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India Thermic Fluid Market Analysis

The India Thermic Fluid Market size is estimated at 42.37 kilotons in 2024, and is expected to reach 54.39 kilotons by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).

Due to the nationwide lockdown caused by COVID-19, the market suffered in 2020. It influenced several end-user industries, including chemicals, oil, gas, etc. However, the pharmaceutical business saw a surge in demand, primarily due to the increased need for various medications during the epidemic. Nonetheless, the industry picked up speed in the post-pandemic era and is anticipated to keep doing so during the forecast period.

• Over the short term, extensive demand from the oil and gas sector and increasing concentrated solar power usage are expected to drive the market's growth.
• Conversely, the explosion hazards posed by heat thermic fluids (HTFs) will likely hinder the market's growth.
• The high potential for developing bio-based thermic fluids will likely provide a significant growth opportunity for the market studied.

India Thermic Fluid Industry Segmentation

Thermic fluids, also known as heat transfer fluids, are chemicals that can be in liquid or vapor form and used for transferring heat from one system to another. These fluids are mainly used in the reboiler, condenser, regenerator, and other heat-exchanging systems in the processing facilities of various end-user industries, including oil and gas, chemical, and pharmaceutical. Thermic fluids can be based on synthetic oils, molten salts, silicone fluids, glycols, etc. The Indian thermic fluid market is segmented by type and end-user industry. By type, the market is segmented into mineral oil, silicon and aromatics, glycols, and other types. By end-user industry, the market is segmented into food and beverage, chemicals, pharmaceuticals, oil and gas, concentrated solar power, and other end-user industries. The market sizing and forecasts are based on volume (kilotons) for each segment.