Thermic fluids market expected to reach USD 16.3 billion by 2032, driven by industrial growth.
From GlobeNewswire: 2025-01-06 10:03:00
The thermic fluids market is thriving, with a current value of USD 11.6 billion expected to reach USD 16.3 billion by 2032, growing at a CAGR of 3.9%. This growth is fueled by industrialization, renewable energy adoption, and advancements in heat transfer technologies. Companies like Dow Inc. are investing in eco-friendly fluids to meet the demand for energy-efficient systems.
In 2023, the oil & gas sector dominated the thermic fluids market with a 23% share, driven by applications like enhanced oil recovery and refining. Global demand for oil, especially in developing markets, has led to increased use of thermic fluids for efficient heat transfer in drilling operations. Countries like the US, Saudi Arabia, and China are leading in oil production, further boosting market demand.
The Asia-Pacific region led the thermic fluids market in 2023 with a 46% revenue share, driven by rapid industrialization and government support for energy efficiency and renewable energy. China and India are key contributors, with policies promoting thermic fluids in solar thermal power and chemical processing. Government subsidies and energy-efficient programs are fueling growth across various sectors.
The thermic fluids market is witnessing a shift towards bio-based and environmentally friendly fluids due to strict environmental policies. Integration of IoT and AI in thermal systems monitoring is enhancing efficiency. Collaborations between manufacturers and renewable energy developers are optimizing fluid performance in high-temperature applications.
With rapid industrialization in Asia-Pacific and Africa, the demand for thermic fluids is expected to rise, offering untapped growth opportunities. Development of eco-friendly fluids presents opportunities in industries with strict environmental regulations like food and pharmaceuticals. Regional analysis shows that Asia-Pacific continues to dominate the market, driven by government support and policies promoting energy efficiency and renewable energy.
Recent developments in the thermic fluids market include Dow Inc. partnering with an oil and gas company to supply high-performance heat transfer fluids for an offshore drilling project in the Gulf of Mexico in June 2023. The market is set for significant expansion due to industrial growth, energy efficiency demands, and renewable energy projects, with the oil and gas sector playing a key role in driving market growth. Dow’s collaboration in the thermic fluids market reflects increasing demand in the oil and gas sector. The detailed report includes market definitions, executive summaries, research methodology, statistical insights, competitive landscape, and market segmentation by product and application type. For deeper insights, contact SNS Insider, a leading global market research agency. Contact [email protected] for customized research.
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