Report Overview

India Thermic Fluids Market – Industry Trends & Forecast Report, 2030

India Thermic Fluids Market size was estimated at USD 456.25 million in 2023. During the forecast period between 2024 and 2030, the India Thermic Fluids Market size is projected to grow at a CAGR of 9.33% reaching a value of USD 983.49 million by 2030. A prominent driver of 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 region 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.

Thermic Fluids – Overview

The thermal fluids industry encompasses the production, distribution, and application of specialized fluids aimed at optimizing heat transfer in industrial processes. These fluids, also termed as heat transfer fluids or thermic fluids, are vital for regulating temperatures across various sectors like chemicals, oil and gas, food processing, pharmaceuticals, power generation, and renewable energy. Engineered with high thermal stability, low viscosity, and superior heat transfer characteristics, these fluids facilitate efficient thermal energy exchange among different systems and components.

India Thermic Fluids Market

Growth Drivers

Increasing Focus on Energy Efficiency

As industries increasingly prioritize energy efficiency, thermic fluid heaters emerge as a favorable choice for process heating over steam boilers. With the capability to reach temperatures up to 750⁰F at lower pressure requirements compared to steam boilers, they offer significant advantages. Their simplified circuits require minimal maintenance, eliminating the need for practices like blowdown and steam trap maintenance. Additionally, thermic fluid heaters operate safely without continuous supervision, reducing labor costs. Their outdoor installation capability enhances plant safety, while combined with heat exchangers, they provide a versatile solution for various industrial applications. Ultimately, their lower initial investment and reduced operating costs underscore their importance in enhancing energy efficiency across diverse manufacturing industries.

Challenges

High Initial Investment in Thermic Fluid Systems

The unpredictability in the prices of raw materials for thermal fluids poses a significant challenge for manufacturers, contributing to a high initial investment in thermic fluid systems. Fluctuations in crude oil prices directly influence the cost of raw materials essential for thermal fluid production, often resulting in elevated and uncertain expenses. To navigate this obstacle and sustain growth while preserving market share, industry leaders are compelled to enhance the performance and competitiveness of their operations. Consequently, mitigating the impact of volatile raw material prices becomes imperative, necessitating manufacturers to allocate substantial resources upfront to ensure the stability and viability of their thermic fluid systems.

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.

India Thermic Fluids Market

Segmental Coverage

India Thermic Fluids Market – By Type

By type, the India Thermic Fluids Market is divided into Mineral Oil, Silicon, Aromatics, and Glycols segments. The mineral oil segment holds the highest share in the India Thermic Fluids Market by type. Mineral oils, serving as thermic fluids, originate from petroleum distillation residues and comprise isomeric blends of paraffin or naphthene-based hydrocarbons, categorized as paraffinic or naphthenic. Their selection is based on viscosity, which impacts heat transfer efficiency and stability. Paraffinic mineral oils possess higher flash and boiling points, while naphthenic variants exhibit better low-temperature properties. Offering superior thermal stability at elevated temperatures, mineral oils necessitate minimal disposal and maintenance, with reduced environmental impact. The wholesale price index of mineral oil in India surged to approximately 126 by the end of FY2022, marking a nearly 40% increase from the previous year's index of 79.2. The escalating demand for mineral oil across diverse sectors such as automotive, textile, construction, pharmaceuticals, and cosmetics underscores its versatile applications and continued market growth.

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.

India Thermic Fluids Market – By Region

Geographically, the India Thermic Fluids Market is divided into North India, South India, East India, and West India regions.

Competitive Landscape

Major players operating in 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In October 2023 - IIT Guwahati scientists, led by Prof. Tamal Banerjee, developed a nanofluid-based heat transfer liquid for solar-powered desalination, addressing global water scarcity. Published in Sustainable Chemistry & Engineering, the study funded by the Indian Govt. showcased graphene oxide dispersed in Deep Eutectic Solvent (DES) for efficient heat transfer. Nanofluids offer superior thermal conductivity and stability, enabling innovative desalination systems aiming for a Gain Output Ratio (GOR) of 10. This breakthrough presents a sustainable solution to freshwater production from seawater, crucial amid escalating water shortages. The research result is expected to help in mitigating environmental concerns associated with conventional desalination methods, emphasizing India's stride towards indigenous technological advancements.

Scope of the Report

By Type

• Mineral Oil

• Silicon

• Aromatics

• Glycols

By End User

• Food & Beverages

• Chemicals

• Pharmaceuticals

• Oil & Gas

• Concentrated Solar Power

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Thermic Fluids Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rapid expansion of various industries
         2. Increasing focus on energy efficiency
         3. Increasingly stringent environmental regulations regarding emissions and pollution
         4. Rapid advancements in thermic fluids technology
      2. Restraints
         1. High initial investment in thermic fluid systems
         2. Lack of skilled workforce
         3. Lack of awareness
      3. Opportunities
         1. Growing demand for thermic fluids in emerging sectors
         2. Increasing use in concentrated solar power source
      4. Challenges
         1. Fluctuations in raw material prices
         2. Stringent regulations on disposal
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Thermic Fluids Market: Marketing Strategies
5. India Thermic Fluids Market: Pricing Analysis
6. India Thermic Fluids Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
      2. By Volume (Kilotons)
   2. Market Share & Forecast
      1. By Type
         1. Mineral Oil
         2. Silicon
         3. Aromatics
         4. Glycols
         5.  Others
      2. By End User
         1. Food and Beverage
         2. Chemicals
         3.  Pharmaceuticals
         4. Oil and Gas
         5. Concentrated Solar Power
         6. Others (Including Metal Fabrication and Finishing Plants, Rubber and Plastic Industries etc.)
      3. By Region
         1. North India
         2. South India
         3. East India
         4. West India
7. North India Thermic Fluids Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
      2. By Volume (Kilotons)
   2. Market Share & Forecast
      1. By Type
      2. By End User
8. South India Thermic Fluids Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
      2. By Volume (Kilotons)
   2. Market Share & Forecast
      1. By Type
      2. By End User
9. East India Thermic Fluids Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
      2. By Volume (Kilotons)
   2. Market Share & Forecast
      1. By Type
      2. By End User
10. West India Thermic Fluids Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Million)
       2. By Volume (Kilotons)
    2. Market Share & Forecast
       1. By Type
       2. By End User
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Thermic Fluids Market Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
12. Impact of Escalating Geopolitical Tensions on India Thermic Fluids Market
13. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Bharat Petroleum Corporation Limited
    2. Dow
    3. Eastman Chemical Company
    4. Exxon Mobil Corporation
    5. GS Caltex India
    6. Hitech Solution
    7. Indian Oil Corporation Ltd
    8. Paras Lubricants Ltd
    9. Shell plc
    10.  Savita Oil Technologies Limited
    11. Tide Water Oil Co. (India) Ltd
    12. Other Prominent Players
14. Key Strategic Recommendations
15. Research Methodology
    1.       Qualitative Research
       1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
       1.   Secondary Research
       2.   Primary Research
    4.       Breakdown of Primary Research Respondents, By Country
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       India Thermic Fluids Market Segmentation

Figure 2       India Thermic Fluids Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Figure 5       India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Figure 6       India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Figure 7       India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Figure 8       India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Figure 9       India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030

Figure 10     India Thermic Fluids Market Share, By Region, By Value (USD Million), 2019–2030

Figure 11     India Thermic Fluids Market Share, By Region, By Volume (Kilotons), 2019–2030

Figure 12     North India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Figure 13     North India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Figure 14     North India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Figure 15     North India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Figure 16     North India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Figure 17     North India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030

Figure 18     South India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Figure 19     South India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Figure 20     South India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Figure 21     South India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Figure 22     South India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Figure 23     South India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030

Figure 24     East India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Figure 25     East India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Figure 26     East India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Figure 27     East India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Figure 28     East India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Figure 29     East India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030

Figure 30     West India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Figure 31     West India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Figure 32     West India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Figure 33     West India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Figure 34     West India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Figure 35     West India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030 

List of Tables

Table 1        India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Table 2        India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Table 3        India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Table 4        India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Table 5        India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Table 6        India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030

Table 7        India Thermic Fluids Market Share, By Region, By Value (USD Million), 2019–2030

Table 8        India Thermic Fluids Market Share, By Region, By Volume (Kilotons), 2019–2030

Table 9        North India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Table 10      North India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Table 11      North India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Table 12      North India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Table 13      North India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Table 14      North India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030

Table 15      South India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Table 16      South India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Table 17      South India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Table 18      South India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Table 19      South India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Table 20      South India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030

Table 21      East India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Table 22      East India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Table 23      East India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Table 24      East India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Table 25      East India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Table 26      East India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030

Table 27      West India Thermic Fluids Market Size, By Value (USD Million), 2019–2030

Table 28      West India Thermic Fluids Market Size, By Volume (Kilotons), 2019–2030

Table 29      West India Thermic Fluids Market Share, By Type, By Value (USD Million), 2019–2030

Table 30      West India Thermic Fluids Market Share, By Type, By Volume (Kilotons), 2019–2030

Table 31      West India Thermic Fluids Market Share, By End User, By Value (USD Million), 2019–2030

Table 32      West India Thermic Fluids Market Share, By End User, By Volume (Kilotons), 2019–2030

Table 33      Bharat Petroleum Corporation Limited Company Overview

Table 34      Bharat Petroleum Corporation Limited Company Overview

Table 35      Dow Company Overview 

Table 36      Dow Company Overview 

Table 37      Eastman Chemical Company Overview

Table 38      Eastman Chemical Company Overview

Table 39      Exxon Mobil Corporation Company Overview

Table 40      Exxon Mobil Corporation Company Overview

Table 41      GS Caltex India Company Overview    

Table 42      GS Caltex India Company Overview    

Table 43      Hitech Solution Company Overview    

Table 44      Hitech Solution Company Overview    

Table 45      Indian Oil Corporation Ltd Company Overview        

Table 46      Indian Oil Corporation Ltd Company Overview        

Table 47      Paras Lubricants Ltd Company Overview      

Table 48      Paras Lubricants Ltd Company Overview      

Table 49      Shell plc Company Overview     

Table 50      Shell plc Company Overview     

Table 51      Savita Oil Technologies Limited Company Overview

Table 52      Savita Oil Technologies Limited Company Overview

Table 53      Tide Water Oil Co. (India) Ltd Company Overview  

Table 54      Tide Water Oil Co. (India) Ltd Company Overview