Market Size of Thermic Fluid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thermic Fluids Market Analysis
The thermic fluid market is anticipated to register a CAGR of over 5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Considering the pandemic scenario, the petroleum refinery units had cut their production throughout, and many chemical manufacturing activities were temporarily stopped, reducing the studied market demand. However, the pharmaceutical product demand increased during the pandemic, enhancing the market-studied demand. Nonetheless, the industry picked up speed in the post-pandemic era and is expected to keep doing so during the forecast period.
- The market growth is anticipated to be fueled by rising demand from the oil and gas sector, where the activities heavily rely on thermic fluid usage and rising demand for concentrated solar power.
- Conversely, the volatility in raw material prices is expected to 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.
- With the highest refinery capacity and a substantial global presence in the chemical and pharmaceutical industries, the Asia-Pacific region led the market share for thermic fluids. It is expected to continue doing so during the forecast period.
