Thermic Fluids Market Size To Reach $14.23 Billion By 2030

Thermic Fluids Market Growth & Trends

The global thermic fluids market size is estimated to reach USD 14.23 billion by 2030, registering to grow at a CAGR of 3.7% from 2024 to 2030 according to a new report by Grand View Research, Inc. Growing thermic fluid demand from concentrated solar power plants is expected to be a key driving factor for market demand over the next six years. Thermic fluids are used to transfer and store heat utilized for producing electricity. In addition, a positive outlook on the food and beverage market is also expected to enhance market penetration for food-grade thermic fluids.
Mineral oils emerged as the leading product segment of the global market in 2024. Mineral oils were followed by aromatic-based thermic fluids, however, glycol-based thermic fluids are expected to be the fastest-growing product segment, at an estimated CAGR of 4.1% from 2024 to 2030. Increasing Concentrated Solar Power (CSP) capacity, mainly in the U.S. and Spain is expected to boost the demand for thermic fluids for these applications.

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Thermic Fluids Market Report Highlights

• The aromatic segment accounted for 36.3% of the revenue share in 2023. Aromatic thermic fluids are highly valued for their excellent thermal stability and high boiling points.

• The glycol-based segment is expected to grow at a CAGR of 4.1% from 2024 to 2030.

• The oil & gas segment dominated the market in 2023 largely due to the extensive use of thermic fluids in various processes within the oil & gas industry, such as refining, processing, and transportation.

Thermic Fluids Market Segmentation

Grand View Research has segmented the global thermic fluids market based on product, application, and region:

Thermic Fluids Product Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• Mineral Oils

• Silicone-based

• Aromatic

• Glycol-based

• Others

Thermic Fluids Application Type Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• Oil & Gas

• Food Processing

• Chemicals Manufacturing

• Laser CNC

• Pharmaceuticals Manufacturing

• Plastics

• Concentrated Solar Power (CSP)

• Others

Thermic Fluids Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Russia

  • Turkey

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Thailand

  • Malaysia

  • Australia

• Latin America

  • Brazil

  • Argentina

  • Colombia

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • Oman

  • Kuwait

  • Qatar

  • South Africa

List of Key Players in Thermic Fluids Market

• Eastman Chemical Company

• ExxonMobil

• Huntsman Corporation

• Parathem Corporation

• Royal Dutch Shell

• Clariant AG

• British Petroleum Plc

• HPCL

• Thermic Fluids Pvt. Ltd.