Thermic or thermal fluid is an important branch of science, which plays a vital role in engineering. Heat transfer, fluid mechanics, thermodynamics and combustion are the four divisions of thermal fluids. Thermic or heat transfer fluids refer to various gases, liquids and vapors that store heat energy and prevent overheating of a device. These fluids circulate through the mechanical parts of the thermal devices and transfer the heat energy through all their internal parts. These substances have numerous applications, which contribute to the growing thermic fluid market on global level.
The diverse range of applications is the biggest advantage of using these substances in engineering and technological industries. The increasing global demand for these fluids is the basic reason behind the huge growth in the global thermic fluid market. Prediction and analysis of the device performance is a key responsibility as far as engineering is concerned. Checking the quality and performance of the devices is a crucial application of these fluids. Concentrated solar power, pharmaceuticals, oil refining, gas refining and various other manufacturing processes have great applications of thermic fluids.
Thermal fluids and heat transfer market is mainly driven by increased demand for concentrated solar power. These products are increasingly used in various chemical and petroleum industries. Owing to the wide range of applications and growing demands, the production of these fluids is also on the rise. This trend is expected to remain on the rise for the next four to five years to come. Owing to this exciting market trend, the thermic fluid industry can expect huge growth in terms of turnover, production and advanced applications.
The global market was at 400,000.0 metric tons in 2011, which is estimated to grow up to 565,000.0 metric tons at the end of 2017. This forecasting is based on estimated CAGR of 6%. Amongst various segments of the market, the heat transfer fluids will record maximum growth, at the CAGR of 7.4%. At this rate, this segment will reach past USD 2557.2 million at the end of 2017. It was worth USD 1684 million in 2011. These are exciting trends for the businesses in this market and new investors looking for business expansion in thermic fluid industry.
Oil and gas refining, concentrated solar power, manufacturing processes, chemical industry, pharmaceuticals, plastic, biodiesel production and waste heat recovery are the major applications of thermic fluids. Common types of these substances include silicon, aromatics, mineral oils, PAG and glycol-based fluid markets. Currently, Europe is leading the market for heat transfer fluids. However, APAC countries like India and China are likely to record major growth in terms of consumption and revenue in the coming future.
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