Selbyville, Delaware, March 20, 2020 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global thermic fluids market size is forecast to reach US$4 billion by 2025, registering a CAGR of 7.1% from 2018 to 2025. The report provides an in-depth analysis of the market size & estimations, wavering market trends, drivers & opportunities, top winning strategies, major investment pockets, and competitive scenarios.
The global food & beverage sector has experienced dramatic growth over the past decade mainly on account of rapid population growth. Thermic fluids, also known as thermal fluids, are used for heating, cooling, and dehumidifying applications in several food & beverage processes. These fluids comply with regulations mentioned by the U.S. FDA, which is driving the demand for food-grade thermic fluids.
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The silicone & aromatic product segment is estimated to witness a healthy CAGR of 5.8% through 2025. These fluids possess excellent oxidation characteristics which help protect the fluid from degradation, making them best-suited for use in completely exposed systems that are prone to leaking or contamination. Glycol-based thermic fluids are also gaining significant prominence in food & beverage applications owing to low toxicity.
Key reasons for thermic fluids market growth:
- Escalating demand in food & beverage applications
- Increasing use of silicone & aromatic products
- Rising penetration in chemical applications
- Expanding the food & beverage sector in APAC
2025 forecasts show the ‘chemicals’ application segment retaining its dominance:
Considering the applications, the chemical sector will capture more than 10% share in terms of volume by 2025. Substantial investments in the chemical sector owing to hiking crude oil prices are driving the thermic fluids market value across chemical applications. In the petrochemical industry, thermic fluids are prominently used to provide heating for distillation towers, reactors, and crackers in the synthesis of several chemical compounds.
The Asia Pacific to continue its leading status in terms of revenue:
In terms of the geographical landscape, Asia Pacific thermic fluids market will experience a growth at 6% during the forecast duration. This growth can be largely associated with the widespread presence of food & beverage, chemical, pharmaceutical, oil & gas, plastic, and HVAC industries in the region.
North America is predicted to register a 5.5% CAGR during 2018-2025. Owing to surging shale oil and gas production in the U.S., the region is emerging from being a net importer to become a net exporter.
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Leading market players:
The key market players analyzed in the global FEP market report include Royal Dutch Shell, Hindustan Petroleum, Dow Chemical Company, Tulstar Products, Dynalene Inc., BASF AG, Multitherm LLC, Exxon Mobil, Paratherm Corporation, Inc., Solutia Inc., Thermic Fluids Pvt. Ltd., Kost U.S.A. Inc., and others. These prominent industry players are also investing heavily in R&D activities to explore the scope of product application, thereby driving the market size in the upcoming years.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.