Silicones dominate thermic fluid market
ERJ staff report (BC)
Albany, New York, USA – According to a new market report published by Transparency Market Research (TMR) “Thermic Fluid Market by Product … and Application…”, global thermic fluid demand was 405.3 ktonnes in 2011 and is expected to reach 597.4 ktonnes by 2018, increasing at a compound annual growth rate (CAGR) of 5.7 percent from 2012 to 2018. In terms of revenue, the market was valued at US$ 1.63 billion (€1.27 billion) in 2011 and is expected to reach US$ 2.78 billion (€2.16 billion) by 2018, growing at a CAGR of 7.5 percent from 2012 to 2018.
TMR notes increasing demand from end-use industries such as oil and gas, chemicals, plastics, foods & beverages and pharmaceuticals, which is expected to drive thermic fluid demand over the next five years.
The growing popularity of concentrated solar power (CSP) projects, mainly in countries such as the US and Spain, is also expected to boost the market for thermic fluids over the forecast period.
Silicones and aromatics were the largest product segment for thermic fluids, and together with mineral oil based fluids accounted for over 85 percent of total volume consumed in 2011. Glycols (ethylene & propylene) are expected to be the fastest growing type of thermic fluid, growing at a CAGR of 6.4 percent from 2012 to 2018.
Thermic fluids are largely consumed by the oil and gas industry, which accounted for 24.4 percent of total consumption in 2011.
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Further details from Transparency Market Research