The thermic fluid market is segmented by type, end-user industry, and geography. By type, the market is segmented into mineral oils, silicon and aromatics, glycols, and other types. By end-user industry, the market is segmented into food and beverage, chemical, pharmaceutical, oil and gas, concentrated solar power, and other end-user industries. The report also covers the market size and forecasts for the thermic fluid market in 16 countries across major regions. Market sizing and forecasts are based on each segment's value (USD million).

Type
Mineral Oils
Silicon and Aromatics
Glycols
Other Types
End-user Industry
Food and Beverage
Chemical
Pharmaceutical
Oil and Gas
Concentrated Solar Power
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
United Arab Emirates
Rest of Middle East & Africa
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Thermic Fluid Market Size Summary

The thermic fluid market is poised for significant growth, driven by increasing demand from the oil and gas sector and the rising need for concentrated solar power. Despite the initial setbacks caused by the COVID-19 pandemic, which temporarily halted production in petroleum refineries and chemical manufacturing, the market has rebounded and is expected to continue its upward trajectory. The oil and gas industry, in particular, is expanding its use of thermic fluids for essential operations such as refining and natural gas processing, which is further bolstered by the ongoing growth in global natural gas production. However, the market faces challenges due to the volatility in raw material prices, although the development of bio-based thermic fluids presents a promising opportunity for future expansion.

The Asia-Pacific region currently leads the thermic fluid market, supported by its robust chemical, pharmaceutical, and petroleum refining industries. The region's dominance is expected to persist, fueled by its substantial refinery capacity and significant natural gas consumption. The pharmaceutical sector, particularly in China and India, is also contributing to market growth, with projections of increased production and spending. Additionally, the food and beverage industry, along with concentrated solar power applications, are key end-users of thermic fluids, further driving market demand. The market remains partially fragmented, with major players like Eastman Chemical Company, Exxon Mobil Corporation, and Shell plc actively expanding their capacities to meet global demand.

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Thermic Fluid Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Extensive Demand from the Oil and Gas Sector

      2. 1.1.2 Increasing Use in Concentrated Solar Power

    2. 1.2 Restraints

      1. 1.2.1 Fluctuations in Raw Material Prices

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Mineral Oils

      2. 2.1.2 Silicon and Aromatics

      3. 2.1.3 Glycols

      4. 2.1.4 Other Types

    2. 2.2 End-user Industry

      1. 2.2.1 Food and Beverage

      2. 2.2.2 Chemical

      3. 2.2.3 Pharmaceutical

      4. 2.2.4 Oil and Gas

      5. 2.2.5 Concentrated Solar Power

      6. 2.2.6 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle East & Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 United Arab Emirates

        4. 2.3.5.4 Rest of Middle East & Africa

Thermic Fluid Market Size FAQs

The Thermic Fluid Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Eastman Chemical Company, Exxon Mobil Corporation, BP plc, Shell plc and Hindustan Petroleum Corporation Limited are the major companies operating in the Thermic Fluid Market.

Thermic Fluids Market Report Snapshots

Thermic Fluids Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)