Global Thermic Fluid Market - 2021-2028

Market Overview

The global thermic fluid market size was worth US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).

Thermic fluid is a general word for liquids that transmit heat. It is necessary to employ heat transfer liquids when adding or removing heat from one portion of the process to another. These substances can be utilized when water or a stream is ineffective. It can be found in various fields, including the chemical industry, solar power plants, manufacturing processes and petroleum processing.

These fluids are needed to keep the processing equipment at a constant temperature and transport the heat energy generated due to the process. As an example of a coolant, consider water cooling down a car engine, a fluid that passes through a device to keep it from overheating. In a solar collector, a heat transfer fluid is heated in the collector by the sun and then travels through heat exchange to warm a separate tank of water for home use or for heating a building.

Market Dynamics

Steps taken by the global community to address climate change, such as the Paris Agreement, have increased demand for solar energy globally, which will boost thermal or thermic fluids market share over the forecast period. Using thermodynamic fluids (TF), concentrated solar power (CSP) facilities can improve their efficiency. Its intrinsic qualities, such as heat storage, aid in expanding a plant's electrical generating capacity.

Thermic fluid's growing use in the oil and gas industry

Refining procedures also make use of thermic fluids. For example, they are used to heat fractionated reboilers and cool overhead cooling condensers. As per the Statistical Review of World Energy 2020 by BP, North America's total refinery throughput in 2019 was 18.98 million barrels per day, down 1.3 percent from 2018's level, reducing refinery demand for thermic fluid.

The long-term perspective for the oil and gas company proposes that oil exploration and thermic fluids continue to develop side by side. In addition, as hydrocarbon discoveries age and become less productive, greater penetration is needed per unit of oil.

The growing use of thermic fluid in concentrated solar power

CSP, or concentrated solar power, is a prominent usage of thermic fluids and is projected to continue to be a vital application for thermic fluid makers as the need for renewable energy grows. CSP facilities can operate more efficiently thanks to the use of thermodynamic fluids. When coupled with thermal storage, CSP has the added benefit of storing energy that can be used even if the sun is obscured by clouds and after sunset to generate power.

CSP facilities have a six-hour energy storage capacity, which can add capacity and operating value of USD 35.80/MWh. Thermal systems are already being used in some plants and this trend is projected to continue. The CSP sector is growing rapidly, increasing the demand for thermic fluids.

Volatility in raw material pricing

Prices of raw materials are projected to be volatile, which would harm market growth. Mineral oils, aromatics and glycols generated from crude oil derivatives are the primary ingredients in thermic fluids. Manufacturers will be forced to use contract pricing to assure a steady supply of raw materials due to the volatile global crude oil index.

COVID-19 Impact Analysis

In 2020, COVID-19 harmed the market. Petroleum refining, food and beverage manufacturing and chemical processing employ thermic fluid as a heat transmission medium in their operations. The petroleum refineries' output throughput was reduced during the lockdown because of the global drop in demand for fuel caused by the pandemic scenario.

Thermic fluid usage at petroleum refining facilities was reduced by 30-40 percent when Indian Oil Corporation Ltd. reduced its crude oil processing capacity from 5 million barrels per day to 3 million barrels per day. Other chemical manufacturing activities were also temporarily halted during the lockdown, which reduced demand for the market is examined.

Segment Analysis

By application, the thermic fluid market is segmented into oil & gas, food & beverages, chemical industry, concentrated solar power and others.

The oil & gas segment is estimated to be the dominant type.

The oil and gas industry's considerable usage of thermic fluid is constantly expanding to meet the rising need for energy. In the oil and gas business, thermal fluid is used in refining and dehydration, gas-to-liquid conversion and asphalt-to-liquid conversion.

Gas sweetening, glycol dehydration and the fractionation train use thermic fluids during natural gas processing. The regenerators present in the gas sweetening and glycol dehydration stage are heated by a boiler, heated further by thermic fluid. Additionally, the reboiler, located at each distillation column, is heated using thermic fluid in the fractionation train.

As per the Statistical Review of World Energy 2020 by BP, natural gas consumption reached 3,929.2 million cubic meters in 2019, with a growth rate of around 2% compared to 2018, increasing the demand for thermic fluid during natural gas processing. Refining procedures also make use of thermodynamic fluids. They serve as a heating medium for fractionation unit reboilers and overhead cooling condensers, among other uses.

Geographical Analysis

Asia-Pacific to depict an extraordinary growth in the global thermic fluid market.

The Asia-Pacific accounted for the majority of global thermic fluid market revenue. The area is home to numerous petroleum refining, pharmaceutical and chemical manufacturing facilities. Total Asia-Pacific refinery throughout 2019 was 30.30 million barrels per day, up 2.2% from 2018, according to the BP Statistical Review of World Energy 2020.

A significant portion of natural gas is produced and consumed in Asia-Pacific countries. Natural gas consumption in the Asia-Pacific reached 869.9 trillion cubic meters in 2019, up 4.7% from the previous year, according to the BP Statistical Review of World Energy 2020.

The Indian chemicals sector was valued at USD 178 million in 2019, according to the India Brand Equity Foundation (IBEF) and is predicted to reach USD 304 million by 2025, with a CAGR of 9.3%. Chemical consumption is predicted to increase by 9% per year by 2025, resulting in increased demand for thermic fluid from the Indian chemical sector in the future years.

Pharmaceuticals, food and beverage and concentrated solar power are other end-user industries that employ thermic fluid for heating and cooling purposes at their processing facilities.

Competitive Landscape

The leading firms in the thermic fluid market are concentrating on growing their global footprint through acquisitions and mergers and diversifying their product range to match the dynamic trends of the global industries.

Companies like Dow Chemical Company, ExxonMobil, Solutia Inc., British Petroleum, Royal Dutch Shell, BASF AG, Dynalene Inc., Paratherm Corporation, Multitherm LLC and Kost USA Inc., are the prominent players in this industry.

British Petroleum

Overview: British Petroleum is a British oil and gas multinational corporation headquartered in London. The company is one of the world's seven supermajors in the oil and gas industry. Its vertically integrated firm covers all aspects of the oil and gas industry: exploration and production; refining and marketing; distribution; power generation; trading.

It is also interested in biofuels, wind power, smart grids and solar technology as renewable energy sources. The company is a globally integrated energy company with operations in Europe, North and South America, Australia, Asia and Africa.

Product Portfolio: A gas and oil-related vertically integrated company that deals with operations such as refining, production, exploration, distribution, marketing, trading and the generation of electricity and petrochemicals. Major company brands include bp, Castrol, Aral, ampm, Amoco and Wild Bean Cafe.

Key Developments: Castrol (brand of British Petroleum) announces the launch of the Castrol ON TM line of advanced e-Fluids for improved electric vehicle performance. Castrol ON TM, e-Greases are essential for keeping equipment running at peak efficiency while extending component life. Even in extreme conditions, Castrol ON TM, battery e-Thermal Fluids help keep batteries cooler and more stable by improving thermal management. Castrol ON TM, e-Transmission Fluids help EVs go further on a single charge and protect the drivetrain while improving efficiency and extending the system's overall life.

Castrol's e-Fluids were created with industry leaders like the Jaguar Racing Formula E Team.

Why Purchase the Report?

• Visualize the thermic fluid segmentation by application, product and region, highlighting the key commercial assets and players.
• Identify commercial opportunities in the thermic fluid by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of thermic fluid - level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global thermic fluid market report would provide access to an approx. 52 market data table, 45 figures and 180 pages.

Target Audience

• Thermic Fluid Manufacturers and Suppliers
• Thermic Fluid Industry Players
• Thermic Fluid Buyers
• Emerging Companies
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Distributors