Thermic Fluids Market Analysis

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.