for a stronger future”
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. 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.
Browse related category market reports @
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.
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.
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.
Request a Sample copy of This Report @ http://www.hexaresearch.com/sample/203
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.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Company Name: Hexa Research
Contact Person: Michelle Thoras and Ryan Shaw
Address:Felton Office Plaza, 6265 Highway 9
Country: United States