Thermic Fluids Market Innovations Enhancing Energy Efficiency and Performance

 The global thermic fluids market size is estimated to reach USD 14.23 billion by 2030, registering to grow at a CAGR of 3.7% from 2024 to 2030 according to a new report 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, a positive outlook on the food and beverage market is also expected to enhance market penetration for food-grade thermic fluids.

Mineral oils emerged as the leading product segment of the global market in 2024. 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 4.1% from 2024 to 2030. 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.

Thermic Fluids Market Report Highlights

The aromatic segment accounted for 36.3% of the revenue share in 2023. Aromatic thermic fluids are highly valued for their excellent thermal stability and high boiling points.

The glycol-based segment is expected to grow at a CAGR of 4.1% from 2024 to 2030.

The oil & gas segment dominated the market in 2023 largely due to the extensive use of thermic fluids in various processes within the oil & gas industry, such as refining, processing, and transportation.

Get a preview of the latest developments in the Thermic Fluids Market! Download your FREE sample PDF today and explore key data and trends

Regional Insights

North America accounted for a significant market share in the global thermic fluids market revenue in 2023 driven by the robust industrial base in the region, particularly in sectors such as oil & gas, chemical processing, and manufacturing. The demand for efficient heat transfer solutions in these industries underpins the market growth in North America.

Key Thermic Fluids Company Insights

The global thermic fluids market is driven by several key companies, including Eastman Chemical Company, ExxonMobil, Huntsman Corporation, Parathem Corporation, Royal Dutch Shell, and Clariant AG, among others.

  • Eastman Chemical Company offer their Therminol brand of heat transfer fluids, that are widely used across various industries, including chemical processing, oil and gas, and renewable energy.
  • ExxonMobil offers a range of high-performance products under its Mobiltherm brand. These fluids are designed to provide reliable and efficient heat transfer in industrial processes, including manufacturing, chemical processing, and power generation.

List of Key Players in Thermic Fluids Market

  • Eastman Chemical Company
  • ExxonMobil
  • Huntsman Corporation
  • Parathem Corporation
  • Royal Dutch Shell
  • Clariant AG
  • British Petroleum Plc
  • HPCL
  • Thermic Fluids Pvt. Ltd.

Gather more insights about the market drivers, restrains and growth of the Global Thermic Fluids Market

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