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.
Thermic fluids demonstrate diverse applications across industries such as pharmaceuticals, food and beverages, plastics, chemicals, oil and gas, HVAC (heating, ventilation, and air conditioning), and concentrated solar power. As per TMR analysis, rapid industrialization in emerging economies will prove exceptionally rewarding for the market.
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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.
Europe Holds Brightest Prospects for Thermic Fluids
In the last few years, policy makers in Europe have been consciously making efforts for increasing the share of renewable energy in the overall energy mix. A robust increase in the construction of CSP plants is thus noted in the region. Increasing application of thermic fluids for thermal storage across these CSP plants has been fuelling demand from the Europe thermic fluids market.
The region is likely to exhibit significantly rising use of bio-based thermic fluids. Countries such as Portugal, Poland, Greece, and Ireland will prove to be the most lucrative markets for sellers of thermic fluids in Europe. As per TMR, the Europe thermic fluids market is likely report a CAGR of 6.8% from 2016 to 2024.
In terms of volume however, China and the U.S., dominated the global thermic fluids market in 2014. Together, these countries accounted for over 35% of the global market in that year. Prospects for the market in Asia Pacific are also expected to increase considerably in the near future.
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.
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