Thermic Fluids Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thermic Fluids Market Analysis
The thermic fluid market is anticipated to register a CAGR of over 5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Considering the pandemic scenario, the petroleum refinery units had cut their production throughout, and many chemical manufacturing activities were temporarily stopped, reducing the studied market demand. However, the pharmaceutical product demand increased during the pandemic, enhancing the market-studied demand. Nonetheless, the industry picked up speed in the post-pandemic era and is expected to keep doing so during the forecast period.
- The market growth is anticipated to be fueled by rising demand from the oil and gas sector, where the activities heavily rely on thermic fluid usage and rising demand for concentrated solar power.
- Conversely, the volatility in raw material prices is expected to 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.
- With the highest refinery capacity and a substantial global presence in the chemical and pharmaceutical industries, the Asia-Pacific region led the market share for thermic fluids. It is expected to continue doing so during the forecast period.
Thermic Fluids Market Trends
This section covers the major market trends shaping the Thermic Fluid Market according to our research experts:
Extensive Demand from the Oil and Gas Sector
- The oil and gas industry is continuously expanding its thermic fluid usage to meet the expanding energy requirements. Thermal fluid is used in the oil and gas industry to carry out essential operations such as processing oil and gas, purifying natural gas, refining, turning gas into liquid, processing and storing asphalt, etc.
- Thermic fluids are utilized in natural gas processing, primarily during gas sweetening, glycol dehydration, and fractionation train phases. The regenerators present during the gas sweetening and glycol dehydration stage is heated by a boiler, which in turn is heated by thermic fluid. Additionally, thermic fluid is used to heat the reboiler, which is present at each distillation column, during the fractionation train.
- According to the BP Statistical Review of World Energy 2022, global natural gas production accounted for 4,036.9 billion cubic meters in 2021, with a growth rate of about 4.5% compared to the previous year. It is enhancing the thermic fluid demand during natural gas processing.
- Refining procedures also use thermic fluids. They are utilized as a medium for heating fractionation unit reboilers and overhead cooling condensers, among other things. According to the BP Statistical Review of World Energy 2022, total refinery throughput worldwide was roughly 79,229 thousand barrels per day, a 5% increase over the previous year. The United States had an enormous refinery throughput, with 15,148 thousand barrels per day, followed by China.
- There was also a slight volume gain by comparing the amount of global oil production to the prior year's volume. About 4,221 million metric tons of volume were produced in 2021, according to the BP Statistical Review of World Energy 2022.
- The value added by oil and gas extraction mining in the United States in the first three quarters of 2022 was roughly USD 1,160 billion, up a whopping 43% from the value added in the first three quarters of the previous year, according to the Bureau of Economic Analysis. The value was added at seasonally adjusted annual rates.
- The prospectus for the future development of the oil and gas business recommends that oil exploration will proceed to develop in the long term and utilize thermic fluids simultaneously. Moreover, more penetration must be done per oil unit, as hydrocarbon discoveries become less productive with time.
- Therefore, the above factors are expected to impact the thermic fluid market in the coming years significantly.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the market share for thermic fluids worldwide. It can be described as the region's extensive manufacturing operations for chemicals, pharmaceuticals, and petroleum refining.
- The overall refinery throughput in the Asia-Pacific area was 29.5 million barrels per day in 2021, up 3.3% from the year before, according to the BP Statistical Review of World Energy 2022.
- The Asia-Pacific region also substantially influences the production and use of natural gas. The overall amount of natural gas consumed in the Asia-Pacific area in 2021 was 918.3 billion cubic meters, up roughly 5% from the year before, according to the BP Statistical Review of World Energy 2022.
- The pharmaceutical industry and chemical processing are other industries where thermic fluid is used. The chemical production increased by 5.73% to 4.35 million tons in 2022-23 (up to July 2022) from 4.1 million tons in the same period the previous year, according to data provided by the Ministry of Chemicals and Fertilizers of India.
- According to the estimations by IQVIA, China, the world's second-largest pharmaceutical spending country, will increase the segment volume by 8% over the next five years, while spending will increase by 19%, a slower rate than in previous years but still at a focus on extending access to innovative drugs. Indian pharmaceutical industry is also expected to reach ~USD 130 billion by 2030, as India Brand Equity Foundation (IBEF) suggested. The country is the largest producer of vaccines worldwide, accounting for ~60% of the total vaccines as of 2021, and ranks third globally for pharmaceutical production by volume.
- Food and beverage concentrated solar power and other end-user sectors are examples of those who employ thermic fluid for heating and cooling purposes at their processing facilities.
- According to the Ministry of Power of the Government of India, as of January 2023, the nation had 11,56,105 MVA of transformation capacity and 4,63,758 circuit km of transmission line, making it one of the most extensive synchronous linked electricity grids in the world.
- With all the investments and the growth in the various industries across the region, a positive impact is expected on the thermic fluid market during the forecast period.
Thermic Fluids Industry Overview
The thermic fluid market is partially fragmented by nature. Some key players in the market include (not in any particular order) Eastman Chemical Company, Exxon Mobil Corporation, Shell plc, Hindustan Petroleum Corporation Limited, and BP plc, among others.
Thermic Fluids Market Leaders
-
Eastman Chemical Company
-
Exxon Mobil Corporation
-
BP plc
-
Shell plc
-
Hindustan Petroleum Corporation Limited
*Disclaimer: Major Players sorted in no particular order
Thermic Fluids Market News
- September 2022: Bozzler Energy Pvt Ltd announced that the company would be showcasing its new designs of Thermic Fluid Heaters at the Boiler India 2022 exhibition organized by Orangebeak Technologies, which was to be held at CIDCO Exhibition Centre, Navi Mumbai. The new designs are expected to be highly suitable for environmental health and eco-friendly.
- July 2022: Eastman Chemical Company announced its plans to increase its Therminol 66 heat transfer fluid manufacturing capacity in Anniston, Alabama, USA. It ensures that the company will meet customers' needs worldwide for years. The plant expansion is expected to be completed in 2024 and will increase United States-based capacity by 50%.
Thermic Fluids Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Extensive Demand from the Oil and Gas Sector
4.1.2 Increasing Use in Concentrated Solar Power
4.2 Restraints
4.2.1 Fluctuations in Raw Material Prices
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Mineral Oils
5.1.2 Silicon and Aromatics
5.1.3 Glycols
5.1.4 Other Types
5.2 End-user Industry
5.2.1 Food and Beverage
5.2.2 Chemical
5.2.3 Pharmaceutical
5.2.4 Oil and Gas
5.2.5 Concentrated Solar Power
5.2.6 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 United Arab Emirates
5.3.5.4 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BP plc
6.4.2 Bozzler Energy Pvt Ltd
6.4.3 Dow
6.4.4 Dynalene, Inc.
6.4.5 Eastman Chemical Company
6.4.6 Exxon Mobil Corporation
6.4.7 Hindustan Petroleum Corporation Limited
6.4.8 Multitherm LLC
6.4.9 Paratherm
6.4.10 Shell plc
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Bio-based Thermic Fluids
Thermic Fluids 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 thermic fluid market is segmented by type, end-user industry, and geography. By type, the market is segmented into mineral oils, silicon and aromatics, glycols, and other types. By end-user industry, the market is segmented into food and beverage, chemical, pharmaceutical, oil and gas, concentrated solar power, and other end-user industries. The report also covers the market size and forecasts for the thermic fluid market in 16 countries across major regions. Market sizing and forecasts are based on each segment's value (USD million).
| Type | |
| Mineral Oils | |
| Silicon and Aromatics | |
| Glycols | |
| Other Types |
| End-user Industry | |
| Food and Beverage | |
| Chemical | |
| Pharmaceutical | |
| Oil and Gas | |
| Concentrated Solar Power | |
| Other End-user Industries |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Thermic Fluids Market Research FAQs
What is the current Thermic Fluid Market size?
The Thermic Fluid Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Thermic Fluid Market?
Eastman Chemical Company, Exxon Mobil Corporation, BP plc, Shell plc and Hindustan Petroleum Corporation Limited are the major companies operating in the Thermic Fluid Market.
Which is the fastest growing region in Thermic Fluid Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Thermic Fluid Market?
In 2024, the Asia Pacific accounts for the largest market share in Thermic Fluid Market.
What years does this Thermic Fluid Market cover?
The report covers the Thermic Fluid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thermic Fluid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thermic Fluids Industry Report
Statistics for the 2024 Thermic Fluids market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Thermic Fluids analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Thermic Fluids Market Report Snapshots
