According to Global Market Insights, Inc., “Thermic Fluids Market size was estimated over USD 2.4 billion in 2017 and the industry will grow by a CAGR of more than 6.5% up to 2025. ” Over the past few years, the global thermic fluids market has witnessed phenomenal growth in its commercialization potential, given the rapid expansion of pharmaceutical, F&B, HVAC, chemicals, and oil & gas industries.
If reports are to be believed, the industrial applications of thermal fluids are diverse, ranging from simple transfer of heat from devices to advanced multi-loop systems performing several functions in manufacturing operations. Given the number of industries that use fluid transfer techniques in myriad applications, it does not come as a surprise that this business space in the year 2017 registered a significant remuneration portfolio of USD 2.4 billion, with mineral oil, aromatics, propylene & ethylene glycol based thermic fluids accounting for a significant share of thermic fluids market.
Silicone & aromatics based thermic fluids to drive the product landscape
Finding extensive demand from technical applications such as pharmaceutical processing, oil & gas, and CSP, the silicone & aromatics based thermic fluids accounted for a prominent share of more than 45% in 2017. Best suited for the completely exposed systems, silicon based thermic fluids are gaining immense traction owing to low operating costs and low viscosity index which results into superior heat transfer properties.
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Moreover, the excellent oxidation & shear resistance properties coupled with thermal stability have added further to the expansion of silicone & aromatics based thermic fluids market from industrial applications. Given the widespread application base of these fluids in constant temperature baths, heating baths, closed loop systems, and temperature measurement devices, the silicone & aromatics based thermic fluids market is estimated to register a CAGR of 5.8% over 2018-2025.
Speaking along similar lines, it is prudent to mention that the food & beverage sector has established itself as one of the lucrative growth avenues for the thermic fluids market expansion. Improved standard of living coupled with dynamic growth in the worldwide population has in fact favored the ethylene glycol thermic fluids demand in the recent years.
Rising number of CSP projects to bring renewed traction in the global thermic fluids industry expansion
In addition to the robust industrial growth, the heavy investment in construction of concentrating solar power projects around the world has also been a pivotal factor driving thermic fluids industry trends. Given the extensive demand for heat transfer fluids in improving the overall efficiency of CSP plants, it is quite overt that with the increasing deployment of solar energy farms in several countries, the demand for thermic fluids will also witness an exponential growth.
If reports are to be believed, U.S. and Spain are among the leading regions that have a large number of CSP projects with significant future investment scenarios. Estimates claim that Spain had CSP plants with operational capacity of approximately 2.3 GW in 2017 – more than any other country across the globe.
Driven by these aforementioned trends and strong application spectrum, the commercialization of the global thermic fluids market is expected to garner hefty returns in the coming years. A presumption validating the same is of Global Market Insights, Inc., that claims the overall business sphere to hit USD 4 billion by 2025.