[FURL=https://www.industryarc.com/Report/16294/thermic-fluid-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Thermic Fluid Market[/FURL] is forecast to reach $2.21 Billion by 2025, after growing at a CAGR of 4.49% during 2020-2025. The growing demand from the oil and gas sector, where thermal fluids are used extensively to carry out operations, is the key factor driving the growth of the market. Increased use of distributed solar power is expected to further drive the demand for thermal fluids. The demand for solar energy worldwide has been raised by measures taken by the Global Community Agreement to tackle climate change, promoting the market share of thermal or thermal fluids over the projected era. To increase the performance of concentrated solar power (CSP) plants, thermal fluids are used. Its intrinsic properties, such as heat storage, help increase the ability of plants to produce electricity.Key Takeaways
Dynamic growth in the food & beverage industry would raise the market for thermal fluids worldwide due to population growth and improving living standards across the globe. In the food & beverage business, there are many processes that involve thermal fluids for cooling, heating and dehumidifying.
Rising shale oil & gas production in the U.S. has moved the tag from net importer to net exporter. In addition, the new administration's regulatory decisions would improve the oil & gas sector and enable the chemical industry to expand as well. The above developments will follow and will give the thermal fluids industry a boost in the future.
Thermal fluids are used by the oil and gas industry to efficiently carry out services such as oil and gas refining, natural gas purification, asphalt processing and storage, etc.
Nevertheless, owing to the COVID-19 pandemic, the end-use sectors are greatly impacted, as most countries have given "stay at home guidance," i.e. lockout. This aspect, in the current scenario, restricts the growth of the industry.
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Thermic Fluid Market Drivers
Increasing need for energy conservation
Because of energy shortages and environmental protection laws, the need for energy efficiency is growing tremendously. This has contributed to the adoption, such as heat exchangers and heat pumps, of energy transfer machines. Managing heat in industrial and residential applications is very critical for the efficient use of electricity. Thermal fluid can play a critical role in delivering reliable solutions in diverse applications to use heat in a more effective way.
Thermic Fluid Market top 10 companies are Dow Chemical Company, Exxon Mobil, Solutia Inc., British Petroleum (BP), Royal Dutch Shell., Hindustan Petroleum, BASF AG, Dynalene Inc., Paratherm Corporation, Multitherm LLC, Kost USA Inc., Thermic Fluids Inc., Tulstar Products Inc.
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