India Thermic Fluids Market Size More Than Doubles at Significant CAGR to Touch USD 983.5 Million by 2030

Published | 21 March 2024

India Thermic Fluids Market is flourishing due to an increasing focus on energy efficiency, rapid expansion of various industries, a growing focus on complying with stringent environmental regulations regarding emissions and pollution, and rising advancements in thermic fluids technology.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Thermic Fluids Market size at USD 456.25 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Thermic Fluids Market size to boom at a CAGR of 9.33% reaching a value of USD 983.49 million by 2030. The Thermic Fluids Market in India is propelled by the market is an increasing demand for various chemicals, expanding utilization of thermic fluids in petrochemical manufacturing and chemical processing, and growing importance of thermic fluids in the food processing sector. Also, the rapid growth of the oil and gas industry in the country serves as a further catalyst for market expansion. For example, India's oil and gas sector, classified among the nation's eight core sectors, holds substantial influence over decision-making processes across the economy.

Impact of Escalating Geopolitical Tensions on India Thermic Fluids Market

Escalating geopolitical tensions can significantly impact the India Thermic Fluids Market. Geopolitical tensions can disrupt the supply chain, leading to fluctuations in raw material prices and affecting production costs. Additionally, uncertainties stemming from geopolitical conflicts may deter investments and hinder market growth. Import-export dynamics may also be affected, influencing the availability and pricing of thermic fluids in the Indian market. Moreover, geopolitical instabilities can create an atmosphere of economic uncertainty, influencing consumer behavior and industry decision-making. Overall, navigating through these geopolitical challenges is crucial for stakeholders in the India Thermic Fluids Market to maintain stability and capitalize on emerging opportunities.

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India Thermic Fluids Market

Segmental Information 

India Thermic Fluids Market – By End User

On the basis of end user, the India Thermic Fluids Market is divided into Food & Beverages, Chemicals, Pharmaceuticals, Oil & Gas, Concentrated Solar Power, and Others (including Metal Fabrication & Finishing Plants and Rubber & Plastic Industries) segments. The oil & gas end user segment holds the highest share in the India Thermic Fluids Market. Heat transfer fluids play a pivotal role in the oil and gas industry, facilitating operations in fuel extraction, transportation, refining, and recycling stages. Given the industry's remote and hazardous locations, thermic fluids with high flash points and thermal stability are essential to mitigate explosion risks. They are utilized in offshore platforms for facility heating and water removal from natural gas. Additionally, in refineries, thermic fluids aid in distillation processes. These fluids are integral in natural gas processing for dehydration and temperature control. India, ranking third in global oil consumption, witnesses a surge in crude oil processing and petroleum production, driving the demand for thermic fluids domestically.

Competitive Landscape

The India Thermic Fluids Market is fragmented, with numerous players serving the market. The key players dominating the India Thermic Fluids Market include Bharat Petroleum Corporation Limited, Dow, Eastman Chemical Company, Exxon Mobil Corporation, GS Caltex India, Hitech Solution, Indian Oil Corporation Ltd, Paras Lubricants Ltd, Shell plc, Savita Oil Technologies Limited, and Tide Water Oil Co. (India) Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the India Thermic Fluids Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Thermic Fluids Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Thermic Fluids Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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