Zion Market Research has published a new report titled “Global Thermic Fluids Market Report by Type (Mineral Oils, Synthetic Fluids, Glycols, and Others), End-Use Industry (Chemical, Oil & Gas, Food & Beverage, Pharmaceutical, Renewable Energy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2026: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2026.”According to the report, the thermic fluids market accounted for USD 3.54 Billion and is expected to reach USD 5.88 Billion by 2026, growing at a CAGR of around 6.7% between 2019 and 2026.
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The common term used for heat transfer liquids is thermic fluid. The heat transfer liquids are used to add or eliminate heat from one part to another part of the process wherever heat is added in the system. These liquids are used in various applications where water or stream might not be able to work properly. Thermic fluids are used in various industries such as manufacturing, chemical, petroleum processing, solar power plants, and several others.
Some of the major factors which are expected to drive the growth of thermic fluids market are the increased performance of industrial systems and the benefits offered by these liquids in the concentrated solar power market. However, the rising price of raw materials is one of the major restraints of the market growth. In the future, the market has huge opportunities due to the growing demand for heat exchangers from the Asia Pacific region due to the continued strong economic growth and rising demand for energy in developing economies such as China and India.
In terms of type, the thermic fluids market has been segmented into mineral oils, synthetic fluids, glycols, and others. Among these, synthetic fluids segment is expected to be the fastest-growing segment because they provide maximum oxidation resistance with minimal deposits, and possess higher thermal stability, superior radiation resistance, and better durable properties compared to other types. They also provide superior lubricity at high temperatures. Based on revenue, glycol based thermal fluid segment is expected to witness strong growth over the forecast timespan. Ethylene glycol-based thermic fluids are used for the cooling & heating process as they are corrosion resistant, can be easily maintained, and have reusable property.
The chemical industry involves various manufacturing processes that require maintaining specific temperatures during the processes. The specific temperature is achieved by using thermic fluids. They provide enhanced system efficiency and optimized energy costs. As the global demand for chemicals is increasing worldwide owing to increasing population, urbanization, and industrialization, this is expected to bolster the growth of the chemical industry, which in turn, is anticipated to drive the thermic fluids market over the forecast timeframe. Thermic fluids market has wide end-use applications across various sectors and among them, the pharmaceutical sector is one of the leading segments. Thermic fluids in the pharmaceutical sector are used in various operations such as batch processing of products. Thermal fluids can be used within a wide operating range, as they eliminate the need for new fluid fills in various operations.
The report covers a detailed competitive outlook including the market share and company profiles of the key participants operating in the global thermic fluids market. The key players operating in the global thermic fluids market are The Dow Chemical Company, ExxonMobil, Eastman Chemical Company, Chevron, Huntsman Corporation, LANXESS, Royal Dutch Shell Plc., Schultz Canada Chemicals Ltd., Paratherm, Clariant, among others.
The global thermic fluids market has been segmented as follows:
Global Thermic Fluids Market: Type Segment Analysis
Global Thermic Fluids Market: End-Use Industry Segment Analysis
Global Thermic Fluids Market: Regional Segment Analysis
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