The market for thermic fluid is expected to register a CAGR of 5% during the forecast period. The major factor driving the growth of the market is the increasing demand from the oil and gas industry, where thermic fluids are used extensively to carry out the operations. Increasing use in concentrated solar power is anticipated to further propel the thermic fluid market. On the flip side, volatility in the raw material prices and unfavorable conditions arising due to the COVID-19 outbreak are restricting the growth of the market.
- The oil and gas industry makes use of thermic fluids to carry out services, such as oil and gas processing, natural gas purification, and asphalt processing and storage, etc., effectively.
- The Middle East is projected to have the largest market share of thermic fluids, owing to the enormous oil reserves in the region, which results in the oil and gas industry booming in the region and consequently the market studied.
Key Market Trends
Extensive Demand from the Oil and Gas Sector
- The extensive use of thermic fluid in the oil and gas industry is increasing incessantly to cater to the rising energy demand.
- The oil and gas industry carries out major operations, such as oil and gas processing, natural gas purification, refining, gas to liquid, asphalt processing and storage, etc., with the use of thermal fluid.
- Everyday worldwide interest for the raw petroleum (counting biofuels) is on the ascent, and it is forecasted to cross 100 million barrels per day mark by the end of 2020.
- The prospectus for the future development of the oil and gas business recommends that oil exploration will proceed to develop in long term, and at the same time, the utilization of thermic fluids. Moreover, more penetration must be done per unit of oil, as hydrocarbon discoveries become less productive with time.
- All the aforementioned factors are expected to drive the thermic fluid market during the forecast period.
The Middle East to be the Largest Market for Thermic Fluid
- The Middle Eastern region holds a prominent share in the thermic fluid market globally, because of the presence of the main oil-creating countries of the world, like Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates.
- It was assessed that among OPEC’s total oil holds, the greater part is held by the Middle Eastern countries. The proven oil reserves of the region were valued at about 113.2 billion metric ton.
- Furthermore, it is estimated that the Middle East creates around 33% of the total world’s oil production, which was approximately 32 million barrels of oil each day in 2019.
- The global oil demand is evaluated to be around 99 million barrels each day. This may fuel the demand from the oil and gas business of the Middle Eastern nations, and thus, the utilization of thermic fluid in the industry.
- Thus, the rising demand from various industries is expected to drive the market studied in the region during the forecast period.
The thermic fluid market is partially fragmented. Some of the players in the market include Eastman Chemical Company, Exxon Mobil Corporation, Royal Dutch Shell PLC, HP Lubricants, and BP.
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