ALBANY, New York, November 13, 2018
ALBANY, New York, November 13, 2018 /PRNewswire/ --
Transparency Market Research (TMR) reports that the global thermic fluids market is anticipated to witness a remarkable growth in the coming years due to the high contributions from oil and gas industries. There are a handful of players in the market hence the level of competition is cut-throat along with increased consolidation levels. The top four market players are seen to be holding a collective share of 71% and each one is individually trying to overthrow the other by investing in new market strategies and thus, it is difficult for small players and new entrants to challenge them. This is because the existing big vendors are already having a strong foothold in the market and will not let air to pass through them, making way for new or smaller vendors because of the high level of consolidation.
Some of the key players of the global thermic fluids market are Paratherm Corporation, Eastman Chemical Company, Dow Chemical Company, Multitherm LLC., and BASF SE. Another key strategy adopted by players of the global thermic fluids market is the merger and acquisition plans so that the future growth prospects could be enhanced. This will be considered as a key strategy for players to increase their revenue share and dominate the market at a global level. The Dow Chemical Company is seen to be emerging as the top most company with a lion's share as per the 2014 records because of their unique marketing strategies and hence stronger demand for their company products.
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As per the reports by TMR, the global thermic fluids market is expected to reach a valuation of US$4.17 bn by 2024, from US$2.1 bn as per the 2014 records. The forecast period is set to 2016 to 2024 and the market is projected to grow at a CAGR of 7.1%. As per the segmentation by product type, the oil and gas based thermic fluids are anticipated to dominate the market because of the increase in demand for mineral oil based thermic fluids.
Oil and Gas Industry to Add Fuel in Market Growth
The oil and gas industry being an important part of the world's economy along with various operations that run together in the market. Recently, significant developments were noted in the oil and gas industry. This, in turn, has brought a series of developments in the company all around the world. Thus, the market for thermic fluids is boosted by the complex operations of the oil and gas factories. Thus, there is a regular demand flow in the inward direction within the market worldwide. Apart from that, thermic fluids are also used for a wide range of applications in the chemical industries. Thus, the need for thermic fluids in the market is estimated to take huge leaps of positive results in the coming years.
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Another factor to boost the global thermic fluids market is the rising production of Concentrated Solar Power or CSP. These systems generate solar power with the help of lenses or mirrors. The large area of sunlight or sunrays are collected and concentrated into a small area, thus, generating solar power. The use of these CSPs are further estimated to bolster the thermic fluids market in the long run.
High Prices of Raw Materials to Restrict Future Growth of Market
Since oil and gas are a natural resource and it is not easily renewable, the prices of these seems to be on the rise. Constant changes in the prices of raw materials is expected to arrest the growth of the market. However, Thermic fluids use in steam industries may add up to the growth of the market. The growth of major end-industries in developing regions of Asia Pacific is expected to boost the growth of the overall thermic fluids market in the future years.
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The review presented above is based on a TMR report, titled, "Thermic Fluids Market (Product - Silicone and Aromatic Based, Mineral Oils Based, and Glycol (Ethylene and Propylene) Based; End-user - Chemical Industry, Concentrated Solar Power (CSP), Food and Beverage, Plastics, Pharmaceuticals, and Heating, Ventilation and Air Conditioning (HVAC)) -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024".
Global Thermic Fluids Market can be segmented as follows:
Global Thermic Fluids Market by Product
Global Thermic Fluids Market by End-user
Global Thermic Fluids Market by Region
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