Thermic Fluid Market is forecast to reach $2.21 Billion by 2025, after growing at a CAGR of 4.49% during 2020-2025. The growing demand from the oil and gas sector, where thermal fluids are used extensively to carry out operations, is the key factor driving the growth of the market. Increased use of distributed solar power is expected to further drive the demand for thermal fluids. The demand for solar energy worldwide has been raised by measures taken by the Global Community Agreement to tackle climate change, promoting the market share of thermal or thermal fluids over the projected era. To increase the performance of concentrated solar power (CSP) plants, thermal fluids are used. Its intrinsic properties, such as heat storage, help increase the ability of plants to produce electricity.
Thermic Fluid Market Segment Analysis – By Type
Silicone & Aromatics sector has dominated the market for Thermic Fluid Market in 2019. Synthetic thermal fluids are known as silicone and aromatic fluids, whereas mineral oil thermal fluids are non-synthetic thermal fluids. Fluids based on silicone have lower maintenance costs as they do not fail, resulting in fewer substitutes. They have low viscosity as well which makes them superior properties for heat transfer. In technological applications such as chemical manufacturing, pharmaceutical processing, oil & gas processing and in CSP plants, these types of thermal fluids are commonly employed.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16294
Report Price: $ 4500 (Single User License)
Thermic Fluid Market Segment Analysis – By Application
Oil & Gas sector has dominated the market for Thermic Fluid Market in 2019, by growing at a CAGR of 3.98%. In the oil and gas sector, the widespread use of thermal fluids is increasingly growing to satisfy the increasing demand for electricity. Major activities are carried out by the oil and gas industry, such as the processing of oil and gas, the purification of natural gas, refining, liquid gas, asphalt processing and storage, etc., using thermal fluids. The world’s regular interest in raw petroleum (counting biofuels) is on the rise and is expected to reach 100 million barrels a day by the end of 2020. The prospectus for the potential growth of the oil and gas sector proposes that oil discovery continue to expand the use of thermal fluids in the long run, and at the same time. In addition, per unit of crude, further penetration must be achieved, as hydrocarbon discoveries get less effective over time.
Thermic Fluid Market Segment Analysis – Geography
RoW dominated the Thermic Fluid Market share with more than 43.5%, followed by Europe and North America. Due to the involvement of the world’s largest oil-producing countries such as Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates, the Middle Eastern field holds a large share of the thermal fluid market worldwide. It has been assessed that the bulk of OPEC’s overall oil reserves are owned by Middle Eastern countries. The region’s proven oil reserves are estimated at around 113.2 billion metric tonnes. In addition, it is projected that about 33 percent of the world’s overall oil supply is produced in the Middle East, which was about 32 million barrels of oil per day in 2019. It is estimated that global oil demand is about 99 million barrels a day. This will fuel the market of the Middle Eastern nations’ oil and gas sector, and hence the use of thermal fluid in the industry. Rising demand from different sectors is therefore projected to drive the market in the area analysed during the forecast period.
Thermic Fluid Market Drivers
Increasing need for energy conservation
Because of energy shortages and environmental protection laws, the need for energy efficiency is growing tremendously. This has contributed to the adoption, such as heat exchangers and heat pumps, of energy transfer machines. Managing heat in industrial and residential applications is very critical for the efficient use of electricity. Thermal fluid can play a critical role in delivering reliable solutions in diverse applications to use heat in a more effective way.
Download Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16294
Thermic Fluid Market Challenges
Volatility in raw material prices
One of the main problems for producers is uncertainty in the price of raw materials for thermal fluids. The increase or decrease in the price of crude oil has a direct influence on the price movement of the raw materials needed for thermal fluid. Manufacturers have to contend with high and unpredictable prices of raw materials that lower their profit margins. In order to maintain growth and preserve market share, this situation has pushed market leaders to increase their operations’ performance and competitiveness.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Thermic Fluid Market. In 2019, the market of thermic fluid has been consolidated by the top five players accounting for xx% of the share. Major players in the Thermic Fluid Market are Dow Chemical Company, Exxon Mobil, Solutia Inc., British Petroleum (BP), Royal Dutch Shell., Hindustan Petroleum, BASF AG, Dynalene Inc., Paratherm Corporation, Multitherm LLC, Kost USA Inc., Thermic Fluids Inc., Tulstar Products Inc., and among others.
Dynamic growth in the food & beverage industry would raise the market for thermal fluids worldwide due to population growth and improving living standards across the globe. In the food & beverage business, there are many processes that involve thermal fluids for cooling, heating and dehumidifying.
Rising shale oil & gas production in the U.S. has moved the tag from net importer to net exporter. In addition, the new administration’s regulatory decisions would improve the oil & gas sector and enable the chemical industry to expand as well. The above developments will follow and will give the thermal fluids industry a boost in the future.
Thermal fluids are used by the oil and gas industry to efficiently carry out services such as oil and gas refining, natural gas purification, asphalt processing and storage, etc.
Nevertheless, owing to the COVID-19 pandemic, the end-use sectors are greatly impacted, as most countries have given “stay at home guidance,” i.e. lockout. This aspect, in the current scenario, restricts the growth of the industry.
Related Reports :
A. Solar Glass Market
B. Solar Control Window Films Market
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.