The worldwide thermic fluids market is undergoing huge development at present. It is estimated to display similar trends in the years to come. The growth is driven primarily by the region of Asia Pacific and strong inclination towards industrial expansion. Various market participants have spent considerable amounts of capital to cater to the demands of prospective markets in the years ahead.
The worldwide demand for the thermic fluids market is also propelled forward by the expansion of the concentrated solar power market. Growing applications of thermic fluids across various consumer segments is also predicted to drive further demand for the market. Growing acceptance of thermic fluids with FDA sanction is also expected to positively impact the thermic fluids market.
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Some of the minor sectors across which thermic fluids find uses are conveyance, biodiesel, waste heat recovery, etc. Expansion in all these minor sectors also propels further demand for the thermic fluids market. Currently, the sectors of gas and oil, food and beverages and chemicals are experiencing stable expansion. This is also helping the thermic fluids market grow further.
The various categories of the market include applications, products and geographies. The applications market consists of chemicals, gas and oil, CSP, plastics, food and beverages, pharmaceuticals, HVAC, and others. Rising demand for thermic fluids across all these sectors is also projected to drive the demand for the thermic fluids market.
The products sector is divided on account of mineral oil based fluids, silicone and aromatic, glycol based fluids and others. The thermic fluids market, considering geographies, is segmented in view of four regions, namely Asia Pacific, rest of the world, Europe and North America.
The applications market is leaded by CSP (concentrated solar power). Solar power has long been deemed as an apt substitute to fossil fuels. It is economical and virtually never-ending. Solar power infrastructure enhancement has gained momentum with time. It is now justly deemed as one of the most prime enhancements in the world.
The products thermic fluids market is leaded by silicone and aromatic thermic fluids. They captured the largest share in 2011. Silicone and aromatic occupied around 85 percent of the total consumption. However, glycol based fluids are estimated to mature further through the forecast period. They are predicted to rise at about 6.4 percent CAGR during 2012 to 2018.
The geographies market was dominated by Europe in 2011. The region made up for about 32 percent of the total income. The fast development of consumer industries in Asia Pacific is projected to aid the region gain augmented shares in the thermic fluids market in the future. Rising application sectors of the region are also estimated to boost the growth of the worldwide market.
Instabilities in the pricing structure of unrefined materials in the generation of thermic fluids are expected to prevent the thermic fluids market from developing further. In terms of volume, the demand for thermic fluids was projected at about 405 kilo tons in 2011. This demand is predicted to rise to around 600 kilo tons in 2018.
Information Source: Grand View Research