Press release
Thermic Fluids Market Trends to 2025 By Top Players - Dow Chemical Company, ExxonMobil, BP, Hindustan Petroleum Corporation Limited, BASF, Tulstar Products Inc.
Thermic Fluids Market
On the basis of product, silicone & aromatic thermic fluids market shows growth of about 5.8% CAGR from 2018 to 2025. This type of thermal fluids is best suited for completely exposed systems which are not prone to leaking or contamination. These fluids are impressive to oxidation and protect the fluid from degradation. Glycol based thermal fluids are also gaining attention in food & beverage industry as they are low in toxicity ion case of incidental contact with water and food products.
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In terms of volume, chemical sector will clutch over 10% share of the entire application segment in 2025. In petrochemical complexes, thermal fluids are used to provide heating for distillation towers, crackers and reactors in production of phthalic anhydride, alkyl benzene, terapthalic acid, dimethyl terapthylate and many other downstream products. Rising investments in the chemical sector due to substantial rise in crude oil prices will result in thermic fluids market growth in coming years.
- Thermic Fluids Market, by Application
• Oil & gas
• Chemical industry
• Concentrates solar power (CSP)
• Food & beverage
• Plastics
• Pharmaceuticals
• Heating, ventilation & air conditioning (HVAC)
• Others
- Thermic Fluids Market, Product by Application
• Silicone & aromatic based thermic fluids
• Mineral oils based thermic fluids
• Glycol based thermic fluids
• Others
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Dynamic growth in food & beverage sector due to population growth and improving standard of living across the globe will augment the demand for thermic fluids market across the globe. There are several processes that are carried out in the food & beverage industry which require thermal fluids for the cooling, heating and dehumidifying. Dairies, wineries, breweries and other food processing companies use heat transfer mediums during processing where contact of the fluid with food or portable water is possible.
Hence requirement of non-toxic thermic fluid arises. USDA had approved the ingredients in food grade thermic fluids by H1 application (thermal fluids with incidental food contact). These fluids comply with requirements mentioned by FDA. This approval is driving the demand for food grade thermic fluids, which are more efficient than water or steam when used for heat transfer medium.
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On the basis of region, Asia Pacific thermic fluids market will show decent growth of more than 6% over the forecast years. This is all due to significant presence of industries such as chemical, plastics, food & beverage, pharmaceutical, HVAC, oil & gas in the region. Initiatives taken by governments of emerging economies such as India, China to attract FDI inflow and open more manufacturing facilities will catapult the thermal fluids demand by 2025.
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