Thermic Fluid Market by Product Type (Silicone & Aromatic-Based Fluids, Mineral Oils, Glycol-Based Fluids, Synthetic Fluids, Others), By Temperature Range (Low Temperature (<150°C), Medium Temperature (150°C–300°C), High Temperature (>300°C)) and By End-user (Oil & Gas Industry, Chemicals Industry, Renewable Energy Industry, Food & Beverage Industry, Pharmaceuticals Industry, Others), Global Market Size, Segmental analysis, Regional Overview, Company share analysis, Leading Company Profiles, And Market Forecast, 2025 – 2035

Industry Outlook

The Thermic Fluid market accounted for USD 11.85 Billion in 2024 and is expected to reach USD 17.86 Billion by 2035, growing at a CAGR of around 3.8% between 2025 and 2035. The Thermic Fluid Market deals in the manufacturing, sale, and use of thermic fluids, or heat transfer fluids, as it is termed. These fluids find application in industries where there is a need for the use of high-temperature heat transfer fluids, such as chemicals, oil/gas, pharmaceuticals, and food industries.

Thermal fluids provide cost-effective means of heat transfer and enhance the effectiveness of a given system. The growth of this market is facilitated by the increasing need for energy-saving technologies and the increase of industrial facilities. Some of the major uses are in TES, solar power generation, and industrial heat applications. There is expected growth of the market shortly due to enhanced fluid formulations together with growth in industrialization around the world.

Report Scope:

Market Dynamics

Growing Demand for Energy-Efficient Solutions Across Various Industries

The main factor that has boosted the Thermic Fluid Market is concern with energy-efficient solutions in the industry. There is an overwhelming trend toward energy efficiency in organizations cutting across industries, caused by the concerns of organizations to conserve costs and the environment. Thermal fluids have a critical role in enhancing the energy utilization factor in cases where high-temperature heating is essential, including chemical manufacturing processes, oil refineries, and food industries. According to the survey that was conducted by the U.S. Department of Energy, it was found that the energy efficiency in the industrial processes could be cut down to at least 15 to 20 percent. The use of thermic fluids translates to lower fuel usage, and, due to high costs and rising energy prices, industries have had to rely on using heat transfer fluids for cost reasons.

Due to high costs and rising energy prices, industries have had to rely on using heat transfer fluids for cost reasons. Also, regulations that pressure firms to curb their emissions lead to increased investment in efficient technologies. The demand for energy-efficient products is predicted to gradually increase; therefore, thermic fluids for various industries will also increase. Besides, thermic fluids are more durable and more effective due to advancements in technology, making them more appealing. The most important trend that will continue to dictate this market’s development is the orientation toward sustainability and energy-saving solutions.

Rising Demand for Thermic Fluids in Renewable Energy and Solar Power Plants

The renewable energy sector is another element that also has a positive impact on the Thermic Fluid Market. With the expansion of the renewable energy sector, thermic fluids are playing a more essential role in the operation of energy facilities, including concentrated solar power (CSP) plants. Heat transfer fluids are used in CSP plants to facilitate the transfer of heat from the solar collectors to the power generation equipment. Due to their thermo-stability, meaning they can hold thermal energy with no change in state, it is possible to use these fluids to transport heat through storage.

One of the key factors that push for the promotion and utilization of thermic fluids is the ability to increase the efficiency and durability of renewable energy technologies. They are widely used in industrial figures to minimize the energy losses in solar thermal systems. Heat transfer fluids play a key role in the efficient operation of a solar power plant. These fluids assist solar power plants in storing and utilizing power, especially during that time when there is no sun. Given that there are more global efforts directed at the shift to renewable energy sources, the employment of thermic fluids in solar power should increase.

High Costs and Complexity in the Production of High-Performance Thermic Fluids

A key issue that the global Themo Fluid Market has to deal with is the high cost and difficulties of creating better fluids. The production of these fluids involves formulation, and this often entails the use of costly materials and techniques. High production costs may be attributed to the manufacture of thermic fluids that possess high thermal stability, low viscosity, and high corrosion resistance. Also, there are usually technological costs attributed to the research and development processes for the fluids to meet the demanding grades in different operations. The situation also was challenging for small-scale manufacturers that could not afford to invest in the needed technologies and equipment.

One of the drawbacks of thermic fluids is that their purchase may be expensive, especially for small firms or developing nations that seek to incorporate efficient thermal systems. However, these fluids, while showing long-term potential in energy and efficiency savings, might not be attractive to potential customers or investors due to the initial outlay. To address this challenge, innovative solutions in the production of thermic fluids and affordable material sources should be used to reach all categories of consumers.

Expansion of Thermic Fluids in Emerging Economies and Industrial Growth

The Thermic Fluids Market offers considerable potential in emerging economies situated in Asia-Pacific, Latin America, and the selected African countries. With the advancement in industrialization, the need for efficient heating and cooling systems in these climates is increasing rapidly. As these economies progress, more industries like chemical processing, manufacturing, and food processing are incorporating advanced technologies like thermic fluids to improve energy efficiency. Thus, with the rising middle-income class population base and the expansion of industrial infrastructures, there is a general wake-up call for integrating sustainable and cost-effective technologies.

This development is particularly good for the thermic fluid market, as industries seek cheaper ways to satisfy energy demands. These regions are also trying to harness renewable energy sources, and this could also propel the demand for thermic fluids in areas of solar power and geothermal plants. Those players who achieve the right balance of being capable of serving these emergent markets with affordable and superior thermic fluid solutions hold the key to the market.

Advancements in Fluid Formulations and Customized Solutions to Enhance Performance

The dynamic change in the compositions of thermic fluids provides a good chance for future growth in the Thermic Fluid market. Manufacturers are aiming at creating new thermic fluids with enhanced thermal stability, a high oxidation level, and the ability to satisfy various industrial processes. These are in addition to the formulation of new synthetic and hybrid fluids to work within the scope of higher temperatures and pressures. Specialized thermic fluids that are developed to fulfill the demands of several industries are becoming more popular.

These solutions enable industries to acquire the optimum performance for their heating system solutions. With the increased differentiation of industries, more thermic fluids are expected to function under specific conditions. Those companies that currently invest in R&D and the development of advanced thermic fluid for the market will benefit from this move. This can open new dimensions and could make new horizons for increased profitability and thus wider uses of thermic fluids in various industries. 

Industry Experts Opinion

"Thermal fluid can be used in all heating technologies with technological improvements and energy sustainability. Snacking and baking applications will see improved product quality, increased equipment life, reduction of noise, and greater safety. In the upcoming years, we will see greater innovation in this sector.”

• Mr Ray Klim, Food Industry Specialist in Paratherm

Segment Analysis

Based on Product Type, the global Thermic Fluid market has been divided into Silicone & Aromatic-Based Fluids, Mineral Oils, Glycol-Based Fluids, Synthetic Fluids, and others. From these, silicone- and aromatic-based fluids dominate the Thermic Fluids Market because of their higher thermal stability and can be used at high temperatures without degrading in quality. These fluids find their application in various sectors that demand temperature regulation and include chemical, pharmaceutical, and solar energy sectors, even in automotive industries. For these reasons, they have exceptionally long lifespans, low vapor pressure, and are compatible with various systems. They also have a large market share due to the multiple uses that they can be employed in the industrial markets. However, glycol-based, and mineral oils serve niche applications; however, they hold a small market share due to restricted performance at lower or higher temperatures.

Based on Application, the Thermic Fluid market is classified into the Oil & Gas Industry, the Chemicals Industry, the Renewable Energy Industry, the Food & Beverage Industry, and the Pharmaceuticals Industry. The chemicals industry leads the consumption of thermic fluids due to the high need for high-performance processes that include distillation, polymer production, and heat exchangers. These fluids make for energy-efficient operation, as well as decrease the time when the heat transfer cannot occur, and increase the life of the system; thus, they are vital for chemical manufacturing organizations. Renewable energy belongs to the key segments of the market, and concentrated solar power plants are especially important in this sphere. Laundry food, beverages, and pharmaceuticals need thermic fluids for heating and cooling their products, but this share is comparatively lesser than the chemicals and renewable energy sectors.

Regional Analysis

North America takes the largest share of the Thermic Fluid Market, due to the advancements made in the chemical, pharmaceutical, as well as oil and gas industries in the region. The thermic fluids adoption is bolstered by the region’s emphasis on energy-efficient systems and rigorous policies on the environment. The abundance of key players and well-developed facilities help to maintain the constant development and growth of the market. In addition, the rising renewable energy sector in North America, particularly solar energy, has also extended the high-warming-capacity thermic fluids demand.

Asia-Pacific is being identified as one of the fastest-growing markets in the Thermic Fluid Market, due to factors that include urbanization, growing energy demands, and changing consumer aspirations towards energy sustainability. The number of people in these places, like China, India, and Japan, ‘is increasing, and there is increased demand for thermal fluid. China and India are among the largest investors in renewable energy power projects, thus the increased utilization of thermic fluids in solar power stations. Furthermore, governmental policies, industrial performance, and green environments increase the market’s progression in Asia-Pacific.

Competitive Landscape

The Thermic Fluid Market is a highly competitive market with both international and domestic players engaging themselves to gain market share through challenging and cutthroat techniques, innovations, and strategic partnerships. Industry giants including Dow Inc, Eastman Chemical Company, BASF SE, ExxonMobil Corporation, and Shell PLC rule this market by emphasizing product differentiation and market coverage. Leading companies’ emphasis on attempting to enhance their positions by agreeing with their industrial clients on the delivery of tailored products and services. Further, there exists competition among the market players in carrying out innovation that is vital in this industry.

One of the major actions of a Dow Inc. stakeholder includes implementing a sustainable and innovative business model. The company has thermic fluids, and it has a wide range designed to meet the needs of different industries. The core strategy of Dow is clean renewable energy solutions, for example, the company’s thermic fluids for concentrated solar power. The company also values customer service and needs to provide customers with the ability to integrate products for optimal performance across several sectors, which puts the company in a better position.

Thermic Fluid Market, Company Shares Analysis, 2024

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Recent Developments:

• In June 2024, Global Heat Transfer launched Globaltherm 55, a new synthetic heat transfer fluid intended for moderate temperature applications that provided better total cost of ownership than mineral oil-based fluids throughout its MATLAB.
• In February 2024, Castrol unveiled a new brand image distinct with a modern look. In line with this strategic change, Castrol continued to seek diversification options to complement its lubricant operations. The company fortified its range of premium EV Fluids that included EV Transmission Fluids, EV Thermal Fluids along EV Greases under the brand Castrol ON.

Report Coverage:

By Product Type

• Silicone & Aromatic-Based Fluids
• Mineral Oils
• Glycol-Based Fluids
• Synthetic Fluids 
• Others

By Temperature Range

• Low Temperature (<150°C)
• Medium Temperature (150°C–300°C)
• High Temperature (>300°C)

By End-User

• Oil & Gas Industry
• Chemicals Industry
• Renewable Energy Industry
• Food & Beverage Industry
• Pharmaceuticals Industry
• Others

By Region

North America

• The U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Singapore
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC Countries
• South Africa
• Rest of the Middle East & Africa

List of Companies:

• Dow Inc.
• Eastman Chemical Company
• BASF SE
• ExxonMobil Corporation
• Shell PLC
• Chevron Corporation
• Huntsman Corporation
• Indian Oil Corporation Ltd.
• BP Plc
• The Lubrizol Corporation
• Paratherm
• Global Heat Transfer Ltd.
• Sasol Limited
• Clariant AG
• Radco Industries, Inc.
• Arkema S.A.
• Schultz Canada Chemicals Ltd
• Petro-Canada Lubricants Inc.

Frequently Asked Questions (FAQs)