San Francisco, California (PRWEB) April 24, 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 at http://www.grandviewresearch.com/industry-analysis/thermic-fluids-market-analysis
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Further key findings from the study suggest:
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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:
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