Thermic Fluids Market Summary

The global thermic fluids market size was valued at USD 11.06 billion in 2023 and is projected to reach USD 14.23 billion by 2030, growing at a CAGR of 3.7% from 2024 to 2030. This growth is primarily driven by the increasing demand from the concentrated solar power (CSP) industry, where thermic fluids play a vital role in efficient heat transfer and energy storage. The growing adoption of renewable energy solutions and emphasis on sustainable power generation are further supporting the utilization of thermic fluids in CSP applications.

The expansion of the oil and gas sector also serves as a major catalyst for market growth, as these fluids are critical in maintaining optimal temperature levels during extraction, processing, and refining operations. Additionally, the chemical and petrochemical industries are contributing significantly to the rising demand due to their reliance on thermic fluids for heating, cooling, and precise temperature control in various production processes. Technological advancements in heat transfer fluids (HTFs) have improved their thermal stability, efficiency, and reliability, thereby enhancing their suitability across diverse industrial operations, including food processing, automotive, and HVAC systems.

Key Market Trends & Insights

• The Asia Pacific region held the largest revenue share of 47.9% in the global thermic fluids market in 2023, attributed to rapid industrialization, expanding manufacturing activities, and increased investment in renewable energy projects.
• The European thermic fluids market is projected to grow at a CAGR of 2.8% from 2024 to 2030, driven by the rising focus on energy efficiency and stringent environmental regulations promoting the use of advanced heat transfer technologies.
• Based on product, the aromatic segment accounted for 36.3% of the revenue share in 2023, owing to its superior thermal stability and high-temperature performance, making it suitable for demanding industrial applications.
• In terms of application, the oil & gas segment dominated the market in 2023, supported by large-scale adoption of thermic fluids for heating and process optimization in upstream and downstream operations.

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Market Size & Forecast

• 2023 Market Size: USD 11.06 Billion
• 2030 Projected Market Size: USD 14.23 Billion
• CAGR (2024-2030): 3.7%
• Asia Pacific: Largest market in 2023
• Europe: Fastest growing market

Key Companies & Market Share 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.

Key Players

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

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Conclusion

The global thermic fluids market is poised for steady growth driven by the increasing need for efficient heat transfer solutions across multiple industries. The rising focus on renewable energy, particularly in concentrated solar power applications, coupled with technological enhancements in fluid performance, is expected to sustain long-term demand. Moreover, expanding oil and gas exploration activities and the adoption of advanced thermal management systems in chemical and manufacturing sectors will further boost market expansion. With Asia Pacific leading in consumption and Europe emphasizing energy efficiency, the market will continue to evolve toward sustainability and performance-driven innovations.