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.
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 United States thermic fluid market is presently being driven by several factors. Improved performance of thermic fluid is major factor behind the growth of the market. Thermic fluids exhibit better heat transfer properties than petroleum oils of similar viscosity. They have outstanding oxidation and thermal stability and are extensively used in open vented heat transfer systems, laminating and calendaring rolls, chemical processing equipment, dyes, and molds, in the plastic and rubber industries, aluminum alloys, and die-cast zinc. The use of thermic fluids leads to low maintenance, improved product quality, and rise in production volume. Moreover, along with the reduction of operating costs, thermic fluids reduce the consumption of energy in processing industries.
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 United States 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 United States thermic fluids market based on type, and end use industry.
Various types such as mineral oils, synthetic fluids, glycols, and others are analyzed in the United States 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. A synthetic thermic fluid used in moderate-temperature applications. This fluid is specially designed for use in low-pressure/nonpressurized, indirect heating systems. It delivers dependable, efficient, uniform process heat with no need for high pressures. Therefore, the demand for synthetic fluids is increasing in the global market.
Major end use industries of the United States 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. Similarly, rising use of thermic fluids in pharmaceutical industry is also boosting the market growth. Rapid growth in the US pharmaceutical market, increasing number of patients with chronic diseases, increasing R&D activities to develop prevention and curing medicines & vaccines are expected to boost market growth.
The major key players of market include Dow Chemical Company, Exxon Mobil, British Petroleum (BP), Solutia Inc, Royal Dutch Shell, Dynalene Inc, BASF AG, Paratherm Corporation, Kost U.S.A Inc, Multitherm LLC, 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
May 2019: Chevron U.S.A. Inc., a subsidiary of Chevron Corporation acquired Petrobras America Inc. The aim of this acquisition is to expand their gulf coast business and to expand the footprint for their upstream product portfolio
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 United States 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 United States 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 United States 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 country.
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