Global Thermic Fluid Market is Expected to Reach USD 2.78 Billion Globally by 2018: Transparency Market Research
According to a new market report published by Transparency Market Research "Thermic Fluid Market by Product (Silicone and Aromatics, Mineral Oils, GlycolBased Fluids, etc.), by Application (Oil and Gas, Chemicals, Solar, Pharmaceuticals, etc.) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," the global thermic fluid demand was 405.3 kilo tons in 2011 and is expected to reach 597.4 kilo tons by 2018, growing at a CAGR of 5.7% from 2012 to 2018. In terms of revenue, the market was valued at USD 1.63 billion in 2011 and is expected to reach USD 2.78 billion by 2018, growing at a CAGR of 7.5% from 2012 to 2018.
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Increasing demand from end use industries such as oil and gas, chemicals, plastics, foods and beverages, pharmaceuticals etc is expected to drive thermic fluid demand over the next five years. Growing popularity of concentrated solar power (CSP) projects mainly in countries such as U.S. and Spain is also expected to boost the market for thermic fluids over the forecast period.
Silicones and aromatics were the largest product segment for thermic fluids, and together with mineral oil based fluids accounted for over 85% of total volume consumed in 2011. Glycol (ethylene & propylene) based are expected to be the fastest growing type of thermic fluid, growing at a CAGR of 6.4% from 2012 to 2018.
Europe was the largest market with 31.6% share of total thermic fluid consumed globally in 2011, and is closely followed byNorth America and Asia-Pacific. In terms of revenue, the North American market is expected to be worth USD 867.3 million by 2018, growing at a CAGR of 7.4% from 2012 to 2018. Asia-Pacific is expected to be the fastest growing market, growing at a CAGR of 6.5% from 2012 to 2018. Growing end use industries such as CSP and pharmaceuticals are expected to boost the market of thermic fluids in Asia-Pacific.
Some of the leading participants in the global market include multinational corporations such as Dow Chemical Company, Exxon Mobil, Royal Dutch Shell , British Petroleum, and Solutia. Other companies operating in the market include Paratherm Corporation, Dynalene Inc., Multitherm LLC and Kost U.S.A. Inc. among some others.
The report segments the global thermic fluid market as follows:
- Thermic Fluid Market, by Product Type:
- Silicone and Aromatic
- Mineral Oil based Fluids
- Glycol based Fluids
- Other (including molten salts and HFPE)
- Thermic Fluid Market, by Application:
- Oil and Gas
- Chemical industry
- Food and Beverages
- Other (including transport, biodiesel, waste heat recovery, etc)
- Thermic Fluid Market, by Geography
- North America
- Asia Pacific
- Rest of the World (ROW)
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