FDA approval for food grade thermic fluids will boost the thermic fluids market at 7.1% CAGR between 2015 and 2024, states Transparency Market Research (TMR). The advent of concentrated solar power (CSP) as an enabling technology to help deployment of solar photovoltaics on a large-scale is also expected to stir up opportunities for the thermic fluids market globally. While volatility of raw material prices remains a major concern, the market is poised to find lucrative growth opportunities in countries such as China, Japan, and the U.S.
By revenue, the global thermic fluids market stood at US$2.1 bn in 2014 and is expected to reach US$4.17 bn by the end of 2024. In terms of volume the market is exhibit a surge of 5.9% CAGR during the forecast period.
Oil and Gas Industry to Exhibit Most Attractive Opportunities for Thermic Fluids Market
By end user, the market has been witnessing significant opportunities in the oil and gas industry. The industry led the global thermic fluids market in 2014 and is expected to expand at a robust pace during the forecast period. Oil and gas plants usually work at high temperatures, harnessing energy that are stored in various kinds of thermic fluids available in the market. By revenue, the oil and gas industry stood at US$479.4 mn in 2014.
Besides this, the market has been witnessing rising demand from the chemicals industry as well. By revenue, this end user segment stood at US$254.4 mn in 2014 and is expected to exhibit a CAGR of 6.6% between 2016 and 2024. The concentrated solar power industry emerged as the third-largest end user segment in the market in 2014. However, it is likely to exhibit the fastest CAGR at 8.3% during the forecast period.
Volatility in Crude Oil Prices Puts Negative Pressure on Global Thermic Fluids Market
With industries realizing advantages of thermic fluids over traditional steam systems, the opportunities for the thermic fluids market are expected to bolster in the near future. However, since the production of thermic fluids depends on crude oil, fluctuations reported in their global prices also have a negative impact on the thermic fluid market’s trajectory. Nevertheless, the market is likely to gain from the increasing production of bio-based thermic fluids in the near future.
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Some of the prominent companies operating in the global thermic fluids market include BASF SE, Royal Dutch Shell, British Petroleum (BP), Exxon Mobil Corporation, Dow Chemicals, and others.