Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
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.
Major growth factors such as increasing application of thermic fluids in petrochemical manufacturing and chemical processing facilities, growing demand for variety of chemicals, and rising significance of thermic fluids in food processing industry are accredited to the market growth in the APAC region. Likewise, rapidly growing oil and gas industry across the region is further boosting market growth. For instance, oil and gas industry is among the eight core sectors in India and plays a significant role in influencing decision making for all the other important sections of the economy.
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 Asia Pacific 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 Asia Pacific thermic fluids market based on type, end use industry and country.
Various types such as mineral oils, synthetic fluids, glycols, and others are analyzed in the Asia Pacific thermic fluids market. Mineral oil segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. However, synthetic fluids segment is also expected to contribute to the market growth during the forecast period. Synthetic thermic fluids are occupying a significant place in liquid heat transfer systems. Synthetics are best specified where natural fluids cannot function, such as at very low temperatures, and at system temperatures above 600°F. In addition, synthetic thermic fluids can handle the most challenging applications, such as chemical processing, gas processing, biomass and waste oil recovery among others.
Major end use industries of the Asia Pacific 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. Alternatively, renewable energy segment is anticipated to have the fastest growth during the estimated timeframe. An increasing demand for thermic fluids for solar thermal and solar panels for a wide range of solar applications from solar plants to power towers is impelling the growth of the market.
Country wise, the study is comprised of the key countries such as China, India, Japan and rest of the Asia Pacific. China expected to account for the largest market share of Asia Pacific thermic fluids market during the forecast period. This is owing to the vast presence of a large number of pharmaceutical, petroleum refining, and chemical manufacturing activities in the region. For instance, as per the IBEF, in 2019, the chemicals industry in India was valued at USD 178 billion, and it is anticipated to reach USD 304 billion by 2025 with a CAGR of 9.3%. The demand for chemicals is projected to increase by 9% per year by 2025, which is likely to improve the demand for thermic fluid from the Indian chemical industry in the years to come.
The major key players of market include 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
April 2019: Eastman Chemical Company announced the acquisition of Germany based Sasol's Marlotherm heat transfer fluids manufacturing assets, and intellectual property, related formulations, and customer contracts. The aim of this acquisition was to expand the company's heat transfer fluids products' portfolio
The study analyses Asia Pacific thermic fluids market based on product, end use industry, and country. Various types such as mineral oils, synthetic fluids, glycols, and others are analyzed in the Asia Pacific 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 Asia Pacific 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 region. Country wise, the study is comprised of the key countries such as China, India, Japan and rest of the Asia Pacific.
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