DUBAI, UAE. 17th September
2019: Thermic Fluids Market evaluates the
growth trends in the industry and is anticipated to display a significant rise
in the CAGR during the forecast period. Thermal fluids are liquids designed to
operate at a specific temperature and are known to possess very high thermal
stability. “The rising demand for energy resources and growing need for optimizing
energy usage have contributed to a colossal demand for thermic fluids.”
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The chemicals segment is estimated to be the fastest growing
during the forecast period owing to its increased demand across chemical
production industries, food & beverage, and automotive sectors. Rapid
industrialization has propelled an enormous demand for thermal fluids. The
growing research in scientific laboratories, academic institutions, and
pharmaceuticals industry are further driving the market for thermic fluids.
However, the high costs of these fluids are hampering the market’s growth in
the developing regions of Latin America and the Middle East.
Based on fluid type the global market can be segmented into
mineral oil, aromatics, and silicone. Mineral oil is expected to generate the
major market share due to its huge demand across industries such as chemical,
pharmaceuticals, oil and gas, and bio-diesel.
Based on the geographical segmentation, the thermic fluid
market has been categorized into regions such as North America, Latin America,
Europe, India, Japan, China, Southeast Asia, and the Middle East & Africa.
India and China are expected to remain the major regions due to the expanding
industrialization and is opening ample opportunities for new entrants establish
themselves and capitalize on this burgeoning demand.
The Asia Pacific is a maturing market for thermic fluids and
is estimated to exhibit higher growth rate compared to other global regions.
Stakeholders and investors are increasing their spending on research and
development activities to scale the latest technologies in their system engineering
process.
Competitive landscape of the thermic fluids market has
projected the existence of prominent key players such as, British Petroleum
(BP), Kost U.S.A Inc., Royal Dutch Shell, Multitherm LLC, Exxon MobilDow
Chemical Company, Kost U.S.A Inc., Bharat Petroleum Corporation Limited,
Solutia Inc., Tulstar Products Inc., Hindustan Petroleum, Kost U.S.A Inc., BASF
AG, Paratherm Corporation, and Thermic Fluids Pvt. Ltd., among others. They
have examined the diverse threats, and emerging disruptive technologies to
shape the supply and demand of the thermic fluids industry in the forthcoming
years.
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Market split by Type,
can be divided into:
• Mineral Oils
• Silicone & Aromatics
• PAG & Glycol
Market split by
Application, can be divided into:
• Oil & Gas
• Food & Beverages
• Chemical Industry
• Pharmaceuticals
• Other
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