Thermic fluids or heat transfer fluids, are chemicals, which can be in vapor or liquid form and can be used for transferring heat from one system to another. These fluids are generally used in the regenerator, condenser, reboiler, and other heat exchanging systems that present in the manufacturing and processing facilities of several end-user industries, including chemical, oil and gas, and pharmaceutical. These fluids can be based on molten salts, synthetic oils, glycols, silicone fluids, and others.
The Europe thermic fluid market has been seeing ample growth for the past few years. Increasing market for end use industries such as chemical, oil and gas, food and beverage, renewable energy and many others across the region is fueling the growth of the market. For instance, the chemical industry is a significant part of the region’s economy and its innovative solutions are essential to offer a low carbon and circular economy both within Europe and outside of Europe. For instance, according to cefic, the region is the world’s second-largest chemicals producer. In 2019, the world chemical sales were worth EUR 3369 Billion (USD 4356 Bn).
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 Europe 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 Europe 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 Europe thermic fluids market. Mineral oil segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. Mineral oils are generally preferred for use in heat transfer systems operating up to temperatures of 270°C. The mineral oils as thermic fluid provides improved thermal stability at high temperatures, disposal requirements and easier maintenance, and small environmental impact. This oil is usually come at a lower price point.
Major end use industries of the Europe 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. Thermic fluids and related systems are an essential part of the complete system of oil and gas processing. Initial production, refining, transport, and recycling all require the use of thermic fluid. Refineries use liquid-phase thermic fluids to heat reboilers and columns for the distillation of oil and oil-based products. Thus, aforementioned factors are expected to improve the segment growth. Alternatively, renewable energy segment is anticipated to have the fastest growth during the estimated timeframe.
Country wise, the study is comprised of the key countries such as the UK, Germany, France, Italy, Spain and rest of the Europe. Germany expected to account for the largest market share of Europe thermic fluids market during the forecast period. Rapid growth in the country’s oil and gas, chemical and other end use industries is making more demand for thermic fluids. For instance, Germany is the European leader in chemical industry and sales, investment, exports, and R&D expenditure. The German chemical industry provides investors fertile ground for both product development and production within Europe's largest economy. According to GTAI, in 2019, the chemical sales were accounted for EUR 157 Bn (USD 186.47 Bn). And R&D expenditure were EUR 4.8 Bn (USD 5.7 Bn) in 2019.
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.
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 Europe 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 Europe 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 Europe 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 the UK, Germany, France, Italy, Spain and rest of the Europe.
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