Thermic Fluids Market Size, Share, Growth, Analysis and Forecasts, 2014 to 2020: Hexa Research

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Thermic Fluids Market Analysis – Global Industry Size, Share,
Growth and Forecasts, 2012 To 2020: Hexa Research
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
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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.
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Product Insights
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 nonsynthetic 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.
Application Insights
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
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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.
Regional Insights
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.
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Competitive Insights
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.
Table of Contents
Chapter 1 Executive Summary
1.1 Thermic Fluids - Industry Summary & Critical Success Factors (CSFs)
Chapter 2 Thermic Fluids Industry Outlook
2.1 Market Segmentation
2.2 Market Size and Growth Prospects
2.3 Thermic Fluids Value Chain Analysis
2.4 Thermic Fluids Market Dynamics
2.4.1 Market driver analysis
2.4.1.1 Growth of global CSP industry
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2.4.1.2 Regulatory support for food grade thermic fluids
2.4.1.3 Advantages over steam based systems
2.4.2 Market restraint analysis
2.4.2.1 Volatility in raw material prices
2.5 Key Opportunities Prioritized
2.6 Industry Analysis - Porter's
2.7 Thermic Fluids - Company Market Share Analysis
2.8 Thermic Fluids - PESTEL Analysis
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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.