Thermal fluids or heat transfer fluids are generally low-viscosity mineral oils that are chemically stable at the higher operating temperatures. Some of the properties of thermic fluids are chemical stability, excellent oxidation, low vapor pressure, low volatility, excellent thermal conductivity and many others. The thermal fluid maintains and creates an appropriate temperature. Such fluids are important for cooling applications. These fluids can be used to provide performance in wide range of application in chemical, textile, petrochemical, paint & varnish and many other industries.
The North America thermic fluids market is presently being driven by several factors. Some of the major factors behind the market growth are well-established end use industries and availability of funding and investment. Furthermore, increasing production and exports of chemical products are further contributing to the market growth. For instance, chemical industry is one of U.S. manufacturing's top exporting markets. According to the SelectUSA, a summit held by the U.S. Department of Commerce's International Trade Administration, the country accounts for approximately 18% of global chemical shipments and is a world leader in chemical production and exports.
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 North America 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 North America 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 North America 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 expected to witness rapid growth at a highest CAGR during the forecast period. Synthetic thermic fluid is used in moderate-temperature applications. This fluid is designed for use in low-pressure/nonpressurized, indirect heating systems. It delivers uniform, dependable, efficient process heat with no need for high pressures.
Major end use industries of the North America 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. Rising investments in windmills, concentrated solar power (CSP), and bio-based energy production sectors is major factor that attributed to the segment growth.
Country wise, the study is comprised of the key countries such as the US, Canada and Mexico. The US expected to account for the largest market share of global thermic fluids market during the forecast period. Rapid growth in the several end use industries across the country is major factor that likely to contribute to the market growth in the coming years. For instance, according to EIA, in 2020, in the United States, consumption of renewable energy increased for the fifth year in a row, reaching a record high of 11.6 quadrillion British thermal units (Btu), or 12% of total U.S. energy consumption.
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.
The study analyses North America 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 North America 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 North America 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 US, Canada and Mexico.
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