Thermic Fluid Market Analysis, Industry Outlook, Growth and Forecast 2024
The global thermic fluids market is foreseen to project a high-level competition, with a consolidated market scenario. Only some of the companies in the market have secured their position globally, and are anticipated to sustain their lead in the span of upcoming years as well, says an analyst at Transparency Market Research. The leading four players in the market accounted for 71% of the entire share of global thermic fluids market in 2014. This makes it difficult for the new entrants to set their foot, crediting the consolidated landscape and tough competition.
Dow Chemicals, in 2014 led the global thermic fluids market with the highest share among the other players worldwide. The dominance is credited to creative business strategies, fortified foothold in thermic fluids manufacturing, and so on. The key players operating in the global thermic fluids market are Royal Dutch Shell, BASF SE, British Petroleum (BP), and Exxon Mobil Corporation.
According to a recent report by Transparency Market Research (TMR), the global thermic fluids market is estimated to flourish at a CAGR of 7.10% during 2015 to 2024. In 2014, the global market was calculated to be of worth US$2.1 bn. This figure is estimated to reach around worth of US$4.17 bn by 2024-end.
On the basis of product type, mineral oil based thermic fluids segment is foreseen to project highest growth rate in the global thermic fluids market. This is majorly credited to the surging demand for thermic fluids owing to their several benefits. Geographically, increased usage of these fluids in concentrated solar power plants for thermal storage, majorly in Europe has contributed significantly in the growth of thermic fluids market in the region. Besides, increasing awareness about usage of thermic fluids in harnessing of renewable energy as well has made Europe produce highest revenue in the forthcoming years, leading the global market.
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Growth in Oil and Gas Sector to Boost Thermic Fluids Market Demand
The oil and gas sector is a huge section of a regional economy and a few tasks run together in the business. As of late, there have been a series of improvements in the oil and gas sector of a few areas. Henceforth, the utilization of thermic fluids in the oil and gas sector has given a lift the demand regarding the global thermic fluids market. Moreover, the oil and gas sector typifies a scope of perplexing activities and procedures wherein thermic fluids are utilized, which is the reason there is customary inflow of demand with respect to the global market. Other than this, thermic fluids are additionally utilized in the chemical sector for a wide scope of utilizations. Subsequently, the interest in the global thermic fluids market is anticipated to take positive jumps consistently.
Europe to Lead the Thermic Fluids Market Due to Increasing Source of Sustainable Energy
Sustainable methods for delivering energy have turned into the top-most issue of various government bodies and firms in Europe. The administration expects to expand the share of sustainable power source in its absolute energy mix, which has moved demand regarding thermic fluids in Europe. Portugal, Greece, Poland, and Ireland are among the main nations in the market for thermic fluids. A considerable number of CSP plants have surfaced crosswise over Europe, which is another factor that is supporting the demand in the global thermic fluids market.
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