Thermic fluids demonstrate diverse applications across industries such as pharmaceuticals, food and beverages, plastics, chemicals, oil and gas, HVAC (heating, ventilation, and air conditioning), and concentrated solar power. As per TMR analysis, rapid industrialization in emerging economies will prove exceptionally rewarding for the market.
By revenue, the global thermic fluids market stood at US.1 bn in 2014 and is expected to reach US.17 bn by the end of 2024. In terms of volume the market is exhibit a surge of 5.9% CAGR during the forecast period.
Europe Holds Brightest Prospects for Thermic Fluids
In the last few years, policy makers in Europe have been consciously making efforts for increasing the share of renewable energy in the overall energy mix. A robust increase in the construction of CSP plants is thus noted in the region. Increasing application of thermic fluids for thermal storage across these CSP plants has been fuelling demand from the Europe thermic fluids market.
The region is likely to exhibit significantly rising use of bio-based thermic fluids. Countries such as Portugal, Poland, Greece, and Ireland will prove to be the most lucrative markets for sellers of thermic fluids in Europe. As per TMR, the Europe thermic fluids market is likely report a CAGR of 6.8% from 2016 to 2024.
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Oil and Gas Industry to Exhibit Most Attractive Opportunities for Thermic Fluids Market
By end user, the market has been witnessing significant opportunities in the oil and gas industry. The industry led the global thermic fluids market in 2014 and is expected to expand at a robust pace during the forecast period. Oil and gas plants usually work at high temperatures, harnessing energy that are stored in various kinds of thermic fluids available in the market. By revenue, the oil and gas industry stood at US9.4 mn in 2014.
Besides this, the market has been witnessing rising demand from the chemicals industry as well. By revenue, this end user segment stood at US4.4 mn in 2014 and is expected to exhibit a CAGR of 6.6% between 2016 and 2024. The concentrated solar power industry emerged as the third-largest end user segment in the market in 2014. However, it is likely to exhibit the fastest CAGR at 8.3% during the forecast period.
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Volatility in Crude Oil Prices Puts Negative Pressure on Global Thermic Fluids Market
With industries realizing advantages of thermic fluids over traditional steam systems, the opportunities for the thermic fluids market are expected to bolster in the near future. However, since the production of thermic fluids depends on crude oil, fluctuations reported in their global prices also have a negative impact on the thermic fluid market’s trajectory. Nevertheless, the market is likely to gain from the increasing production of bio-based thermic fluids in the near future.
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Some of the prominent companies operating in the global thermic fluids market include BASF SE, Royal Dutch Shell, British Petroleum (BP), Exxon Mobil Corporation, Dow Chemicals, and others.
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