According to MarketIntelReports’ “Thermic Fluid Market: By Type (Mineral oils, Silicone & Aromatics, PAG & Glycol); By Application (Oil & Gas, Chemical, Concentrated Solar Power, Manufacturing Process, Pharmaceuticals, Others) & By Region (Asia-Pacific, Europe, Others)-Forecast (2016-2021)”:
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Scope & Regional Forecast of the Thermic Fluid Market
The Thermic fluid is a compound with specific heating and cooling properties which make it useful for industrial applications that involve transfer of heat. The thermal fluids transfer the heat and are useful for heating applications since they can be heated and passed through a system to radiate heat. The Thermic fluid market growth factors include the increased performance by industrial sectors, advantages of the liquids, and growth in solar power market.
The market has also seen opportunities in the oil and gas industry. It is expected to grow at a robust pace. The oil and gas plants work at high temperatures and harness the energy that are stored in various kinds of thermic fluids. Opportunities for the thermic fluid market are expected to grow more in the near future.
The production of the thermic fluids depends on the crude oil and the fluctuations in the global prices has a negative impact on the thermic fluid market’s trajectory. However, the market can still rise from the increasing production of bio based thermic fluids.
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Rising prices of the raw materials is a restraint for the market. However, the Thermic fluid market has more opportunities due to growing heat exchange demand. Asia pacific stands first in the market followed by Europe and North America. The thermal fluid heating system is used in chemical industry, solar power plants, petroleum processing and manufacturing. Another market for the thermic fluid heater is the Middle East.
Segmentations & Key Players Involved in the Thermic Fluid Market
The Thermic fluid market can be broken down into various segments as follows:
- Types- Mineral oils, Silicone & aromatics, PAG & Glycol based fluids.
- Applications- Oil & gas, chemical, concentrated solar power, manufacturing process, pharmaceuticals, biodiesel production and others.
- Regions- North America, Europe, Asia Pacific, and rest of the world (RoW).
Some of the key players involved in the Thermic fluid market are as follows:
- Exxon Mobil Corporation
- The DOW Chemical Company
- Chevron Corporation
- Indian Oil Corporation Ltd.
- Hindustan Petroleum Corporation Ltd.
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