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Thermic Fluids Market to See Incredible Growth During 2024
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As per Transparency Market Research (TMR), Eastman Chemical Company and ExxonMobil Corporation emerged as the second and third largest companies the same year, respectively. Competition, however, is intense among the leading market players. With demand for bio-based thermic fluids rising considerably, these companies are focusing on research and development activities to increase effectiveness of bio-based thermic fluids they offer.
Market Exhibits Attractive Opportunities for Both Established Players and New Entrants
TMR finds that the rising usage of thermic fluids across diverse industries is encouraging the entry of new players in the market. With attractive growth opportunities in Asia Pacific and Europe and the implementation of government policies supporting the use of bio-based thermic fuels, new entrants stand a viable chance to gain a sustainable share in the market.
Recently, food grade thermic fluids have received FDA approval, which is expected to boost demand for thermic fluids considerably. Besides this, the market is also expected to gain from the advent of concentrated solar power (CSP) as an enabling technology assisting the large-scale deployment of solar photovoltaics. “While volatility in raw material prices remains a challenge, the increasing opportunities in China, Japan, and the U.S. are expected to positively influence the market’s trajectory,” said a lead TMR analyst.
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Demand from Oil and Gas Industry to Increase at a Robust Pace
“As industries come to realize the benefits of thermic fluids over traditional steam systems used across facilities, prospects for expansion of the thermic fluids market will increase,” he added. However, because the production of thermic fluids depends on crude oil, volatility witnessed in their global prices is likely to negatively influence the market’s trajectory during the forecast period. Nevertheless, the increasing production of bio-based thermic fluids will create opportunities for the market to gain from in the near future.
The increasing use of thermic fluids across industries such as food and beverages, chemicals, plastics, pharmaceuticals, and oil and gas, will give significant impetus to the global thermic fluids market. Of these, the oil and gas industry has emerged dominant in the market. Oil and gas facilities usually work at high temperatures generating energy stored in various thermic fluids. As per TMR, the end user segment stood at US$479.4 mn in 2014.
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Europe Emerges as Largest Market for Thermic Fluids
Regionally, Europe has been exhibiting lucrative prospects for enterprises operating in the global thermic fluids market. The region led the global thermic fluids market in 2014. Policy makers in Europe are focusing on increasing the share of renewable energy in their energy mix. This has increased the construction of concentrated solar power plans in Europe, thus fuelling demand for thermic fluids. Opportunities for the thermic fluids market are also plenty in Asia Pacific, as emerging economies in this region report robust industrialization.
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About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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