The vendor landscape of the global thermic fluids market is highly
competitive, with only a couple of players enjoying a strong hold in
the market. The top four enterprises accounted for over approximately
71% of the global thermic fluids market in 2014. The Dow Chemicals
Company, emerged as the leading player in the market in 2014.
As per Transparency Market Research (TMR), Eastman Chemical Company
and ExxonMobil Corporation emerged as the second and third largest
companies the same year, respectively. Competition, however, is
intense among the leading market players. With demand for bio-based
thermic fluids rising considerably, these companies are focusing on
research and development activities to increase effectiveness of
bio-based thermic fluids they offer.
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Market
Exhibits Attractive Opportunities for Both Established Players and
New Entrants
TMR finds that the rising usage of thermic fluids across diverse
industries is encouraging the entry of new players in the market.
With attractive growth opportunities in Asia Pacific and Europe and
the implementation of government policies supporting the use of
bio-based thermic fuels, new entrants stand a viable chance to gain a
sustainable share in the market.
Recently, food grade thermic fluids have received FDA approval, which
is expected to boost demand for thermic fluids considerably. Besides
this, the market is also expected to gain from the advent of
concentrated solar power (CSP) as an enabling technology assisting
the large-scale deployment of solar photovoltaics. “While
volatility in raw material prices remains a challenge, the increasing
opportunities in China, Japan, and the U.S. are expected to
positively influence the market’s trajectory,” said a lead TMR
analyst.
Demand
from Oil and Gas Industry to Increase at a Robust Pace
“As industries come to realize the benefits of thermic fluids over
traditional steam systems used across facilities, prospects for
expansion of the thermic fluids market will increase,” he added.
However, because the production of thermic fluids depends on crude
oil, volatility witnessed in their global prices is likely to
negatively influence the market’s trajectory during the forecast
period. Nevertheless, the increasing production of bio-based thermic
fluids will create opportunities for the market to gain from in the
near future.
The increasing use of thermic fluids across industries such as food
and beverages, chemicals, plastics, pharmaceuticals, and oil and gas,
will give significant impetus to the global thermic fluids market. Of
these, the oil and gas industry has emerged dominant in the market.
Oil and gas facilities usually work at high temperatures generating
energy stored in various thermic fluids. As per TMR, the end user
segment stood at US$479.4 mn in 2014.
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Europe
Emerges as Largest Market for Thermic Fluids
Regionally, Europe has been exhibiting lucrative prospects for
enterprises operating in the global thermic fluids market. The region
led the global thermic fluids market in 2014. Policy makers in Europe
are focusing on increasing the share of renewable energy in their
energy mix. This has increased the construction of concentrated solar
power plans in Europe, thus fuelling demand for thermic fluids.
Opportunities for the thermic fluids market are also plenty in Asia
Pacific, as emerging economies in this region report robust
industrialization.
As per TMR analysis, the global thermic fluids market, which stood at
US$2.1 bn in 2014, will reach US$4.1 bn rising at a CAGR of 7.1%
between 2015 and 2024. By volume, TMR forecasts the market to report
a 5.9% CAGR during the forecast period.
This review is based on information published by Transparency Market
Research, titled “Thermic Fluids Market - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
The
report segments the global thermic fluids market as:
Thermic
Fluids Market - Product Segment Analysis
- Silicone and Aromatic Based Thermic Fluids
- Mineral Oils Based Thermic Fluids
- Glycol (ethylene and propylene) Based Thermic Fluids
- Others (Including molten salts, HFPE thermic fluids, etc.)
Thermic
Fluids Market - End-user Analysis
- Oil & Gas
- Chemical
- Concentrated Solar Power (CSP)
- Food & Beverages
- Plastics
- Pharmaceuticals
- Heating, Ventilation, and Air Conditioning (HVAC)
- Others (Including transport, biodiesel, waste heat recovery, etc.)
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Us
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Transparency Market Research employs rigorous primary and secondary
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