Thermic Fluids Market Size & Share 2018 - 2025
Market Size by Product (Silicone & Aromatic Based, Mineral Oils Based, Glycol Based) and by Application (Oil & Gas, Chemical, Concentrated Solar Power [CSP], Food & Beverage, Plastics, Pharmaceuticals, Heating, Ventilation & Air Conditioning [HVAC]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, & Forecast.
Report ID: GMI2940
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Published Date: October 2018
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Report Format: PDF
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Authors:
Kiran Pulidindi, Akshay Prakash
Thermic Fluids Market Size
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. North America held the highest market share in terms of revenue in 2018 and is expected to continue its lead status by 2025. Moreover, this region is expected to grow at the fastest CAGR of 5.5% from 2018 to 2025.
Steps taken by world community such as Paris agreement to combat climate change has increased the demand for solar energy across the globe and this will encourage thermal or thermic fluids market share over forecast timespan. Thermic fluids are used to improve the efficiency of concentrated solar power (CSP) plants. Its inherent properties such as heat storage helps to increase the electricity generation capacity of plants.
Spain and U.S. are among the leading nations having large number of CSP projects and it is expected to increase owing to more investments pouring into this sector. Spain has formulated excellent policies to take the advantage of their resource. They have operational CSP plants with capacity of around 2.3GW in 2017 more than any other country across the globe. Asia Pacific is progressing in the development of CSP projects with growing number of plants in India and China. Other regions such as Middle East, South Africa, etc. are also showing development in CSP projects. The above-mentioned trends are expected to continue and will catapult the thermic fluids market trends in near future.
Ethylene & propylene glycol, mineral oil & aromatics based thermic fluids account for a significant market share in the global market. These fluids are dependent on crude oil as it is the basic raw material required for production. Volatility in prices of crude oil has a direct impact on the prices of the product and has been one of the major factors inhibiting the global thermic fluids market growth in future.
Thermic Fluids Market Analysis
Based on product, silicone & aromatics segment accounted for more than 45% share of the entire market in 2017. Silicone based fluids have lower operating cost as do not degrade, resulting in lesser replacement. They also have low viscosity which gives them superior heat transfer properties. These types of thermic fluids are extensively employed in technical applications such as chemical processing, pharmaceutical processing, oil & gas processing and in CSP plants.
Based on revenue, glycol based thermal fluid segment will show a CAGR of around 6% over the forecast timespan. Ethylene glycol-based fluids used for cooling & heating process as they are corrosion resistant, easily maintained and have replenishable characteristics. Low acute oral toxicity of thermal fluid is the essential feature required for food processing applications and processes where incidental contact with water is possible.
Thermic fluids market has wide end use applications across various sectors and among them pharmaceutical sector shows a growth rate of about 5.5% from 2018 to 2025. In pharmaceutical sector, thermal fluids are used in various operations such as batch processing of products. Thermal fluids can be used within wide operating range, as they eliminate the need of new fluid fills in various operations.
On the basis of consumption & production, the U.S. dominates pharmaceutical business around the globe. It had reached around USD 320 billion, representing more than 35% of global market in 2017. Rise in number of patients suffering from chronic diseases will result in more R&D activities to develop curing and prevention medicines & vaccines. This will boost pharmaceutical manufacturing, thus augmenting the thermic fluids market growth in coming years.
Based on revenue, North America shows a decent growth rate of about 5.5% from 2018 to 2025. This is due to presence of various end-use industries such as pharmaceutical, oil & gas, chemical, food & beverage, HVAC and others. Increasing production of shale oil & gas in the U.S. has shifted its tag from net importer to net exporter. Additionally, legislative decisions taken by new administration will boost oil & gas sector and enables growth of chemical industry as well. The above-mentioned trends will follow and will give an up thrust to thermic fluids industry in future.
Thermic Fluids Market Share
The major players in the thermic fluids market are
The industry is consolidated with presence of many global and local players. These players are adopting organic growth strategies such as expanding product range along with plant capacity expansion to get a greater hold of market share in this resourceful market.
Industry Background
Thermal fluids are also commonly referred to as heat transfer fluids. The main function of these fluids is to store heat, to prevent excess heating of any thermal device and to transfer heat from one device to other. Major industries where thermic fluids are widely used includes oil and gas, chemicals, plastics, foods and beverages, pharmaceuticals, concentrated solar power (CSP) and HVAC (heating, ventilation and air conditioning). Increasing environmental concerns across the globe has amplified investments in solar power projects and this will significantly propel the thermic fluids market demand in coming years.
Thermic fluids market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units & revenue in USD million from 2014 to 2025, for the following segments:
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Market by Product
Market by Application
The above information is provided on a regional and country basis for the following:
By Region
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
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Verified data sources
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Regulatory filings
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Academic research
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Company reports
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C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →