Thermic Fluids Market for Food & beverage application segment will be valued over USD 600 million in 2025. Various industries such as breweries, wineries, dairies and the food processing industry require thermic fluids in different processes. Application of thermic fluids is expected to increase with increasing availability of food grade thermic fluids.
Significant growth in concentrated solar power generation in most of the Asian countries due to increasing demand for electricity across the region. This will subsequently spur the thermic fluids demand in forecast period. Thermal fluids play a crucial role in improving efficiency of CSP plants owing to its excellent heat storage property which increases the electricity generation capacity of the plant.
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The Europe Thermic Fluids Market will clutch over 30% of the volume share in forecasted timeframe and is anticipated to witness a moderate growth. Increasing number of CSP plants, especially in Spain, is expected to drive the entire regional thermic fluids market demand by 2025. Surge in application and technological advancements in thermic fluids is expected to drive the industry growth in Europe.
Major players in the thermic fluids market are now focusing on developing thermic fluids especially for thermal storage at CSP plants. In addition, manufacturers are entering into mergers and acquisitions to develop solar thermic fluids, which are expected to be major future requirements. Few of them are:
- Royal Dutch Shell
- Exxon Mobil
- Dow Chemical Company
- Hindustan Petroleum
- Paratherm Corporation
- Tulstar Products
Thermic Fluids Market, by Application:
- Oil & gas
- Chemical industry
- Concentrates solar power (CSP)
- Food & beverage
- Heating, ventilation & air conditioning (HVAC)
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Concentrated solar power plants offer various advantages such as storing the energy that can be used when clouds block the sun or after sunset in order to produce electricity. These plants have six hours storage capacity which can add the operational value of around USD 35 megawatt per hour as compared to photovoltaics. This in turn will bolster the entire thermic fluids market demand by 2025.
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