One of the major factors hindering the global thermic fluids market growth is environmental concerns related to its production and usage. Conventional thermal fluids are derived from petroleum based raw materials which release high amount of hazardous gases on ignition. In order to overcome such problems and to decrease reliance on crude oil based thermal fluids the world is shifting towards the use of bio-based alternatives. Bio-based thermic fluids along with providing a clean solution also provides competitive advantage in terms of price against their synthetic counterparts.
Significant growth in concentrated solar power generation in most of the Asian countries due to increasing demand for electricity across the region. This will subsequently spur the thermic fluids demand in forecast period. Thermal fluids play a crucial role in improving efficiency of CSP plants owing to its excellent heat storage property which increases the electricity generation capacity of the plant.
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Concentrated solar power plants offer various advantages such as storing the energy that can be used when clouds block the sun or after sunset in order to produce electricity. These plants have six hours storage capacity which can add the operational value of around USD 35 megawatt per hour as compared to photovoltaics. This in turn will bolster the entire thermal fluids market demand by 2025.
The thermic fluids market is segregated into product, application and region. The product segment includes glycol, mineral oil and silicone & aromatic based thermic fluids. Among these, mineral oil will clutch more than 25% of entire volume share in coming year. Mineral oils are lightly refined and need minimal additives to protect from corrosion. These oils offer various advantages such as low viscosity, thermal stability, etc. that further increases the efficiency of thermal fluids.
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The application segment is further bifurcated into oil & gas, chemical, concentrated solar power, food & beverage, plastics, pharmaceuticals and HVAC. Food & beverage application segment will be valued over USD 600 million in 2025. Various industries such as breweries, wineries, dairies and the food processing industry require thermic fluids in different processes. Application of thermic fluids is expected to increase with increasing availability of food grade thermic fluids.
Europe will clutch over 30% of the volume share in forecasted timeframe and is anticipated to witness a moderate growth. Increasing number of CSP plants, especially in Spain, is expected to drive the entire regional thermal fluid market demand by 2025. Surge in application and technological advancements in thermic fluids is expected to drive the industry growth in Europe.
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Major players in the industry are now focusing on developing thermic fluids especially for thermal storage at CSP plants. In addition, manufacturers are entering into mergers and acquisitions to develop solar thermic fluids, which are expected to be major future requirements. Few of them are Kost, Royal Dutch Shell, Exxon Mobil, Dow Chemical Company, Dynalene, Hindustan Petroleum, Multitherm, BASF, Paratherm Corporation, Tulstar Products, and others.
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