The vendor landscape of the global thermic fluids
market is highly competitive, with only a couple of players enjoying
a strong hold in the market. The top four enterprises accounted for
over approximately 71% of the global thermic fluids market in 2014.
The Dow Chemicals Company, emerged as the leading player in the
market in 2014.
As per Transparency Market Research (TMR), Eastman
Chemical Company and ExxonMobil Corporation emerged as the second and
third largest companies the same year, respectively. Competition,
however, is intense among the leading market players. With demand for
bio-based thermic fluids rising considerably, these companies are
focusing on research and development activities to increase
effectiveness of bio-based thermic fluids they offer.
View Report Preview:
Market Exhibits Attractive Opportunities for
Both Established Players and New Entrants
TMR finds that the rising usage of thermic fluids
across diverse industries is encouraging the entry of new players in
the market. With attractive growth opportunities in Asia Pacific and
Europe and the implementation of government policies supporting the
use of bio-based thermic fuels, new entrants stand a viable chance to
gain a sustainable share in the market.
Recently, food grade thermic fluids have received
FDA approval, which is expected to boost demand for thermic fluids
considerably. Besides this, the market is also expected to gain from
the advent of concentrated solar power (CSP) as an enabling
technology assisting the large-scale deployment of solar
photovoltaics. “While volatility in raw material prices remains a
challenge, the increasing opportunities in China, Japan, and the U.S.
are expected to positively influence the market’s trajectory,”
said a lead TMR analyst.
Demand from Oil and Gas Industry to Increase at
a Robust Pace
“As industries come to realize the benefits of
thermic fluids over traditional steam systems used across facilities,
prospects for expansion of the thermic fluids market will increase,”
he added. However, because the production of thermic fluids depends
on crude oil, volatility witnessed in their global prices is likely
to negatively influence the market’s trajectory during the forecast
period. Nevertheless, the increasing production of bio-based thermic
fluids will create opportunities for the market to gain from in the
near future.
The increasing use of thermic fluids across
industries such as food and beverages, chemicals, plastics,
pharmaceuticals, and oil and gas, will give significant impetus to
the global thermic fluids market. Of these, the oil and gas industry
has emerged dominant in the market. Oil and gas facilities usually
work at high temperatures generating energy stored in various thermic
fluids. As per TMR, the end user segment stood at US$479.4 mn in
2014.
Request to view Sample Report:
Europe Emerges as Largest Market for Thermic
Fluids
Regionally, Europe has been exhibiting lucrative
prospects for enterprises operating in the global thermic fluids
market. The region led the global thermic fluids market in 2014.
Policy makers in Europe are focusing on increasing the share of
renewable energy in their energy mix. This has increased the
construction of concentrated solar power plans in Europe, thus
fuelling demand for thermic fluids. Opportunities for the thermic
fluids market are also plenty in Asia Pacific, as emerging economies
in this region report robust industrialization.
As per TMR analysis, the global thermic fluids
market, which stood at US$2.1 bn in 2014, will reach US$4.1 bn rising
at a CAGR of 7.1% between 2015 and 2024. By volume, TMR forecasts the
market to report a 5.9% CAGR during the forecast period.
This review is based on information published by
Transparency Market Research, titled “Thermic Fluids Market -
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
2016 – 2024.”
No comments:
Post a Comment