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India Thermic Fluid Market Size (2024 - 2029)

The India Thermic Fluid Market is projected to experience growth over the forecast period, driven by substantial demand from the oil and gas sector and the increasing use of concentrated solar power. Despite challenges posed by the explosion hazards associated with heat thermic fluids, the market is expected to expand, particularly as it recovers from the impacts of the COVID-19 pandemic. The pharmaceutical industry has shown resilience, contributing to this recovery. Additionally, the development of bio-based thermic fluids presents a significant opportunity for further market expansion.

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Market Size of India Thermic Fluid Industry

India Thermic Fluid Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Volume (2024) 42.37 kilotons
Market Volume (2029) 54.39 kilotons
CAGR (2024 - 2029) 5.12 %
Market Concentration High

Major Players

India Thermic Fluid Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Thermic Fluid Market Analysis

The India Thermic Fluid Market size is estimated at 42.37 kilotons in 2024, and is expected to reach 54.39 kilotons by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).

Due to the nationwide lockdown caused by COVID-19, the market suffered in 2020. It influenced several end-user industries, including chemicals, oil, gas, etc. However, the pharmaceutical business saw a surge in demand, primarily due to the increased need for various medications during the epidemic. Nonetheless, the industry picked up speed in the post-pandemic era and is anticipated to keep doing so during the forecast period.

  • Over the short term, extensive demand from the oil and gas sector and increasing concentrated solar power usage are expected to drive the market's growth.
  • Conversely, the explosion hazards posed by heat thermic fluids (HTFs) will likely hinder the market's growth.
  • The high potential for developing bio-based thermic fluids will likely provide a significant growth opportunity for the market studied.

India Thermic Fluid Industry Segmentation

Thermic fluids, also known as heat transfer fluids, are chemicals that can be in liquid or vapor form and used for transferring heat from one system to another. These fluids are mainly used in the reboiler, condenser, regenerator, and other heat-exchanging systems in the processing facilities of various end-user industries, including oil and gas, chemical, and pharmaceutical. Thermic fluids can be based on synthetic oils, molten salts, silicone fluids, glycols, etc. The Indian thermic fluid market is segmented by type and end-user industry. By type, the market is segmented into mineral oil, silicon and aromatics, glycols, and other types. By end-user industry, the market is segmented into food and beverage, chemicals, pharmaceuticals, oil and gas, concentrated solar power, and other end-user industries. The market sizing and forecasts are based on volume (kilotons) for each segment.

By Type
Mineral Oil
Silicon And Aromatics
Glycols
Other Types
By End-user Industry
Food and Beverage
Chemicals
Pharmaceuticals
Oil and Gas
Concentrated Solar Power
Other End-user Industries
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India Thermic Fluid Market Size Summary

The thermic fluid market in India is poised for significant growth, driven by increasing demand from the oil and gas sector and the rising use of concentrated solar power. Despite the challenges posed by the COVID-19 pandemic, which impacted various industries, the market has rebounded and is expected to continue its upward trajectory. The market's expansion is supported by the extensive applications of thermic fluids in industries such as automotive, textile, construction, and particularly in the pharmaceutical sector, where they are used in products like lotions and ointments. The potential development of bio-based thermic fluids presents a promising opportunity for further market growth, although concerns regarding explosion hazards may pose challenges.

In the oil and gas industry, thermic fluids play a crucial role in various processes, including fuel extraction, refining, and recycling, especially in remote locations where high thermal stability and flash points are essential. The Indian oil and gas sector's growth, including plans to increase refining capacity and reduce import reliance, is expected to significantly boost the demand for thermic fluids. Key players in the market, such as Bharat Petroleum Corporation Limited and Shell plc, are actively involved in innovations and investments to enhance their offerings. These trends, along with strategic investments in petrochemicals and clean energy, are anticipated to drive the thermic fluid market's growth in India over the forecast period.

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India Thermic Fluid Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Extensive Demand from the Oil and Gas Sector

      2. 1.1.2 Increasing Use in Concentrated Solar Power

    2. 1.2 Restraints

      1. 1.2.1 Explosion Hazards Posed By HTFs (Heat Thermic Fluids)

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size by Volume)

    1. 2.1 By Type

      1. 2.1.1 Mineral Oil

      2. 2.1.2 Silicon And Aromatics

      3. 2.1.3 Glycols

      4. 2.1.4 Other Types

    2. 2.2 By End-user Industry

      1. 2.2.1 Food and Beverage

      2. 2.2.2 Chemicals

      3. 2.2.3 Pharmaceuticals

      4. 2.2.4 Oil and Gas

      5. 2.2.5 Concentrated Solar Power

      6. 2.2.6 Other End-user Industries

India Thermic Fluid Market Size FAQs

The India Thermic Fluid Market size is expected to reach 42.37 kilotons in 2024 and grow at a CAGR of 5.12% to reach 54.39 kilotons by 2029.

In 2024, the India Thermic Fluid Market size is expected to reach 42.37 kilotons.

India Thermic Fluid Market Report Snapshots

India Thermic Fluid Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)