The
global thermic fluids market is foreseen to
project a high-level competition, with a consolidated market scenario. Only
some of the companies in the market have secured their position globally, and
are anticipated to sustain their lead in the span of upcoming years as well,
says an analyst at Transparency Market Research. The leading four players in
the market accounted for 71% of the entire share of global thermic fluids
market in 2014. This makes it difficult for the new entrants to set their foot,
crediting the consolidated landscape and tough competition.
Dow
Chemicals, in 2014 led the global thermic fluids market with the highest share
among the other players worldwide. The dominance is credited to creative
business strategies, fortified foothold in thermic fluids manufacturing, and so
on. The key players operating in the global thermic fluids market are Royal
Dutch Shell, BASF SE, British Petroleum (BP), and Exxon Mobil Corporation.
According
to a recent report by Transparency Market Research (TMR), the global thermic
fluids market is estimated to flourish at a CAGR of 7.10% during 2015 to 2024.
In 2014, the global market was calculated to be of worth US$2.1 bn. This figure
is estimated to reach around worth of US$4.17 bn by 2024-end.
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On the
basis of product type, mineral oil based thermic fluids segment is foreseen to
project highest growth rate in the global thermic fluids market. This is
majorly credited to the surging demand for thermic fluids owing to their
several benefits. Geographically, increased usage of these fluids in
concentrated solar power plants for thermal storage, majorly in Europe has
contributed significantly in the growth of thermic fluids market in the region.
Besides, increasing awareness about usage of thermic fluids in harnessing of
renewable energy as well has made Europe produce highest revenue in the
forthcoming years, leading the global market.
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Growth
in Oil and Gas Sector to Boost Thermic Fluids Market Demand
The oil and
gas sector is a huge section of a regional economy and a few tasks run together
in the business. As of late, there have been a series of improvements in the
oil and gas sector of a few areas. Henceforth, the utilization of thermic
fluids in the oil and gas sector has given a lift the demand regarding the
global thermic fluids market. Moreover, the oil and gas sector typifies a scope
of perplexing activities and procedures wherein thermic fluids are utilized,
which is the reason there is customary inflow of demand with respect to the
global market. Other than this, thermic fluids are additionally utilized in the
chemical sector for a wide scope of utilizations. Subsequently, the interest in
the global thermic fluids market is anticipated to take positive jumps
consistently.
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Europe to Lead the Thermic Fluids
Market Due to Increasing Source of Sustainable Energy
Sustainable
methods for delivering energy have turned into the top-most issue of various
government bodies and firms in Europe. The administration expects to expand the
share of sustainable power source in its absolute energy mix, which has
moved demand regarding thermic fluids in Europe. Portugal, Greece, Poland, and
Ireland are among the main nations in the market for thermic fluids. A
considerable number of CSP plants have surfaced crosswise over Europe, which is
another factor that is supporting the demand in the global thermic fluids market.
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