San Francisco, CA -- (SBWIRE) -- 05/05/2014 -- The global market for thermic fluids is expected to reach USD 3.45 billion by 2020, according to a new study by Grand View Research, Inc. Growing thermic fluid demand from concentrated solar power plants is expected to be a key driving factor for market demand over the next six years. Thermic fluids are used to transfer and store heat utilized for producing electricity. In addition, positive outlook on food and beverages market is also expected to enhance market penetration for food grade thermic fluids.
Mineral oils emerged as the leading product segment in the global market and accounted for 41.7% of the total thermic fluid volume in 2013. Mineral oils were followed by aromatic based thermic fluids, however, glycol based thermic fluids are expected to be the fastest growing product segment, at an estimated CAGR of 7.9% from 2014 to 2020. Increasing Concentrated Solar Power (CSP) capacity, mainly in the U.S. and Spain is expected to boost the demand for thermic fluids for these applications.
The report “Thermic Fluids Market Analysis By Product (Mineral Oils, Aromatics, Glycols, Silicones), By Application (Oil & Gas, Food & Beverages, Chemical Industry, CSP, Plastics, Pharmaceuticals, HVAC) And Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/thermic-fluids-market-analysis
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Further key findings from the study suggest:
- The global market for thermic fluids was 470.1 kilo tons in 2013 and is expected to reach 712.3 kilo tons by 2020, growing at a CAGR of 6.2% from 2014 to 2020.
- Europe continued its dominance in the global market and accounted for 33.9% of total thermic fluid volume in 2013. Asia Pacific is expected to be the fastest growing regional market for thermic fluids, at an estimated CAGR of 6.9% from 2014 to 2020.
- Oil & gas emerged as the leading application market for thermic fluids and accounted for just over 24% of total market volume in 2013. Concentrated solar power is expected to be the fastest growing application market for thermic fluids, at an estimated CAGR of 8.5% from 2014 to 2020.
- The global market is highly concentrated as top four companies including Dow Chemical, Solutia, Exxon Mobil and Shell accounted for over 60% of the total demand in 2013. British Petroleum, Paratherm and Chevron Corporation are amongst other significant market participants operating in the global market.
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For the purpose of this study, Grand View Research has segmented the global thermic fluids market on the basis of product, application and region:
Global Thermic Fluids Product Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 - 2020)
- Mineral Oils
- Glycol (Ethylene & Propylene)
- Other (including Molten Salts & HFPE)
Global Thermic Fluids Application Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 - 2020)
- Oil & Gas
- Chemical Industry
- Concentrated Solar Power (CSP)
- Food & Beverages
- Others (including Transport, Biodiesel and Waste Heat Recovery etc)
Thermic Fluids Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 - 2020)
- North America
- Asia Pacific
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