The global Thermic Fluids Market evaluates the growth trends in the industry and is anticipated to display a significant rise in the CAGR during the forecast period. Thermal fluids are liquids designed to operate at a specific temperature and are known to possess very high thermal stability.
“The rising demand for energy resources and growing need for optimizing energy usage have contributed to a colossal demand for thermic fluids.”
The chemicals segment is estimated to be the fastest growing during the forecast period owing to its increased demand across chemical production industries, food & beverage, and automotive sectors. Rapid industrialization has propelled an enormous demand for thermal fluids. The growing research in scientific laboratories, academic institutions, and pharmaceuticals industry are further driving the market for thermic fluids. However, the high costs of these fluids are hampering the market’s growth in the developing regions of Latin America and the Middle East.
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Based on fluid type the global market can be segmented into mineral oil, aromatics, and silicone. Mineral oil is expected to generate the major market share due to its huge demand across industries such as chemical, pharmaceuticals, oil and gas, and bio-diesel.
The mineral oil market is driven by its ability to reduce a substantial amount of heat or energy during industrial heat transfer processes. Owing to its energy sustainability attributes, mineral oil is anticipated to maintain its dominance during the forecast period.
Based on the geographical segmentation, the thermic fluid market has been categorized into regions such as North America, Latin America, Europe, India, Japan, China, Southeast Asia, and the Middle East & Africa. India and China are expected to remain the major regions due to the expanding industrialization and is opening ample opportunities for new entrants establish themselves and capitalize on this burgeoning demand.
The Asia Pacific is a maturing market for thermic fluids and is estimated to exhibit higher growth rate compared to other global regions. Stakeholders and investors are increasing their spending on research and development activities to scale the latest technologies in their system engineering process.
Competitive landscape of the thermic fluids market has projected the existence of prominent key players such as, British Petroleum (BP), Kost U.S.A Inc., Royal Dutch Shell, Multitherm LLC, Exxon MobilDow Chemical Company, Kost U.S.A Inc., Bharat Petroleum Corporation Limited, Solutia Inc., Tulstar Products Inc., Hindustan Petroleum, Kost U.S.A Inc., BASF AG, Paratherm Corporation, and Thermic Fluids Pvt. Ltd., among others. They have examined the diverse threats, and emerging disruptive technologies to shape the supply and demand of the thermic fluids industry in the forthcoming years.
The emerging companies have identified raw material suppliers, buyers, research investors and distributors of the corn oil market. The competitors are profiling their business expansion strategies by incorporating merger & acquisition, collaborations, and joint ventures with the fellow contenders.
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Leading players of Thermic Fluids including:
• Exxon Mobil
• Dow Chemical Company
• Chevron Corporation
• Hindustan Petroleum
• Bharat Petroleum
• Indian Oil
Market split by Type, can be divided into:
• Mineral Oils
• Silicone & Aromatics
• PAG & Glycol
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals-and-materials
Market split by Application, can be divided into:
• Oil & Gas
• Food & Beverages
• Chemical Industry
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
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