Thermic Fluids Market Size

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.

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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.