Thermic Fluids Market Size:
The Thermic Fluids Market Size was valued at USD 11.6 Billion in 2023 and is expected to reach USD 16.3 Billion by 2032, growing at a CAGR of 3.9% over the forecast period 2024-2032.
The key drivers that are affecting the growth of the global thermic fluids market include the growing utilization of thermic fluids for industrial purposes and heavy investments by governments to improve energy efficiency. Across the globe, governments are promoting infrastructure development and strengthening sectors that require thermal fluid for a plethora of processes ranging from heat transfer for chemical synthesis to electricity generation, as well as food output. The most recent statistics from the International Energy Agency (IEA) published in 2023 show that the adoption of energy efficiency measures has accelerated, while the growing trend of low-carbon transition has been accompanied by rising industrial energy consumption. The market is further driven by the heavy investment in renewable energy sources by the government since renewable energy sources require substantial quantities of thermal fluids to be transferred efficiently.
With the development of infrastructure in developing economies and government policies like tax rebates, investment subsidies, and funding programs for green technologies, the demand for thermic fluid is on the rise. Market demand has also been spurred by the growing use of high-performance thermal fluids for heat transfer in renewable energy systems, e.g., concentrated solar power (CSP) plants and geothermal energy facilities. The global market was valued at over USD 5 billion in 2023 and it is projected to grow significantly due to an industrial supportive policy environment and the burgeoning green energy technologies. The emphasis on energy-efficient solutions from governments, especially in Europe, North America, and Asia-Pacific, is projected to enhance the utilization of thermic fluid in various end-use industries.
Market dynamics
Drivers
Thermic fluids are widely used for heat transfer in the oil and gas sector, particularly in refinery processes and chemical plants. As global energy demands rise, the market for thermic fluids continues to expand in this industry.
The growing trend of using thermic fluids in CSP applications, due to their ability to store and transfer heat efficiently, is driving market growth.
The thermic fluids market is primarily driven by the rising application of thermic fluids in the Concentrated Solar Power (CSP) market. CSP technology makes use of efficient heat transfer fluids that can capture, store, and transfer thermal energy, ultimately converting it into electricity through steam turbines. Thermic fluids are key components of these systems, as thermic fluids retain heat, that can be used in the cold minor hours of the day to provide efficiency to the solar power plants. An example of a medium in CSP plants is, for instance, thermic fluids in solar collectors using synthetic oils or molten salts which transfer their heat to a central system. As per the Future Market Insights report, Thermic Fluids are highly stable at elevated temperatures, making them the ideal choice for use in CSP applications, creating demand for thermic fluid in CSP applications in the market thereby driving the future market. Concentrated solar power (CSP) plants have been established in areas such as the Middle East and North Africa (MENA) and certain regions of Europe where the generation of solar energy is prioritized.
The Noor CSP plant in Morocco is a prime example of this trend; it stores solar energy using thermic fluids, so it can continue producing during the night once the sun sets. Not only does this technology optimize energy efficiency, but it also facilitates the switch over to renewable energy sources, thus decreasing dependency on fossil fuels. This trend towards renewable energy sources such as CSP, significantly drives the thermic fluids market.
Restraints:
The cost volatility of key raw materials such as mineral oils and synthetic fluids impacts the overall price stability of thermic fluids, creating a challenge for manufacturers and consumers alike.
Increased awareness of environmental issues and stricter regulations regarding chemical substances in industrial applications could limit the use of certain thermic fluids, particularly those derived from petrochemical sources.
Environmental concerns and regulations are one of the major restraints in the thermic fluid market. As climate change and environmental degradation receive greater attention, the use of petrochemical-based fluids, which can cause pollution when not managed properly, is coming under greater scrutiny. Regional and global response has resulted in stricter environmental regulations in different parts of the world especially in Europe and North America. These are regulations that aim to minimize the ingestion of hazardous chemicals into the ecosystem from industrial settings. This, in turn, puts an onus on the thermic fluid manufacturers to have more environmentally friendly alternatives, which are generally costlier to produce. Such regulations may cap market penetration of conventional thermic fluids, driving industries to sustainably address the issue. For instance, even though some industries might ship better with the fluids they prefer, hesitancy might hurt long-term growth for select applications due to concerns associated with long-run exposure pathways of chemicals for humans and ecosystems.
Segment Analysis
By Product
The thermic fluids market was dominated by the aromatic segment, which accounted for 34% of the total revenue share in 2023. Therefore, aromatic-based fluids are preferred for high-temperature applications, like diphenyl oxide and biphenyl, they have excellent heat transfer performance and high-temperature stability. The prominence of this segment is due to its high application in chemical, oil & gas, and manufacturing industries that require effective heat transfer. The demand for aromatic-based thermic fluids is mainly arising from obliging thermic fluids with higher temperature resistance, and better performance, and industry needs growing industries also require changed capabilities to enhance their market.
The glycol-based segment is anticipated to register a remarkable CAGR in the projected period. Glycol-based thermic fluids, such as ethylene glycol and propylene glycol, offer a broad operating temperature range, lower freezing points, and greater ease of maintenance compared to aromatic-based fluids. With these features, they offer suitability for low-temperature applications in HVAC, automotive, and food processing industries. The demand for glycol-based thermic fluids is constantly propelling, further due to government initiatives to increase energy efficiency in these industries with the largest share being from the heating and cooling industry. Due to energy efficiency becoming a focus of district heating, refrigeration, and other renewable energy applications, the glycol-based segment is expected to see high growth
By Application Type
The oil & gas sector held the largest share of the overall thermic fluids market with a 23% share in 2023. Thermic fluids are critical in the oil & gas industry for applications such as enhanced oil recovery, refining, and transporting heat-sensitive materials. Thermic fluids are extensively utilized in this sector owing to the rising demand for efficient heat transfer in oil drilling operations, where oil is drilled in remote and offshore locations, and managing energy is crucial. Global oil and gas demand is projected to soar in the next several years, particularly in growing developing markets based on U.S. Energy Information Administration (EIA) data. The new demand expansion spectrum along with newer developments in oil extraction technologies will allow thermic fluids in oil & gas applications to rise continuously.
The increase in oil and gas activities and production, primarily in states like the United States, Saudi Arabia, and China, has further led the market growth of thermic fluids working under high-stress conditions. Likewise, there is a demand for optimal fluids capable of thermal stability and proficient heat transmission, which is critical for the safety and efficiency of drilling activities. This, in turn, makes the oil & gas segment a lucrative part of the thermic fluids market, accounting for a massive revenue share. Stringent governmental regulation of safety and efficiency standards in the oil and gas industry is also anticipated to fuel the need for thermic fluid to maximize the efficiency of heat transfer performance in oil and gas applications.
Regional Analysis
In 2023, the Asia-Pacific region held the largest revenue share of 46% in the thermic fluids market. Rapid industrialization, government backing for energy efficiency, and increasing emphasis on renewable energy projects are driving the region's prominence. That growth is being fuelled by nations like China and India, whose burgeoning industrial bases and huge energy needs are ever-increasing. These countries followed different policies to promote thermic fluids in the applications including solar thermal power generation, chemical processing, and HVAC. In 2023 carbon reduction and energy conservation have been an important pillar in China's 14th Five-Year Plan, which has increased the demand for thermic fluids in renewable energy projects. The Asia-Pacific makes the strongest boost from government subsidies and programs promoting energy-efficient technologies in sectors including manufacturing, automotive, and food processing. As a result, the region is poised to maintain its leadership in the thermic fluids market in the coming years.
The North American region is projected to exhibit significant growth throughout the forecast period, the dominance of this region can be attributed to the established industrial base, especially in chemical manufacturing, energy generation, as well as oil & gas extraction which are the major end-use industries contributing to the thermal fluids market. The thermic fluids market in the United States will continue to maintain its dominance as it is one of the key energy-consuming countries and an industrial hub. In addition, the Department of Energy (DOE) opened the door for a wide range of energy-efficient technologies and enforced corresponding policies, creating driving forces to advanced thermal fluid demand.
Recent Developments
In February 2024, Castrol launched a new brand identity combining its modern design. This change prompts the company to diversify from its typical lubricants business as well with a series of innovative EV fluids, and an eventual complete range under the Castrol ON brand, such as EV transmission fluids, thermal fluids, and greases.
In June 2023, Dow Inc. one of the leading thermic fluid manufacturers entered into a partnership with one of the oil and gas companies to provide special high-performance heat transfer fluids for a new offshore oil drilling project in the Gulf of Mexico. This trend comes during the consistent rise in thermic fluids in the oil and gas industry, which highlights Dow's investment in the oil sector.
Key Players
Key Service Providers/Manufacturers:
BASF SE (Lutron HF 1, Therminol 55)
Dow Chemical (DOWFROST, Therminol VP-1)
ExxonMobil (Mobiltherm 603, Mobiltherm 603)
Shell (Shell Heat Transfer Fluid, Shell Turbo Oil)
BP (Energy Transfer Fluid, Thermic Fluid for Heat Transfer)
Apar Industries Ltd. (THERMIC Fluid, Therminol VP-1)
Dynalene Inc. (Dynalene HTF, Dynalene HTF Pro)
Eastman Chemical Co. (Therminol, Eastman Thermic Fluid)
Lubrizol Corp. (Thermal Fluid, TransaCool)
Peter Huber Kaltemaschinenbau AG (Huber Thermic Fluids, Glycol-based Heat Transfer Fluids)
Castrol (Castrol Industrial Heat Transfer Fluids, Castrol Heat Transfer Oil)
Key Users:
Oil and Natural Gas Corporation Ltd.
Solar Power Industry
Chemical Manufacturing Plants
Pharmaceutical Manufacturers
Food and Beverage Industry
Petroleum Refineries
Automotive Manufacturers
Plastic Manufacturing Companies
Metal Processing Plants
Cement Manufacturers
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | USD 11.6 Billion |
| Market Size by 2032 | USD 16.3 Billion |
| CAGR | CAGR of 3.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Mineral Oils, Silicone-based, Aromatic, Glycol-based, Others) • By Application Type (Oil & Gas, Food Processing, Laser CNC, Chemicals Manufacturing, Pharmaceuticals Manufacturing, Plastics, Concentrated Solar Power (CSP)) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | BASF SE, Dow Chemical, ExxonMobil, Shell, BP, Apar Industries Ltd., Dynalene Inc., Eastman Chemical Co., Lubrizol Corp., Peter Huber Kaltemaschinenbau AG, Castrol. |
| Key Drivers | • Thermic fluids are widely used for heat transfer in the oil and gas sector, particularly in refinery processes and chemical plants. As global energy demands rise, the market for thermic fluids continues to expand in this industry. • The growing trend of using thermic fluids in CSP applications, due to their ability to store and transfer heat efficiently, is driving market growth. As renewable energy projects expand, especially in regions like Europe and Asia-Pacific, demand for thermic fluids is expected to rise. |
| Restraints | • The cost volatility of key raw materials such as mineral oils and synthetic fluids impacts the overall price stability of thermic fluids, creating a challenge for manufacturers and consumers alike. |
Ans. The market size of the Thermic Fluids Market was USD 11.6 Billion in 2023.
Ans: The Asia Pacific region dominated the Thermic Fluids Market in 2023.
Ans. The CAGR of the Thermic Fluids Market is 3.9% During the forecast period of 2024-2032.
And: The aromatic product segment dominated the Thermic Fluids Market in 2023.
Ans:
Table of Content
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.2 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023
5.4 Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and Supply Chain Strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Thermic Fluids Market Segmentation, By Product
7.1 Chapter Overview
7.2 Mineral Oils
7.2.1 Mineral Oils Market Trends Analysis (2020-2032)
7.2.2 Mineral Oils Market Size Estimates and Forecasts to 2032 (USD Billion)
7.3 Silicone-based
7.3.1 Silicone-based Market Trends Analysis (2020-2032)
7.3.2 Silicone-based Market Size Estimates and Forecasts to 2032 (USD Billion)
7.5 Aromatic
7.5.1 Aromatic Market Trends Analysis (2020-2032)
7.5.2 Aromatic Market Size Estimates and Forecasts to 2032 (USD Billion)
7.6 Glycol-based
7.6.1 Glycol-based Market Trends Analysis (2020-2032)
7.6.2 Glycol-based Market Size Estimates and Forecasts to 2032 (USD Billion)
7.7 Others
7.7.1 Others Market Trends Analysis (2020-2032)
7.7.2 Others Market Size Estimates and Forecasts to 2032 (USD Billion)
8. Thermic Fluids Market Segmentation, By Application Type
8.1 Chapter Overview
8.2 Oil & Gas
8.2.1 Oil & Gas Market Trends Analysis (2020-2032)
8.2.2 Oil & Gas Market Size Estimates and Forecasts to 2032 (USD Billion)
8.3 Food Processing
8.3.1 Food Processing Market Trends Analysis (2020-2032)
8.3.2 Food Processing Market Size Estimates and Forecasts to 2032 (USD Billion)
8.4 Laser CNC
8.4.1 Laser CNC Market Trends Analysis (2020-2032)
8.4.2 Laser CNC Market Size Estimates and Forecasts to 2032 (USD Billion)
8.5 Chemicals Manufacturing
8.5.1 Chemicals Manufacturing Market Trends Analysis (2020-2032)
8.5.2 Chemicals Manufacturing Market Size Estimates and Forecasts to 2032 (USD Billion)
8.6 Pharmaceuticals Manufacturing
8.6.1 Pharmaceuticals Manufacturing Market Trends Analysis (2020-2032)
8.6.2 Pharmaceuticals Manufacturing Market Size Estimates and Forecasts to 2032 (USD Billion)
8.7 Plastics
8.7.1 Plastics Market Trends Analysis (2020-2032)
8.7.2 Plastics Market Size Estimates and Forecasts to 2032 (USD Billion)
8.8 Concentrated Solar Power (CSP)
8.8.1 Concentrated Solar Power (CSP) Market Trends Analysis (2020-2032)
8.8.2 Concentrated Solar Power (CSP) Market Size Estimates and Forecasts to 2032 (USD Billion)
9. Regional Analysis
9.1 Chapter Overview
9.2 North America
9.2.1 Trends Analysis
9.2.2 North America Thermic Fluids Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.2.3 North America Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.2.4 North America Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.2.5 USA
9.2.5.1 USA Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.2.5.2 USA Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.2.6 Canada
9.2.6.1 Canada Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.2.6.2 Canada Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.2.7 Mexico
9.2.7.1 Mexico Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.2.7.2 Mexico Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3 Europe
9.3.1 Eastern Europe
9.3.1.1 Trends Analysis
9.3.1.2 Eastern Europe Thermic Fluids Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.3.1.3 Eastern Europe Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.1.4 Eastern Europe Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.1.5 Poland
9.3.1.5.1 Poland Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.1.5.2 Poland Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.1.6 Romania
9.3.1.6.1 Romania Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.1.6.2 Romania Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.1.7 Hungary
9.3.1.7.1 Hungary Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.1.7.2 Hungary Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.1.8 Turkey
9.3.1.8.1 Turkey Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.1.8.2 Turkey Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.1.9 Rest of Eastern Europe
9.3.1.9.1 Rest of Eastern Europe Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.1.9.2 Rest of Eastern Europe Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2 Western Europe
9.3.2.1 Trends Analysis
9.3.2.2 Western Europe Thermic Fluids Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.3.2.3 Western Europe Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.4 Western Europe Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2.5 Germany
9.3.2.5.1 Germany Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.5.2 Germany Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2.6 France
9.3.2.6.1 France Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.6.2 France Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2.7 UK
9.3.2.7.1 UK Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.7.2 UK Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2.8 Italy
9.3.2.8.1 Italy Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.8.2 Italy Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2.9 Spain
9.3.2.9.1 Spain Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.9.2 Spain Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2.10 Netherlands
9.3.2.10.1 Netherlands Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.10.2 Netherlands Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2.11 Switzerland
9.3.2.11.1 Switzerland Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.11.2 Switzerland Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2.12 Austria
9.3.2.12.1 Austria Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.12.2 Austria Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.3.2.13 Rest of Western Europe
9.3.2.13.1 Rest of Western Europe Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.3.2.13.2 Rest of Western Europe Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.4 Asia Pacific
9.4.1 Trends Analysis
9.4.2 Asia Pacific Thermic Fluids Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.4.3 Asia Pacific Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.4.4 Asia Pacific Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.4.5 China
9.4.5.1 China Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.4.5.2 China Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.4.6 India
9.4.5.1 India Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.4.5.2 India Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.4.5 Japan
9.4.5.1 Japan Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.4.5.2 Japan Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.4.6 South Korea
9.4.6.1 South Korea Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.4.6.2 South Korea Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.4.7 Vietnam
9.4.7.1 Vietnam Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.2.7.2 Vietnam Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.4.8 Singapore
9.4.8.1 Singapore Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.4.8.2 Singapore Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.4.9 Australia
9.4.9.1 Australia Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.4.9.2 Australia Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.4.10 Rest of Asia Pacific
9.4.10.1 Rest of Asia Pacific Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.4.10.2 Rest of Asia Pacific Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5 Middle East and Africa
9.5.1 Middle East
9.5.1.1 Trends Analysis
9.5.1.2 Middle East Thermic Fluids Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.5.1.3 Middle East Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.1.4 Middle East Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5.1.5 UAE
9.5.1.5.1 UAE Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.1.5.2 UAE Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5.1.6 Egypt
9.5.1.6.1 Egypt Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.1.6.2 Egypt Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5.1.7 Saudi Arabia
9.5.1.7.1 Saudi Arabia Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.1.7.2 Saudi Arabia Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5.1.8 Qatar
9.5.1.8.1 Qatar Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.1.8.2 Qatar Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5.1.9 Rest of Middle East
9.5.1.9.1 Rest of Middle East Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.1.9.2 Rest of Middle East Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5.2 Africa
9.5.2.1 Trends Analysis
9.5.2.2 Africa Thermic Fluids Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.5.2.3 Africa Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.2.4 Africa Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5.2.5 South Africa
9.5.2.5.1 South Africa Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.2.5.2 South Africa Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5.2.6 Nigeria
9.5.2.6.1 Nigeria Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.2.6.2 Nigeria Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.5.2.7 Rest of Africa
9.5.2.7.1 Rest of Africa Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.5.2.7.2 Rest of Africa Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.6 Latin America
9.6.1 Trends Analysis
9.6.2 Latin America Thermic Fluids Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.6.3 Latin America Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.6.4 Latin America Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.6.5 Brazil
9.6.5.1 Brazil Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.6.5.2 Brazil Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.6.6 Argentina
9.6.6.1 Argentina Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.6.6.2 Argentina Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.6.7 Colombia
9.6.7.1 Colombia Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.6.7.2 Colombia Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
9.6.8 Rest of Latin America
9.6.8.1 Rest of Latin America Thermic Fluids Market Estimates and Forecasts, By Product (2020-2032) (USD Billion)
9.6.8.2 Rest of Latin America Thermic Fluids Market Estimates and Forecasts, By Application Type (2020-2032) (USD Billion)
10. Company Profiles
10.1 BASF SE
10.1.1 Company Overview
10.1.2 Financial
10.1.3 Products/ Services Offered
110.1.4 SWOT Analysis
10.2 Dow Chemical
10.2.1 Company Overview
10.2.2 Financial
10.2.3 Products/ Services Offered
10.2.4 SWOT Analysis
10.3 ExxonMobil
10.3.1 Company Overview
10.3.2 Financial
10.3.3 Products/ Services Offered
10.3.4 SWOT Analysis
10.4 Shell
10.4.1 Company Overview
10.4.2 Financial
10.4.3 Products/ Services Offered
10.4.4 SWOT Analysis
10.5 BP
10.5.1 Company Overview
10.5.2 Financial
10.5.3 Products/ Services Offered
10.5.4 SWOT Analysis
10.6 Apar Industries Ltd.
10.6.1 Company Overview
10.6.2 Financial
10.6.3 Products/ Services Offered
10.6.4 SWOT Analysis
10.7 Dynalene Inc.
10.7.1 Company Overview
10.7.2 Financial
10.7.3 Products/ Services Offered
10.7.4 SWOT Analysis
10.8 Eastman Chemical Co.
10.8.1 Company Overview
10.8.2 Financial
10.8.3 Products/ Services Offered
10.8.4 SWOT Analysis
10.9 Lubrizol Corp.
10.9.1 Company Overview
10.9.2 Financial
10.9.3 Products/ Services Offered
10.9.4 SWOT Analysis
10.10 Castrol
10.9.1 Company Overview
10.9.2 Financial
10.9.3 Products/ Services Offered
10.9.4 SWOT Analysis
11. Use Cases and Best Practices
12. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
Key Segments:
By Product
Mineral Oils
Silicone-based
Aromatic
Glycol-based
Others
By Application Type
Oil & Gas
Food Processing
Laser CNC
Chemicals Manufacturing
Pharmaceuticals Manufacturing
Plastics
Concentrated Solar Power (CSP)
Request for Segment Customization as per your Business Requirement: Segment Customization Request
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Request for Country Level Research Report: Country Level Customization Request
Available Customization
With the given market data, SNS Insider offers customization as per the company’s specific needs. The following customization options are available for the report:
Product Analysis
Criss-Cross segment analysis (e.g. Product X Application)
Product Matrix which gives a detailed comparison of product portfolio of each company
Geographic Analysis
Additional countries in any of the regions
Company Information
Detailed analysis and profiling of additional market players (Up to five)
The Thermal Insulation Material Market Size was valued at USD 57.31 billion in 2022 and is expected to reach USD 79.64 billion by 2030 and grow at a CAGR of 4.2 % over the forecast period 2023-2030.
The Epoxy Adhesives Market Size was valued at USD 9.6 billion in 2023 and is expected to reach USD 14.8 billion by 2032 and grow at a CAGR of 4.9% over the forecast period 2024-2032.
The Flue Gas Desulfurization System Market Size was valued at USD 20.80 billion in 2023, and is expected to reach USD 30.91 billion by 2032, and grow at a CAGR of 4.5% over the forecast period 2024-2032.
The Acrylic Adhesives Market Size was valued at USD 14.4 billion in 2023 and is expected to reach USD 24.1 billion by 2032 and grow at a CAGR of 6.0% over the forecast period 2024-2032.
The Insulating Glass Window Market Size was valued at USD 12.5 Billion in 2023 and is expected to reach USD 22.7 Billion by 2032 and grow at a CAGR of 6.9% over the forecast period 2024-2032.
The Sheet Metal Market Size was valued at USD 334.86 billion in 2023 and is expected to reach USD 510.92 billion by 2032 and grow at a CAGR of 5.51% over the forecast period 2024-2032.
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