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  • Thermic Fluids Market Analysis & Forecast | 2022-2028

    Thermic Fluids Market Analysis & Forecast | 2022-2028

    Thermic Fluids Market Analysis & Forecast | 2022-2028
    Report code - SR1067 Delivery - 2 Weeks
    Thermic Fluids Market Size, Share, Trend, Forecast, & Industry Analysis – 2022-2 See more...

    Market Insights

    The global thermic fluids market was expected to grow from USD 2.26 billion in 2021 to reach USD 3.52 billion by 2028 at an impressive CAGR of 6.44% during the forecast period of 2022-2028.


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    What is thermic fluid?

    Thermic fluid is a compound with specific heating and cooling properties. It is quite useful for a wide range of industrial processes which involve heat transfer. These compounds can be produced from a variety of substances to yield goods with ratings for various uses, including intense heat and cold.

    Thermic Fluids Market Features

    Market Size in 2028

    USD 3.52 Billion

    Market Size in 2021

    USD 2.26 Billion

    Market Growth (2022-2028)

    CAGR of 6.44%

    Base Year of Study


    Trend Period


    Forecast Period


    Segment Covered

    By Product Type (Silicone & Aromatic Based, Mineral Oils Based, and Glycol Based),

    By Application Type (Oil & Gas, Chemical, Concentrated Solar Power [CSP], Food & Beverage, Plastics, Pharmaceuticals and Heating, Ventilation, & Air Conditioning [HVAC]),

    By Region (North America, Europe, Asia-Pacific, and Rest of the World).

    Dominant Region

    North America is estimated to be the leading region in the market during the forecast period.

















    Market Dynamics

    These factors are expected to boost the demand for the market in the coming year:

    • The increasing requirements for major finished industries such as chemical, pharmaceutical, oil and gas and plastics.
    • The steady growth of the oil, gas, and chemical industries.
    • The rising demand for thermic fluids in increasing the efficiency of concentrated solar power plants.
    • The world is transitioning from fossil-based fuels to renewable energy, and this has led to the installation of several solar power plants across the world.
    • This succeedingly compounded the thermic fluids consumption used in solar power plants. The usage of thermic fluids worldwide in industrial heat exchange equipment.


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    Key Players

    Some of the key players in the thermic fluids market are-

    • BASF AG
    • British Petroleum (BP)
    • Dow Chemical Company
    • Dynalene Inc.
    • Exxon Mobil
    • Hindustan Petroleum
    • Kost U.S.A Inc.
    • Paratherm Corporation
    • Royal Dutch Shell
    • Solutia Inc.

    Segment Analysis

    By Product Type

    The market is segmented as silicone & aromatic based, mineral oils based, and glycol-based. In 2021, the segment of silicone & aromatics accounted for more than 40% share of the entire market and the segment is expected to maintain its dominance during the assessment period as well.

    Silicone-based fluids do not degrade, adding to lower operating cost and, resulting in lesser replacement. They also have low viscosity which imparts them exceptional heat transfer properties.

    By Application Type

    The market is segmented as oil & gas, chemical, concentrated solar power [CSP], food & beverage, plastics, pharmaceuticals, and heating, ventilation, & air conditioning [HVAC]. 

    The market for thermic fluids has extensive end uses in various industries, with an expected growth rate of around 5% in the pharmaceutical sector during the forecast period. Thermic fluids are used in different processes in the pharmaceutical industry such as product batch processing.  

    Regional Analysis

    North America is estimated to be the leading region in the market for thermic fluids. The region’s market is driven by the presence of different end-use sectors, such as pharmaceutical, oil and gas, chemical, food and drink industries and HVAC.


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    Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the assessment period.


    The report provides detailed insights into the dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The thermic fluids market is segmented into the following categories.

    By product type:

    • Silicone & Aromatic Based
    • Mineral Oils Based
    • Glycol Based

    By application type:

    • Oil & Gas
    • Chemical
    • Concentrated Solar Power
    • Food & Beverage
    • Plastics
    • Pharmaceuticals
    • Heating, Ventilation, & Air Conditioning

    By region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    Report - Features



    Regions Covered


    Countries/Sub-Regions Covered


    No. of Figures & Tables


    Company Profiles



    The following are the key features of the report:

    • Overview, industry life cycle and supply chain analysis
    • Report environment analysis: Growth drivers and constraints, Porter’s five forces and SWOT analysis
    • Trend and forecast analysis
    • Segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)


    • Current segmentation by any one of the product types by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Thermic fluid is a compound with specific heating and cooling properties. It is quite useful for a wide range of industrial processes which involve heat transfer.

    The market is expected to grow at a CAGR of 6.44 % during the upcoming five years.

    The market size was estimated to grow from USD 2.26 Bn in 2021 to USD 3.52 Bn by 2028.

    North America is estimated to be the leading region in the market during the forecast period.

    BASF AG, British Petroleum (BP), Dow Chemical Company, Dynalene Inc., Exxon Mobil, Hindustan Petroleum, Kost U.S.A Inc., Paratherm Corporation, Royal Dutch Shell, Solutia Inc. are the key companies in the market.

    The silicone & aromatics segment has the largest share of the market during the estimated time.

    The study period of the market is 2016-2028.

    The increasing requirements for major finished industries such as chemical, pharmaceutical, oil and gas and plastics are one of the key drivers of the market. The steady growth of the oil, gas, and chemical industries has greatly contributed to the growth of the market in thermal fluids.


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