India Thermic Fluid Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 42.37 kilotons |
| Market Volume (2029) | 54.39 kilotons |
| CAGR (2024 - 2029) | 5.12 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Thermic Fluid Market Analysis
The India Thermic Fluid Market size is estimated at 42.37 kilotons in 2024, and is expected to reach 54.39 kilotons by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).
Due to the nationwide lockdown caused by COVID-19, the market suffered in 2020. It influenced several end-user industries, including chemicals, oil, gas, etc. However, the pharmaceutical business saw a surge in demand, primarily due to the increased need for various medications during the epidemic. Nonetheless, the industry picked up speed in the post-pandemic era and is anticipated to keep doing so during the forecast period.
- Over the short term, extensive demand from the oil and gas sector and increasing concentrated solar power usage are expected to drive the market's growth.
- Conversely, the explosion hazards posed by heat thermic fluids (HTFs) will likely hinder the market's growth.
- The high potential for developing bio-based thermic fluids will likely provide a significant growth opportunity for the market studied.
India Thermic Fluid Market Trends
Rising Demand for Mineral Oil Segment
- Mineral oils, employed as a thermic fluid, are petroleum-based fluids derived from crude oil distillation cuttings. Mineral oils are isomeric mixes of paraffin or naphthene-basic hydrocarbons classified as paraffinic or naphthenic. These oils are chosen for their viscosity, influencing heat transfer capabilities and stability.
- Paraffinic mineral oils hold a higher flash point and boiling point. On the other hand, naphthenic mineral oils include better lower temperature characteristics and pour points.
- Mineral oils provide superior thermal stability at high temperatures, need less disposal and maintenance, and include a lower environmental impact. They include features such as low vapor pressure and viscosity as well.
- According to the Office of Economic Adviser of India, the wholesale price index of mineral oil in India at the end of Fiscal Year 2022 was around 126, representing a nearly 40% increase over the previous year's WPI of 79.2.
- The mineral oil demand continues to increase due to its numerous applications in various sectors, including automotive, textile, construction, industrial, medical, pharmaceutical, electronics, and consumer products. In the pharmaceutical industry, it is commonly used in infant lotions, cold creams, ointments, and cosmetics to treat and prevent dry, rough, scaly, itchy skin and mild skin irritations. Additionally, it can be used as a mild laxative for veterinary or human purposes.
- The Indian pharmaceutical industry is predicted to register at a CAGR of 22.4% shortly. According to a report by the India Brand Equity Foundation, it is expected to reach USD 130 billion by 2030. In FY22 and FY21, Indian medication and pharmaceutical exports totaled USD 24.60 billion and USD 24.44 billion, respectively. As a result, the mineral oil demand, which is crucial to the sector, will increase.
- Therefore, the abovementioned tactics are expected to impact the thermic fluid market in the coming years significantly.
Oil and Gas Segment to Dominate the Market
- Heat transfer fluids are widely employed in the oil and gas processing industry. Heat transfer fluids and systems are used in all stages of fuel extraction, transportation, refining, and recycling.
- As the oil and gas business is primarily seen in remote and difficult-to-access locations, employing heat transfer fluids with a high flash point and thermal stability is critical to reducing the explosion risk. Thermic fluids are utilized on offshore platforms for facility heating and regeneration of glycols and molecular sieves, which aids in the water removal from the natural gas generated. These fluids are used in refineries to heat column reboilers, which are used to distill oil and oil-based products.
- Thermic fluids are employed in the liquid phase of natural gas processing for dehydration, extraction, sweetening, and fractionation, which helps control temperature, maintain phase, and heat reboilers.
- Thermic fluids are also used in oil pipelines and pumping stations to adjust the oil's viscosity as it moves through the line. As a result, all of these applications in oil and gas play an essential role in boosting the need for thermic fluids.
- According to the India Brand Equity Foundation, India remained the world's third-largest oil user in 2021. Keeping this in mind, crude oil processing grew by 9% from 221.77 million tons in 2020-21 to 241.7 million tons in 2021-22. India also intends to treble its refining capacity to 450-500 million tons by 2030.
- According to Invest India, the petroleum products production in FY 2021-22 was 254.3 MMT. In addition, petroleum refinery output grew by 4.5% in January 2023 compared to January 2022. Natural gas production increased by 5.3% in January 2023 compared to January 2022.
- Several Indian-based oil and gas-generating enterprises took significant steps to reduce India's reliance on imports from other countries. For example, Oil and Natural Gas Corp. Ltd (ONGC) announced intentions in November 2021 to invest up to INR 6,000 crore (USD 800 million) in its petrochemicals business, ONGC Petro Additions Ltd (OPaL), to assist in meeting its equity requirements.
- In September 2021, Bharat Petroleum Corporation Limited (BPCL) announced plans to invest USD 4.05 billion in improving the petrochemical capacity and refining efficiency over the next five years.
- Moreover, in August 2022, BPCL announced plans to invest INR 1.4 trillion (USD 17.65 billion) in the petrochemical, city gas, and clean energy business over the next five years.
- Hence, all such trends in the oil and gas industry are expected to play an instrumental role in driving the thermic fluid market growth in the country over the forecast period.
India Thermic Fluid Industry Overview
The thermic fluid market in India is partially consolidated in nature. Some of the key players in the market include Bharat Petroleum Corporation Limited, Shell plc, Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited, and Hitech Solution (Generation Four Engitech Ltd), among others.
India Thermic Fluid Market Leaders
Bharat Petroleum Corporation Limited
Hindustan Petroleum Corporation Limited
Hitech Solution (Generation Four Engitech Ltd)
Shell plc
Indian Oil Corporation Ltd
*Disclaimer: Major Players sorted in no particular order
India Thermic Fluid Market News
- September 2022: Bozzler Energy Pvt Ltd announced that the company would be showcasing its new designs of Thermic Fluid Heaters at the Boiler India 2022 exhibition organized by Orangebeak Technologies, which was to be held at CIDCO Exhibition Centre, Navi Mumbai. The new designs are expected to be highly suitable for environmental health and eco-friendly.
- August 2022: Shell lubricants announced that the company will launch Electric Vehicle battery coolants (heat transfer fluids) in India, after being attracted by the country's electric vehicle play. As stated, the company will initially import electric vehicle thermic fluids, but manufacture the product locally later in the country.
India Thermic Fluid Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Extensive Demand from the Oil and Gas Sector
4.1.2 Increasing Use in Concentrated Solar Power
4.2 Restraints
4.2.1 Explosion Hazards Posed By HTFs (Heat Thermic Fluids)
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size by Volume)
5.1 By Type
5.1.1 Mineral Oil
5.1.2 Silicon And Aromatics
5.1.3 Glycols
5.1.4 Other Types
5.2 By End-user Industry
5.2.1 Food and Beverage
5.2.2 Chemicals
5.2.3 Pharmaceuticals
5.2.4 Oil and Gas
5.2.5 Concentrated Solar Power
5.2.6 Other End-user Industries
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Bharat Petroleum Corporation Limited
6.4.2 Bozzler Energy Pvt Ltd.
6.4.3 Dow
6.4.4 Eastman Chemical Company
6.4.5 Exxon Mobil Corporation
6.4.6 GS Caltex India
6.4.7 Hitech Solution (Generation Four Engitech Ltd)
6.4.8 HP Lubricants
6.4.9 Indian Oil Corporation Ltd.
6.4.10 Paras Lubricants Ltd.
6.4.11 Shell plc
6.4.12 Savita Oil Technologies Limited
6.4.13 Tide Water Oil Co. (India) Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 High Potential for the Development of Bio-based Thermic Fluids
India Thermic Fluid Industry Segmentation
Thermic fluids, also known as heat transfer fluids, are chemicals that can be in liquid or vapor form and used for transferring heat from one system to another. These fluids are mainly used in the reboiler, condenser, regenerator, and other heat-exchanging systems in the processing facilities of various end-user industries, including oil and gas, chemical, and pharmaceutical. Thermic fluids can be based on synthetic oils, molten salts, silicone fluids, glycols, etc. The Indian thermic fluid market is segmented by type and end-user industry. By type, the market is segmented into mineral oil, silicon and aromatics, glycols, and other types. By end-user industry, the market is segmented into food and beverage, chemicals, pharmaceuticals, oil and gas, concentrated solar power, and other end-user industries. The market sizing and forecasts are based on volume (kilotons) for each segment.
| By Type | |
| Mineral Oil | |
| Silicon And Aromatics | |
| Glycols | |
| Other Types |
| By End-user Industry | |
| Food and Beverage | |
| Chemicals | |
| Pharmaceuticals | |
| Oil and Gas | |
| Concentrated Solar Power | |
| Other End-user Industries |
India Thermic Fluid Market Research FAQs
How big is the India Thermic Fluid Market?
The India Thermic Fluid Market size is expected to reach 42.37 kilotons in 2024 and grow at a CAGR of 5.12% to reach 54.39 kilotons by 2029.
What is the current India Thermic Fluid Market size?
In 2024, the India Thermic Fluid Market size is expected to reach 42.37 kilotons.
Who are the key players in India Thermic Fluid Market?
Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Hitech Solution (Generation Four Engitech Ltd), Shell plc and Indian Oil Corporation Ltd are the major companies operating in the India Thermic Fluid Market.
What years does this India Thermic Fluid Market cover, and what was the market size in 2023?
In 2023, the India Thermic Fluid Market size was estimated at 40.31 kilotons. The report covers the India Thermic Fluid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Thermic Fluid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Thermic Fluid Industry Report
Statistics for the 2024 India Thermic Fluid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Thermic Fluid analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
