The generic term for heat transfer liquids are known as thermic fluid. The heat transfer liquids are used to add or remove heat from one part to another part of the process wherever heat is added. These liquids are used in applications where water or stream might not work well. It is used in various industries such as chemical industry, solar power plants, manufacturing processes, petroleum processing and many more.
The market for thermic fluid is expected to grow at a more than CAGR of 7.5% from 2014 to 2020 globally. Europe is the market leader for thermic fluid. But in future Asia Pacific is expected to be the most promising market. India and China are expected to be the fastest growing market for these fluids. Another growing market for heat transfer liquids is Middle East. In future, the growth is expected to be moderate in the economies of Europe and North America.
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Some of the major factors driving the growth of the market are increased performance by the industrial sectors, benefit offered by these liquids, and due to growth in the concentrated solar power market. But rising prices of raw materials is one of the major restraints of the market. But in future the market has huge opportunities due to growing heat exchanger demand and increasing demand from the Asia Pacific region due to their continuous strong economic growth and rising demand for energy.
Some of the key players of the market are Solutia Inc. (U.S.), Dow Chemical’s Co. (U.S.), ExxonMobil (U.S.), Shell Corporation (The Netherlands), BP (U.K.), and others.
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