Published on : May 19, 2016
The global market thermic fluids market has been witnessing a steady rise in its valuation. The increasing production of concentrated solar power and the rising number of FDA approvals for food grade thermic fluids are propelling this market significantly in the global arena. However, the volatility in the raw material prices is expected to hamper the growth of this market over the forthcoming years.
In 2015, the worldwide thermic fluids market was dominated by Europe. The increased application of thermic fluids in a number of industries in Spain and Germany boosted the thermic fluids market in this region significantly.
Asia Pacific to Emerge as Most Promising Thermic Fluids Market
Over the next few years, Asia Pacific is expected to emerge as the most promising regional market for thermic fluids. The market is likely to record the fastest growth rate in the coming years. The exponential rise in the industries such as food and beverages and chemicals in the developing economies and the increasing awareness pertaining to the advantages of thermic fluids compared to steam systems in this region are projected to fuel the demand for thermic fluids in Asia Pacific in the near future.
Increasing R&D Activities in Bio-based Thermic Fluids to Present Lucrative Opportunities for Market Players in Asia Pacific
The increasing research and development activities in the field of bio-based thermic fluids are anticipated to present a number of lucrative opportunities for the players operating in the Asia Pacific thermic fluids market. China has surfaced as the leading domestic market for thermic fluids in the Asia Pacific region on account of the easy availability of raw materials and early adoption of the technology.
Exxon Mobil, Eastman Chemical Co., Paratherm Corp., Dynalene Inc., Multitherm LLC., Kost U.S.A Inc., Dow Chemical Co., Shell, BASF SE, and British Petroleum are some of the key participants in the global market for thermic fluids.