The global Thermic Fluid Market is Segmented By Application(Oil & Gas, Food & Beverages, Chemical Industry, Others, Concentrated Solar Power), By Product(Mineral Oils, Silicone & Aromatics, Glycols, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2029
Thermic Fluid Market Size, Demand Insights
Global "Thermic Fluid Market" is expected to reach at a high CAGR of 4.49%% during the forecast period (2023-2029).
Thermic Fluid Market Scope and Summary
Metrics |
Details |
Market CAGR |
4.49% |
Segments Covered |
By Application, By Product, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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Thermic fluid is a general word for liquids that transmit heat. It is necessary to employ heat transfer liquids when adding or removing heat from one portion of the process to another. These substances can be utilized when water or a stream is ineffective. It can be found in various fields, including the chemical industry, solar power plants, manufacturing processes, and petroleum processing.
These fluids are needed to keep the processing equipment at a constant temperature and transport the heat energy generated due to the process. As an example of a coolant, consider water cooling down a car engine, a fluid that passes through a device to keep it from overheating. In a solar collector, a heat transfer fluid is heated in the collector by the sun and then travels through heat exchange to warm a separate tank of water for home use or for heating a building.
Source: DataM Intelligence Analysis (2023)
Thermic Fluid Market Dynamics and Trends
Steps taken by the global community to address climate change, such as the Paris Agreement, have increased demand for solar energy globally, which will boost thermal or thermic fluids market share over the forecast period. Thermodynamic fluids (TF), and concentrated solar power (CSP) facilities can improve their efficiency. Its intrinsic qualities, such as heat storage, aid in expanding a plant's electrical generating capacity.
Thermic fluid's growing use in the oil and gas industry
Refining procedures also make use of thermic fluids. For example, they are used to heat fractionated reboilers and cool overhead cooling condensers. As per the Statistical Review of World Energy 2020 by BP, North America's total refinery throughput in 2019 was 18.98 million barrels per day, down 1.3 percent from 2018's level, reducing refinery demand for thermic fluid.
The long-term perspective for the oil and gas company proposes that oil exploration and thermic fluids continue to develop side by side. In addition, as hydrocarbon discoveries age and become less productive, greater penetration is needed per unit of oil.
The growing use of thermic fluid in concentrated solar power
CSP, or concentrated solar power, is a prominent usage of thermic fluids and is projected to continue to be a vital application for thermic fluid makers as the need for renewable energy grows. CSP facilities can operate more efficiently thanks to the use of thermodynamic fluids. When coupled with thermal storage, CSP has the added benefit of storing energy that can be used even if the sun is obscured by clouds and after sunset to generate power.
CSP facilities have a six-hour energy storage capacity, which can add capacity and an operating value of USD 35.80/MWh. Thermal systems are already being used in some plants and this trend is projected to continue. The CSP sector is growing rapidly, increasing the demand for thermic fluids.
Volatility in raw material pricing
Prices of raw materials are projected to be volatile, which would harm market growth. Mineral oils, aromatics, and glycols generated from crude oil derivatives are the primary ingredients in thermic fluids. Manufacturers will be forced to use contract pricing to assure a steady supply of raw materials due to the volatile global crude oil index.
COVID-19 Impact on Thermic Fluid Market Growth
In 2020, COVID-19 harmed the market. Petroleum refining, food and beverage manufacturing, and chemical processing employ thermic fluid as a heat transmission medium in their operations. The petroleum refineries' output throughput was reduced during the lockdown because of the global drop in demand for fuel caused by the pandemic scenario.
Thermic fluid usage at petroleum refining facilities was reduced by 30-40 percent when Indian Oil Corporation Ltd. reduced its crude oil processing capacity from 5 million barrels per day to 3 million barrels per day. Other chemical manufacturing activities were also temporarily halted during the lockdown, which reduced demand for the market is examined.
Global Thermic Fluid Market Segment and Shares Analysis
By application, the thermic fluid market is segmented into oil & gas, food & beverages, the chemical industry, concentrated solar power, and others.
The oil & gas segment is estimated to be the dominant type.
The oil and gas industry's considerable usage of thermic fluid is constantly expanding to meet the rising need for energy. In the oil and gas business, thermal fluid is used in refining and dehydration, gas-to-liquid conversion, and asphalt-to-liquid conversion.
Gas sweetening, glycol dehydration, and the fractionation train use thermic fluids during natural gas processing. The regenerators present in the gas sweetening and glycol dehydration stage are heated by a boiler and heated further by thermic fluid. Additionally, the reboiler, located at each distillation column, is heated using thermic fluid in the fractionation train.
As per the Statistical Review of World Energy 2020 by BP, natural gas consumption reached 3,929.2 million cubic meters in 2019, with a growth rate of around 2% compared to 2018, increasing the demand for thermic fluid during natural gas processing. Refining procedures also make use of thermodynamic fluids. They serve as a heating medium for fractionation unit reboilers and overhead cooling condensers, among other uses.
Source: DataM Intelligence Analysis (2023)
Thermic Fluid Market Geographical Analysis
Asia-Pacific to depict extraordinary growth in the global thermic fluid market.
The Asia-Pacific accounted for the majority of global thermic fluid market revenue. The area is home to numerous petroleum refining, pharmaceutical, and chemical manufacturing facilities. The total Asia-Pacific refinery throughout 2019 was 30.30 million barrels per day, up 2.2% from 2018, according to the BP Statistical Review of World Energy 2020.
A significant portion of natural gas is produced and consumed in Asia-Pacific countries. Natural gas consumption in the Asia-Pacific reached 869.9 trillion cubic meters in 2019, up 4.7% from the previous year, according to the BP Statistical Review of World Energy 2020.
The Indian chemicals sector was valued at USD 178 million in 2019, according to the India Brand Equity Foundation (IBEF), and is predicted to reach USD 304 million by 2025, with a CAGR of 9.3%. Chemical consumption is expected to increase by 9% per year by 2025, resulting in increased demand for thermic fluid from the Indian chemical sector in the future years.
Pharmaceuticals, food and beverage, and concentrated solar power are other end-user industries that employ thermic fluid for heating and cooling purposes at their processing facilities.
Source: DataM Intelligence Analysis (2023)
Thermic Fluid Companies and Competitive Landscape
The leading firms in the thermic fluid market are concentrating on growing their global footprint through acquisitions and mergers and diversifying their product range to match the dynamic trends of the global industries.
Companies like Dow Chemical Company, ExxonMobil, Solutia Inc., British Petroleum, Royal Dutch Shell, BASF AG, Dynalene Inc., Paratherm Corporation, Multitherm LLC, and Kost USA Inc., are the prominent players in this industry.
British Petroleum
Overview: British Petroleum is a British oil and gas multinational corporation headquartered in London. The company is one of the world's seven supermajors in the oil and gas industry. Its vertically integrated firm covers all aspects of the oil and gas industry: exploration and production; refining and marketing; distribution; power generation; trading.
It is also interested in biofuels, wind power, smart grids, and solar technology as renewable energy sources. The company is a globally integrated energy company with operations in Europe, North and South America, Australia, Asia, and Africa.
Product Portfolio: A gas and oil-related vertically integrated company that deals with operations such as refining, production, exploration, distribution, marketing, trading, and the generation of electricity and petrochemicals. Major company brands include bp, Castrol, Aral, ampm, Amoco, and Wild Bean Cafe.
Key Developments: Castrol (a brand of British Petroleum) announces the launch of the Castrol ON TM line of advanced e-Fluids for improved electric vehicle performance. Castrol ON TM, e-Greases are essential for keeping equipment running at peak efficiency while extending component life. Even in extreme conditions, Castrol ON TM, battery e-Thermal Fluids help keep batteries cooler and more stable by improving thermal management. Castrol ON TM, e-Transmission Fluids help EVs go further on a single charge and protect the drivetrain while improving efficiency and extending the system's overall life.
Castrol's e-Fluids were created with industry leaders like the Jaguar Racing Formula E Team.
Why Purchase the Report?
- Visualize the thermic fluid segmentation by application, product, and region, highlighting the key commercial assets and players.
- Identify commercial opportunities in the thermic fluid by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of thermic fluid - level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the critical product of all major market players
The global thermic fluid market report would provide access to approx. 52 market data tables, 45 figures, and 180 pages.
Target Audience
- Thermic Fluid Manufacturers And Suppliers
- Thermic Fluid Industry Players
- Thermic Fluid Buyers
- Emerging Companies
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Distributors
Frequently Asked Questions
What is the Projected CAGR value of the Thermic Fluid Market?
The Thermic Fluid Market is expected to grow at a CAGR of 4.49% during the forecasting period 2023-2029.
Which region controlled the global market during 2023-2029?
North America region Controls the Thermic Fluid Market during 2023-2029.
Which is the fastest-growing region in the Thermic Fluid Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period.