Thermic Fluids Materials Market Size, Share & Industry Analysis, By Type (Mineral Oil, Synthetic Fluids, Glycols, Water, Others), By End Use (Chemical , Oil & Gas, Energy, Food & Beverages, Pharmaceuticals, Automotive, Other) and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Thermic fluids are the fluids that maintain the desired temperature of processing machine and carry the heat energy generated during the procedure. Thermic fluids are generally used as heat transfer fluids in air conditioners, heat pumps, and refrigerators. They are manufactured from aromatics, mineral oils and glycols from crude oil. These fluids have superior properties like high boiling point, heat capacity. Potential applications of thermic fluid include concentrated Solar Power (CSP) and Heating, Ventilating, and Air Conditioning (HVAC).
Rising concerns about depleting energy sources is substantially creating opportunity for developing renewable sources of energy. Implementation of Concentrated Solar Power (CPS) as prime source is ultimately driving the thermic fluids market. Additionally, advantages of CPS over other conventional energy sources like Coal, Petroleum and Natural Gas like renewability, lower cost, and zero emissions and pollution.
Key Market Driver -
Concerns about energy conservation.
Key Market Restraint -
Risk of fire accidents and hazards.
However, due to the degradation over period of time in flash point of some thermic fluids, there are chances of fire accidents and toxicity hazards which is likely to hinder the market growth.
Market Segmentation:
Based on the type, the market is segmented into mineral oils, synthetic fluids, glycols, water, and others . Based on end use, the market is segmented into Chemical, Pharmaceuticals, Food & Beverages, Automotive, Oil & Gas, Energy and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The global thermic fluid market is fairly fragmented, with a number of global & regional players operating. Some of the key players in the material market includes The Dow Chemical company, Eastman company, ExxonMobil Corporation, Lanxess, Chevron, Clariant, Royal Dutch Shell, and Others
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Thermic Fluids market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Regional Analysis:
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The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to be the largest market for Thermic Fluids attributed to the rapid industrialization and urbanization. Additionally the large number of end-use industries is expected to drive the regional market of Asia. Europe is expected to be the second-largest market due to the rising automotive industries in the european region. North America is expected to show lucrative growth. Latin America and Middle East & Africa is expected to show sluggish growth.
Segmentation
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Thermic Fluids Industry Developments
- In April 2019, the Eastman Chemical Company acquired the germany based chemical and energy company Sasol, the Marlotherm heat transfer fluids manufacturing assets. This helped Eastman chemical company to widen its product portfolio in heat transfer product segment.
- In October 2016, Clariant introduced 3 additions to its Protectogen and Antifrogen line of heat transfer products to meet the need of heat transfer fluids in geothermal and solar energy applications.
- Ongoing
- 2023
- 2019-2022
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