Thermic fluid is a liquid or gas that can be used in heat transfer as an intermediary in cooling on one side of a process, heating on another side of a process and storing and transporting thermal energy. It is also known as new generation heat transfer fluid. These fluids are widely used in numerous applications and industrial processes that require cooling or heating, typically in a closed circuit and in continuous cycles. These fluids offer high temperature at very low system pressures and also provide low maintenance, safety and prolonged operating lifetimes.
The global thermic fluids market has been witnessing rapid growth form past few years. Major growth factors such as improved performance of thermic fluids, increasing demand for energy and rapid growth potential of bio-based heat transfer fluids conservation are attributed to the market growth. Likewise, dynamic growth in the food & beverage industry, increasing administrations regulatory decisions to improve the oil & gas sector, and rising use of concentrated solar power are some of the factors that expected to improve the growth of the market across the globe. However, volatility in raw material prices and fire and explosion hazards are major restraining factors that could hamper the growth of the market.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the thermic fluids market. In addition, complete analysis of changes on thermic fluids market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During the pandemic period many countries were under strict lockdown guidelines, which has forced numerous industries to shut down their operations. Owing to lockdown, manufacturing activities were at a halt, and thereby the demand for thermic fluids reduced during pandemic period.
The study analyses global thermic fluids market based on type, end use industry and geography.
Various types such as mineral oils, synthetic fluids, glycols, and others are analyzed in the global thermic fluids market. Mineral oil segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. An increased demand for mineral oil in petrochemical and chemical processing end-use industries is accredited to the segment growth. In addition, this oil is highly preferred over other types owing to its low price. They are preferably used in Middle East & Africa and Asia Pacific regions, where the major focus is on the usage of low-cost products. Alternatively, synthetic fluid is the fastest-growing segment for thermic fluids.
Major end use industries of the global thermic fluids market are chemical, oil & gas, food & beverage, pharmaceuticals, renewable energy, automotive, HVAC & refrigeration and others. The oil and gas industry is expected to dominate the market in the near future. The thermic fluids are vital in oil and gas processing and are used in all phases of fuels extraction, refining transport, and recycling. Thus, use of thermic fluid in the oil and gas sector is growing constantly to cater to the increasing energy demand.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific expected to account for the largest market share of global thermic fluids market during the forecast period. The growth of the region can be accredited to the presence of a large number of pharmaceutical, chemical manufacturing and petroleum refining activities in the region. In addition, rising investments in the renewable energy, automotive, and chemical manufacturing units sector and increasing consumer purchasing power has impelled the rise of these industries in this region and thereby the thermic fluid market.
The major key players of market includes Dow Chemical Company, Exxon Mobil, British Petroleum (BP), Solutia Inc, Hindustan Petroleum, Royal Dutch Shell, Dynalene Inc, BASF AG, Paratherm Corporation, Kost U.S.A Inc, Multitherm LLC, Thermic Fluids Pvt. Ltd, Tulstar Products Inc, Schultz Canada Chemicals and Arkema among others.
June 2021: Castrol announced the launch of Castrol ON, its new range of e-Fluids for electric mobility. Castrol ON includes products such as Castrol ON, e-Greases, Castrol ON, e-Thermal Fluids and Castrol ON, e-Transmission Fluids.
October 2020: Royal Dutch Shell plc announced the addition to its fluids for light, medium and heavy-duty electrified commercial vehicles. The new fluids are for fuel-cell and battery EVs and include greases, transmission fluids, and battery coolants.
July 2018: Arkema K.K. (Japan) and Japan’s Central Glass Co. Ltd announced an agreement for exclusive distribution of Arkema’s Forane 1233zd foam blowing agent and heat transfer products in Japan. Forane 1233zd is a highly-effective hydrofluoroolefin (HFO) for use in polyurethane foams and other foams as well for use as a heat transfer fluid in centrifugal chiller applications.
The study analyses global thermic fluids market based on product, end use industry, and geography. Various types such as mineral oils, synthetic fluids, glycols, and others are analyzed in the global thermic fluids market. The mineral oils segment is likely to dominate the market over the forecast period. Increased adoption of mineral oils owing to its several benefits such as low cost and high resistance property is attributed to the market growth. Major end use industries of the global thermic fluids market are chemical, oil & gas, food & beverage, pharmaceuticals, renewable energy, automotive, HVAC & refrigeration and others. The oil & gas segment is likely to register fastest growth in years to come owing to the growing adoption of thermic fluids by this sector across the globe. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World.
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