Albany, NY (PRWEB) May 21, 2013
In terms of revenue, the market was valued at USD 1.63 billion in 2011 and is expected to reach USD 2.78 billion by 2018, growing at a CAGR of 7.5% from 2012 to 2018. Increasing demand from end use industries such as oil and gas, chemicals, plastics, foods and beverages, pharmaceuticals etc is expected to drive thermic fluid demand over the next five years.
Growing popularity of concentrated solar power (CSP) projects mainly in countries such as U.S. and Spain is also expected to boost the market for thermic fluids over the forecast period.
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Silicones and aromatics were the largest product segment for thermic fluids, and together with mineral oil based fluids accounted for over 85% of total volume consumed in 2011. Glycol (ethylene & propylene) based are expected to be the fastest growing type of thermic fluid, growing at a CAGR of 6.4% from 2012 to 2018.
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Thermic fluids are largely consumed by the oil and gas industry, which accounted for 24.4% of total thermic fluids consumption in 2011. CSP is expected to be the fastest growing application segment for thermic fluids at a CAGR of 8.2% from 2012 to 2018 and owing to rapid CSP project developments taking place around the world; the segment is expected to account for 16.2% share of total thermic fluids consumed by 2018.
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Europe was the largest market with 31.6% share of total thermic fluid consumed globally in 2011, and is closely followed by North America and Asia-Pacific. In terms of revenue, the North American market is expected to be worth USD 867.3 million by 2018, growing at a CAGR of 7.4% from 2012 to 2018. Asia-Pacific is expected to be the fastest growing market, growing at a CAGR of 6.5% from 2012 to 2018. Growing end use industries such as CSP and pharmaceuticals are expected to boost the market of thermic fluids in Asia-Pacific.
Some of the leading participants in the global market include multinational corporations such as Dow Chemical Company, Exxon Mobil, Royal Dutch Shell , British Petroleum, and Solutia. Other companies operating in the market include Paratherm Corporation, Dynalene Inc., Multitherm LLC and Kost U.S.A. Inc. among some others.
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