Thermic Fluid Market Overview (2022 to 2032)

The thermic fluid market is anticipated to grow by a CAGR of more than 6.2% from 2022 to 2032.

Thermic fluid oil specification is a key criterion for end users to choose the product for various purposes.

These liquids are used in applications where water or streams might not work well. It is used in various industries, such as the chemical industry, solar power plants, manufacturing processes, petroleum processing, and many more. The market for thermic fluid has grown more than a CAGR of 7.5% from 2014 to 2020 globally.

Attributes Details
Historical CAGR of the Thermic Fluids Market (2014 to 2020) 7.5%
CAGR of Thermic Fluids Market (2022 to 2032) 6.2%

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What are the Strengths and Challenges for the Thermic Fluids Market?

Increasing environmental concerns across the globe have increased investments in solar power projects, and this will significantly propel the thermic fluids market demand in the coming years.

Some of the major factors driving the growth of the market are increased performance by the industrial sectors, benefits offered by these thermal liquids, and growth in the concentrated solar power market.

Rising prices of raw materials are one of the major restraints of the market. But in the future, the thermic fluid market has huge opportunities due to growing heat transfer leading to demand and increasing demand from the Asia Pacific region due to their continued strong economic growth and rising demand for energy.

How is the Thermic Fluids Market Segmented?

Thermic liquids also have a low viscosity, which allows for better heat transfer. Thermic fluids of this type are widely used in technical applications such as chemical processing, pharmaceutical processing, oil and gas processing, and CSP plants.

Based on product, the thermic fluid market is segmented into Silicone & Aromatic Based, Mineral Oils Based, and Glycol Based. Ethylene glycol-based fluids are employed in the cooling and heating processes because they are corrosion-resistant, easy to maintain, and replenishable.

Thermal fluid with low acute oral toxicity is a must-have property for food processing applications and processes that may come into contact with water.

Based on application, the thermic fluid market is segmented into Oil & Gas, Chemical, Concentrated Solar Power (CSP), Food & Beverage, Plastics, Pharmaceuticals, Heating, Ventilation & Air Conditioning (HVAC).

Increased Research and Development activity to create cures and preventative medications and vaccines will arise from an increase in the number of individuals suffering from chronic diseases. This will improve pharmaceutical production, boosting the demand for thermic fluids in the next few years.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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What is the Regional Scope of the Thermic Fluids Market?

Due to the pharmaceutical industry, North America is experiencing rapid growth in the thermic fluid market. Thermic fluids are also garnering high popularity in Europe.

Europe is the market leader for thermic fluid. But in the future, Asia Pacific is expected to be the most promising market. India and China are expected to be the fastest-growing markets for these fluids.

Another growing thermic fluid market for heat transfer liquids is the Middle East. In the future, the growth of the thermic fluid is expected to be moderate in the economies of Europe and North America.

From 2018 to 2025, the North American thermic fluid market is expected to increase at a healthy 5.5 percent. This is owing to the existence of a variety of end-use sectors, such as pharmaceuticals, oil and gas, chemical, food and beverage, HVAC, and others.

The USA has transitioned from being a net importer to a net exporter as a result of increased shale oil and gas output. Furthermore, the new administration's legislative measures will help the thermal oil and gas business flourish, as well as the chemical industry. The above-mentioned trends will continue and offer the thermic fluids market a boost in the future.

Scope Of Report

Attributes Details
Forecast Period 2022 to 2032
Historical Data available for 2014 to 2020
Market Analysis USD Billion for Value
By Type Mineral Oils, Silicon and Aromatics, Glycols, Others
By End-user Industry Food & Beverage, Chemical, Pharmaceutical, Oil & Gas, Concentrated Solar Power, Others
By Region North America; Latin America; Western Europe; Eastern Europe; Asia Pacific; Japan; Middle East and Africa
Key Players Solutia Inc. (USA); Dow Chemical’s Co. (USA); ExxonMobil (USA); Shell Corporation (The Netherlands); BP (United Kingdom)

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Key Segments

By Type:

  • Mineral Oils
  • Silicon and Aromatics
  • Glycols
  • Others

By End-user Industry:

  • Food & Beverage
  • Chemical
  • Pharmaceutical
  • Oil & Gas
  • Concentrated Solar Power
  • Others

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Japan
  • Middle East and Africa

Frequently Asked Questions

What is the Growth Outlook for the Thermic Fluid Market?

The global thermic fluid market is expected to register a CAGR of 6.2% from 2022 to 2032.

What is the Market Size of the Thermic Fluid Market?

The size of the thermic fluid market was worth 3 Billion in 2020.

Table of Content

1. Executive Summary | Thermic Fluid Market

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

        3.1.1. Drivers

        3.1.2. Restraints

        3.1.3. Opportunity

        3.1.4. Trends

    3.2. Scenario Forecast

        3.2.1. Demand in Optimistic Scenario

        3.2.2. Demand in Likely Scenario

        3.2.3. Demand in Conservative Scenario

    3.3. Opportunity Map Analysis

    3.4. Product Life Cycle Analysis

    3.5. Supply Chain Analysis

        3.5.1. Supply Side Participants and Their Roles

            3.5.1.1. Producers

            3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)

            3.5.1.3. Wholesalers and Distributors

        3.5.2. Value Added and Value Created at Node in the Supply Chain

        3.5.3. List of Raw Material Suppliers

        3.5.4. List of Existing and Potential Buyers

    3.6. Investment Feasibility Matrix

    3.7. Value Chain Analysis

        3.7.1. Profit Margin Analysis

        3.7.2. Wholesalers and Distributors

        3.7.3. Retailers

    3.8. PESTLE and Porter’s Analysis

    3.9. Regulatory Landscape

        3.9.1. By Key Regions

        3.9.2. By Key Countries

    3.10. Regional Parent Market Outlook

    3.11. Production and Consumption Statistics

    3.12. Import and Export Statistics

4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032

    4.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis, 2017 to 2021

    4.2. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Projections, 2022 to 2032

        4.2.1. Y-o-Y Growth Trend Analysis

        4.2.2. Absolute $ Opportunity Analysis

5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application

    5.1. Introduction / Key Findings

    5.2. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis By Application, 2017 to 2021

    5.3. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Analysis and Forecast By Application, 2022 to 2032

        5.3.1. Oil & Gas

        5.3.2. Concentrated Solar Power

        5.3.3. Food & Beverage

        5.3.4. Chemical Industry

        5.3.5. Plastics

        5.3.6. HVAC

        5.3.7. Pharmaceuticals

        5.3.8. Others (Transport, Biodiesel, Waste Heat Recovery, etc.)

    5.4. Y-o-Y Growth Trend Analysis By Application, 2017 to 2021

    5.5. Absolute $ Opportunity Analysis By Application, 2022 to 2032 Deep-dive segmentation will be available in the sample on request

6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type

    6.1. Introduction / Key Findings

    6.2. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis By Product Type, 2017 to 2021

    6.3. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Analysis and Forecast By Product Type, 2022 to 2032

        6.3.1. Silicone & Aromatic

        6.3.2. Mineral Oil

        6.3.3. Glycol-Based Fluids

        6.3.4. Others (HFPE Thermic Fluids, Molten Salts, etc.)

    6.4. Y-o-Y Growth Trend Analysis By Product Type, 2017 to 2021

    6.5. Absolute $ Opportunity Analysis By Product Type, 2022 to 2032 Deep-dive segmentation will be available in the sample on request

7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region

    7.1. Introduction

    7.2. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis By Region, 2017 to 2021

    7.3. Current Market Size Value (US$ Million) & Volume (Tonnes) Analysis and Forecast By Region, 2022 to 2032

        7.3.1. North America

        7.3.2. Latin America

        7.3.3. Europe

        7.3.4. East Asia

        7.3.5. South Asia & Pacific

        7.3.6. Middle East and Africa

    7.4. Market Attractiveness Analysis By Region

8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country

    8.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021

    8.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032

        8.2.1. By Country

            8.2.1.1. USA

            8.2.1.2. Canada

        8.2.2. By Application

        8.2.3. By Product Type

    8.3. Market Attractiveness Analysis

        8.3.1. By Country

        8.3.2. By Application

        8.3.3. By Product Type

    8.4. Key Takeaways

9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country

    9.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021

    9.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032

        9.2.1. By Country

            9.2.1.1. Brazil

            9.2.1.2. Mexico

            9.2.1.3. Rest of Latin America

        9.2.2. By Application

        9.2.3. By Product Type

    9.3. Market Attractiveness Analysis

        9.3.1. By Country

        9.3.2. By Application

        9.3.3. By Product Type

    9.4. Key Takeaways

10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country

    10.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021

    10.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032

        10.2.1. By Country

            10.2.1.1. Germany

            10.2.1.2. United Kingdom

            10.2.1.3. France

            10.2.1.4. Spain

            10.2.1.5. Italy

            10.2.1.6. Rest of Europe

        10.2.2. By Application

        10.2.3. By Product Type

    10.3. Market Attractiveness Analysis

        10.3.1. By Country

        10.3.2. By Application

        10.3.3. By Product Type

    10.4. Key Takeaways

11. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country

    11.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021

    11.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032

        11.2.1. By Country

            11.2.1.1. China

            11.2.1.2. Japan

            11.2.1.3. South Korea

        11.2.2. By Application

        11.2.3. By Product Type

    11.3. Market Attractiveness Analysis

        11.3.1. By Country

        11.3.2. By Application

        11.3.3. By Product Type

    11.4. Key Takeaways

12. South Asia & Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country

    12.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021

    12.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032

        12.2.1. By Country

            12.2.1.1. India

            12.2.1.2. Thailand

            12.2.1.3. Indonesia

            12.2.1.4. Malaysia

            12.2.1.5. Singapore

            12.2.1.6. Australia

            12.2.1.7. New Zealand

            12.2.1.8. Rest of South Asia & Pacific

        12.2.2. By Application

        12.2.3. By Product Type

    12.3. Market Attractiveness Analysis

        12.3.1. By Country

        12.3.2. By Application

        12.3.3. By Product Type

    12.4. Key Takeaways

13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country

    13.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021

    13.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032

        13.2.1. By Country

            13.2.1.1. GCC Countries

            13.2.1.2. South Africa

            13.2.1.3. Israel

            13.2.1.4. Rest of Middle East and Africa

        13.2.2. By Application

        13.2.3. By Product Type

    13.3. Market Attractiveness Analysis

        13.3.1. By Country

        13.3.2. By Application

        13.3.3. By Product Type

    13.4. Key Takeaways

14. Key Countries Market Analysis

    14.1. USA

        14.1.1. Pricing Analysis

        14.1.2. Market Share Analysis, 2021

            14.1.2.1. By Application

            14.1.2.2. By Product Type

    14.2. Canada

        14.2.1. Pricing Analysis

        14.2.2. Market Share Analysis, 2021

            14.2.2.1. By Application

            14.2.2.2. By Product Type

    14.3. Brazil

        14.3.1. Pricing Analysis

        14.3.2. Market Share Analysis, 2021

            14.3.2.1. By Application

            14.3.2.2. By Product Type

    14.4. Mexico

        14.4.1. Pricing Analysis

        14.4.2. Market Share Analysis, 2021

            14.4.2.1. By Application

            14.4.2.2. By Product Type

    14.5. Germany

        14.5.1. Pricing Analysis

        14.5.2. Market Share Analysis, 2021

            14.5.2.1. By Application

            14.5.2.2. By Product Type

    14.6. United Kingdom

        14.6.1. Pricing Analysis

        14.6.2. Market Share Analysis, 2021

            14.6.2.1. By Application

            14.6.2.2. By Product Type

    14.7. France

        14.7.1. Pricing Analysis

        14.7.2. Market Share Analysis, 2021

            14.7.2.1. By Application

            14.7.2.2. By Product Type

    14.8. Spain

        14.8.1. Pricing Analysis

        14.8.2. Market Share Analysis, 2021

            14.8.2.1. By Application

            14.8.2.2. By Product Type

    14.9. Italy

        14.9.1. Pricing Analysis

        14.9.2. Market Share Analysis, 2021

            14.9.2.1. By Application

            14.9.2.2. By Product Type

    14.10. China

        14.10.1. Pricing Analysis

        14.10.2. Market Share Analysis, 2021

            14.10.2.1. By Application

            14.10.2.2. By Product Type

    14.11. Japan

        14.11.1. Pricing Analysis

        14.11.2. Market Share Analysis, 2021

            14.11.2.1. By Application

            14.11.2.2. By Product Type

    14.12. South Korea

        14.12.1. Pricing Analysis

        14.12.2. Market Share Analysis, 2021

            14.12.2.1. By Application

            14.12.2.2. By Product Type

    14.13. India

        14.13.1. Pricing Analysis

        14.13.2. Market Share Analysis, 2021

            14.13.2.1. By Application

            14.13.2.2. By Product Type

    14.14. Thailand

        14.14.1. Pricing Analysis

        14.14.2. Market Share Analysis, 2021

            14.14.2.1. By Application

            14.14.2.2. By Product Type

    14.15. Indonesia

        14.15.1. Pricing Analysis

        14.15.2. Market Share Analysis, 2021

            14.15.2.1. By Application

            14.15.2.2. By Product Type

    14.16. Malaysia

        14.16.1. Pricing Analysis

        14.16.2. Market Share Analysis, 2021

            14.16.2.1. By Application

            14.16.2.2. By Product Type

    14.17. Singapore

        14.17.1. Pricing Analysis

        14.17.2. Market Share Analysis, 2021

            14.17.2.1. By Application

            14.17.2.2. By Product Type

    14.18. Australia

        14.18.1. Pricing Analysis

        14.18.2. Market Share Analysis, 2021

            14.18.2.1. By Application

            14.18.2.2. By Product Type

    14.19. New Zealand

        14.19.1. Pricing Analysis

        14.19.2. Market Share Analysis, 2021

            14.19.2.1. By Application

            14.19.2.2. By Product Type

    14.20. GCC Countries

        14.20.1. Pricing Analysis

        14.20.2. Market Share Analysis, 2021

            14.20.2.1. By Application

            14.20.2.2. By Product Type

    14.21. South Africa

        14.21.1. Pricing Analysis

        14.21.2. Market Share Analysis, 2021

            14.21.2.1. By Application

            14.21.2.2. By Product Type

    14.22. Israel

        14.22.1. Pricing Analysis

        14.22.2. Market Share Analysis, 2021

            14.22.2.1. By Application

            14.22.2.2. By Product Type

15. Market Structure Analysis

    15.1. Competition Dashboard

    15.2. Competition Benchmarking

    15.3. Market Share Analysis of Top Players

        15.3.1. By Regional

        15.3.2. By Application

        15.3.3. By Product Type

16. Competition Analysis

    16.1. Competition Deep Dive

        16.1.1. BASF SE

            16.1.1.1. Overview

            16.1.1.2. Product Portfolio

            16.1.1.3. Profitability by Market Segments

            16.1.1.4. Sales Footprint

            16.1.1.5. Strategy Overview

                16.1.1.5.1. Marketing Strategy

                16.1.1.5.2. Product Strategy

                16.1.1.5.3. Channel Strategy

        16.1.2. Royal Dutch Shell

            16.1.2.1. Overview

            16.1.2.2. Product Portfolio

            16.1.2.3. Profitability by Market Segments

            16.1.2.4. Sales Footprint

            16.1.2.5. Strategy Overview

                16.1.2.5.1. Marketing Strategy

                16.1.2.5.2. Product Strategy

                16.1.2.5.3. Channel Strategy

        16.1.3. British Petroleum

            16.1.3.1. Overview

            16.1.3.2. Product Portfolio

            16.1.3.3. Profitability by Market Segments

            16.1.3.4. Sales Footprint

            16.1.3.5. Strategy Overview

                16.1.3.5.1. Marketing Strategy

                16.1.3.5.2. Product Strategy

                16.1.3.5.3. Channel Strategy

        16.1.4. Exxon Mobil Corporation

            16.1.4.1. Overview

            16.1.4.2. Product Portfolio

            16.1.4.3. Profitability by Market Segments

            16.1.4.4. Sales Footprint

            16.1.4.5. Strategy Overview

                16.1.4.5.1. Marketing Strategy

                16.1.4.5.2. Product Strategy

                16.1.4.5.3. Channel Strategy

        16.1.5. The Dow Chemical Company

            16.1.5.1. Overview

            16.1.5.2. Product Portfolio

            16.1.5.3. Profitability by Market Segments

            16.1.5.4. Sales Footprint

            16.1.5.5. Strategy Overview

                16.1.5.5.1. Marketing Strategy

                16.1.5.5.2. Product Strategy

                16.1.5.5.3. Channel Strategy

        16.1.6. Chevron Corporation

            16.1.6.1. Overview

            16.1.6.2. Product Portfolio

            16.1.6.3. Profitability by Market Segments

            16.1.6.4. Sales Footprint

            16.1.6.5. Strategy Overview

                16.1.6.5.1. Marketing Strategy

                16.1.6.5.2. Product Strategy

                16.1.6.5.3. Channel Strategy

        16.1.7. Eastman Chemical Company

            16.1.7.1. Overview

            16.1.7.2. Product Portfolio

            16.1.7.3. Profitability by Market Segments

            16.1.7.4. Sales Footprint

            16.1.7.5. Strategy Overview

                16.1.7.5.1. Marketing Strategy

                16.1.7.5.2. Product Strategy

                16.1.7.5.3. Channel Strategy

        16.1.8. Huntsman Corporation

            16.1.8.1. Overview

            16.1.8.2. Product Portfolio

            16.1.8.3. Profitability by Market Segments

            16.1.8.4. Sales Footprint

            16.1.8.5. Strategy Overview

                16.1.8.5.1. Marketing Strategy

                16.1.8.5.2. Product Strategy

                16.1.8.5.3. Channel Strategy

        16.1.9. Hindustan Petroleum Corporation Ltd

            16.1.9.1. Overview

            16.1.9.2. Product Portfolio

            16.1.9.3. Profitability by Market Segments

            16.1.9.4. Sales Footprint

            16.1.9.5. Strategy Overview

                16.1.9.5.1. Marketing Strategy

                16.1.9.5.2. Product Strategy

                16.1.9.5.3. Channel Strategy

        16.1.10. Dynalene Inc.

            16.1.10.1. Overview

            16.1.10.2. Product Portfolio

            16.1.10.3. Profitability by Market Segments

            16.1.10.4. Sales Footprint

            16.1.10.5. Strategy Overview

                16.1.10.5.1. Marketing Strategy

                16.1.10.5.2. Product Strategy

                16.1.10.5.3. Channel Strategy

        16.1.11. Indian Oil Corporation Ltd

            16.1.11.1. Overview

            16.1.11.2. Product Portfolio

            16.1.11.3. Profitability by Market Segments

            16.1.11.4. Sales Footprint

            16.1.11.5. Strategy Overview

                16.1.11.5.1. Marketing Strategy

                16.1.11.5.2. Product Strategy

                16.1.11.5.3. Channel Strategy

        16.1.12. Kost USAA Inc.

            16.1.12.1. Overview

            16.1.12.2. Product Portfolio

            16.1.12.3. Profitability by Market Segments

            16.1.12.4. Sales Footprint

            16.1.12.5. Strategy Overview

                16.1.12.5.1. Marketing Strategy

                16.1.12.5.2. Product Strategy

                16.1.12.5.3. Channel Strategy

        16.1.13. MultiTherm LLC

            16.1.13.1. Overview

            16.1.13.2. Product Portfolio

            16.1.13.3. Profitability by Market Segments

            16.1.13.4. Sales Footprint

            16.1.13.5. Strategy Overview

                16.1.13.5.1. Marketing Strategy

                16.1.13.5.2. Product Strategy

                16.1.13.5.3. Channel Strategy

        16.1.14. PARATHERM

            16.1.14.1. Overview

            16.1.14.2. Product Portfolio

            16.1.14.3. Profitability by Market Segments

            16.1.14.4. Sales Footprint

            16.1.14.5. Strategy Overview

                16.1.14.5.1. Marketing Strategy

                16.1.14.5.2. Product Strategy

                16.1.14.5.3. Channel Strategy

        16.1.15. Acota Ltd

            16.1.15.1. Overview

            16.1.15.2. Product Portfolio

            16.1.15.3. Profitability by Market Segments

            16.1.15.4. Sales Footprint

            16.1.15.5. Strategy Overview

                16.1.15.5.1. Marketing Strategy

                16.1.15.5.2. Product Strategy

                16.1.15.5.3. Channel Strategy

17. Assumptions & Acronyms Used

18. Research Methodology

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