Industry Insights
Thermic fluids are extensively used in applications where high
temperature of processing machines is to be maintained and carry the
heat energy produced during the process. These fluids have found vast
applications in major industrial applications. Major end-use industries
of these fluids include concentrated solar power (CSP), foods &
beverages, pharmaceuticals, oil & gas, plastics, chemicals and HVAC
(heat, ventilation and air conditioning).
Increasing demand from these end-use applications is the key factor
expected to surge thermic fluids market growth over the forecast period.
Growing production of CSP is the key factor anticipated to boost
thermic fluids demand over the next five years. Growing renewable energy
demand coupled with increasing awareness towards solar power is likely
to augment the market growth over the foreseeable period. Thermic fluids
are used to improve the efficiency of CSP plants.
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Thermic fluids market is anticipated to witness strong growth on
account of increasing demand from CSP power plants. Furthermore, rapid
growth in CSP power plants in countries such as U.S.A. and Spain is
expected to complement the market growth over the next five years.
Increasing application scope of thermic fluid in oil & gas industry
is anticipated to have positive impact on the market growth over the
foreseeable period.
Growing awareness towards advantages of thermic fluid systems over
steam systems is anticipated to boost thermic fluids demand in near
future. Rapid industrialization in BRICS is anticipated to boost oil
& gas demand, which directly impacts thermic fluids market
positively over the next five years. However, volatile raw material
price is anticipated to hamper the market growth over the next five
years.
Product Insights
Thermic fluids are basically classified into synthetic and
non-synthetic fluids. Synthetic thermic fluids include silicone and
aromatics, while non-synthetic fluids include miner oils. Each of these
fluids varies based on their life time. Synthetic thermic fluids have
longer life compared to non-synthetic thermic fluids.
Mineral oil was the largest product segment of thermic fluids in 2013
followed by glycols. Mineral oils are less refined and require least
additives to protect fluid from corrosion. This advantageous factor is
likely to fuel the mineral oils demand in coming years. Glycols are best
suited thermic fluids for low temperature applications up to -50° C.
Glycols are anticipated to witness the fastest growth over the next five
years on account of increasing demand from lower temperature
application.
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Application Insights
Oil & gas industry was the largest application segment for
thermic fluids market in 2013 followed by CSP. Increasing demand for CSP
power plants across the globe is the key factor likely to drive thermic
fluids market over the next five years. Thermic fluids are also used in
foods & beverage industry which is likely to push its demand in
this industry over the foreseeable period.
In addition, FDA approval for application of food grade thermic
fluids in foods & beverages industry is the key factor anticipated
to have positive light on market growth over the foreseeable period.
Moreover, growth of other end-use industries including pharmaceutical,
plastics, chemicals and HVAC is further expected to boost the demand
over the next five years.
Regional Insights
Europe was the largest regional market for thermic fluids in 2013
followed by North America. Asia Pacific is anticipated to witness the
fastest growth over the next five years owing to growing end-use
industries in emerging nations including India and China. Development in
CSP power plant industries in Middle East and South Africa is
anticipated to surge the market growth in near future.
Competitive Insights
Thermic fluids market is highly concentrated market with less number
of industry participants. Top players in the market include The Dow
chemical Company, Shell Chemicals, Solutia Inc. and Exxon Mobil Corp.
covered about 63% of the total market. Other market players include
British petroleum, BASF SE, Paratherm Corporation, Chevron Corporation
and Multitherm LLC.
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