Thermic fluids are heat transfer fluids or thermal fluids, whose primary aim is to store the heat, prevent excess heating of thermal devices, and transfer heat from one device to another. The various types of thermic fluids include: Silicone-based fluids, hydrocarbon- or mineral-oil-based fluids, aromatic fluids, and glycol-based fluids. These fluids are used for heating, dehumidifying, and freezing in various end user industries such as pharmaceuticals, oil and gas, food and beverages, and chemical industries. Thermic fluids are also used in heating, ventilation, and air conditioning (HVAC). These fluids help maintain the temperature of processing machines and carry excess heat produced during the process.
According to a research report by Transparency Market Research (TMR), the demand for thermic fluids from various industries is expected to drive the market from US$2.25 bn in 2015 to US$4.17 bn by 2024. The thermic fluids market is expected to expand at a 7.1% CAGR between 2016 and 2024.
In this blog post, TMR answers three important questions about the thermic fluids market:
Q1. What are the recent trends in the thermic fluids market?
Recently, The Dow Chemical Company has introduced the production of a heat transfer fluid, called the DOWTHERM™, which captures the solar thermal energy present in concentrated solar power plants (CSP). CSP uses parabolic mirrors to reflect and magnify the heat from the sun onto a closed circulating loop containing DOWTHERM™ heat transfer fluid, which collects the heat energy and carries it to a power station. The heat is then used to produce steam that drives the turbines to generate electricity.
Another trend in the thermic fluids market is a rise in the production of bio-based thermal fluids, keeping the environmental health in mind. Bio-based thermic fluids are in demand from industries that make use of toxic and chemical or synthetic oils for various purposes. Bio-based thermic fluids have the capability to replace synthetic thermic fluids used across various industries. Manufactured using bio-based feedstock such as biomass, glycerin, and corn-based sugar, bio-based thermic fluids offer benefits such as lower maintenance cost and lower emission of CO2, thus benefitting the environment. The rising cost of crude oil and growing environmental concerns are boosting the adoption of bio-based thermic fluids.
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Q2. Apart from bio-based thermic fluids, which other thermic fluid type is in demand?
In terms of revenue, silicone and aromatic-based thermic fluids dominated the thermic fluids market in 2015 and this trend of dominance is expected even in the future. Glycol-based thermic fluids such as propylene and ethylene thermic fluids are expected to be the fastest growing product segment of the thermic fluids market in terms of revenue. Fast growth of the glycol-based fluids segment is expected owing to the excellent results achieved by the use of these fluids at low temperatures.
Q3. Which region is expected to dominate the thermic fluids market?
While Europe held a major share in the global thermic fluids market in 2015, the fastest-growing market is expected to be Asia Pacific. The promising growth of the thermic fluids market in Asia Pacific is likely due to the development of end-user industries such as food and beverages and chemical, especially in the emerging economies of the region. Furthermore, the easy availability of raw materials and advanced technology are expected to make countries such as the U.S. and China the most attractive markets for thermic fluids.
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