Tunnel Boring Machine Market Size, Share and Industry Outlook, 2026
Description
Thermic Fluids Market Snapshot: Market Size, CAGR, and Growth Outlook to 2032
Global Thermic Fluids Market Size is projected to hit $8.8 Billion in 2032 at a CAGR of 8.8% from $5.3 Billion in 2026.
The Thermic Fluids Market at a Glance (2026)
Thermic Fluids Market: High-Temperature Performance Expansion, Bio-Based Heat Transfer Innovation, and Industrial Process Demand
Bio-Based Heat Transfer Fluids Gain Momentum in Food and Pharmaceutical Processing
The global thermic fluids market, also referred to as the heat transfer fluids (HTF) market, is experiencing a significant transition as sustainability and process safety become critical procurement criteria across industries. Thermic fluids are essential for indirect heating systems used in chemical manufacturing, food processing, pharmaceuticals, petrochemicals, and renewable energy plants. In early 2026, the segment saw a surge in the commercialization of bio-based heat transfer fluids derived from vegetable oils and renewable esters. These products are engineered to replace traditional mineral oil-based HTFs in applications where low toxicity, high biodegradability, and food-grade compatibility are required. Food processors and pharmaceutical plants are increasingly specifying bio-based HTFs to meet stringent safety and environmental regulations. Manufacturers such as Paratherm, Global Heat Transfer, Radco Industries, Shell (Shell Heat Transfer Fluids), and Eastman Chemical Company are actively expanding portfolios of synthetic and renewable-based thermal fluids to serve this demand.
Capacity Expansion Strengthens High-Temperature Industrial Fluid Supply
Industrial process heating remains a dominant demand driver, particularly in oil & gas processing, chemical reactors, and concentrated solar power (CSP) plants. To meet global requirements for high-temperature stability and oxidative resistance, Eastman Chemical Company completed a major expansion of its Therminol® 66 production facility in Alabama in late 2024/early 2025. Therminol 66 is widely used in closed-loop heating systems operating at elevated temperatures, offering strong thermal stability and long service life. Other global producers of synthetic and aromatic thermic fluids include Dow (Dowtherm), ExxonMobil, TotalEnergies, and Huntsman, all investing in advanced formulations that minimize degradation and fouling.
Market Drivers: Energy Efficiency, Decarbonization, and Process Reliability
Industries are under pressure to improve thermal efficiency while reducing emissions and operational risk. Indirect heating systems using thermic fluids enable precise temperature control and reduced energy loss compared to steam systems. Growth in specialty chemicals, pharmaceuticals, and renewable energy installations further supports HTF demand. The thermic fluids market is evolving into a performance-driven, environmentally aligned segment, where synthetic and bio-based innovations support safe, efficient, and sustainable industrial heating.
Global Thermic Fluids Market Dynamics: Growth Drivers, Restraints, and Opportunities
Strategic Market Drivers: What’s Fueling Growth in 2026?
The Thermic Fluids market report provides a comprehensive assessment of the structural and technical factors shaping the market’s evolution in 2026 and beyond. It evaluates demand-side shifts, supply-side constraints, regulatory influences, and technology-led disruption impacting both established players and new market entrants. The Thermic Fluids market analysis details the impact of changing end-use requirements, evolving customer specifications, and increasing performance expectations across countries. Further, key drivers and opportunities are mapped across regional and application-level dynamics.
Profit Prioritization and Portfolio Rebalancing
Rapid economic growth, coupled with demand for Thermic Fluids are driving the investment focus on these markets. In particular, India, China, Southeast Asia, Brazil, Eastern Europe, and Latin American markets are registering higher than the global average growth rate. The urban population is expected to reach 6 billion by 2045, around 1.3 times the surge from 2023 levels. Rapid industrialization, infrastructure development, urbanization, and expanding domestic consumption are driving above-average demand growth across markets. Leading Thermic Fluids companies are accelerating investments in local manufacturing, regional supply chains, and application-specific product development to capture these opportunities.
Emerging Opportunities: Untapped High-Growth Niches in the Post-Pandemic Recovery
The post-pandemic landscape for the chemical industry shifted from crisis management to strategic opportunity. In 2026, leading companies are focused on supply chain regionalization, the hygiene-sustainability nexus, and the digital leap in R&D. The Thermic Fluids market is witnessing the emergence of niche, high-growth segments driven by evolving customer needs and regulatory drive. Demand for customized formulations, performance-enhancing solutions, and application-specific variants is rising across advanced manufacturing, specialty end-use industries, and sustainability-led applications. The report identifies underpenetrated segments where innovation, technical differentiation, and faster go-to-market strategies can unlock disproportionate value.
Thermic Fluids Market Challenge- Impact of Geopolitical Uncertainty on Market Stability
In 2026, geopolitical risk has become a structural variable shaping the Thermic Fluids market rather than a short-term disruption factor. Ongoing trade realignments between the U.S., China, and the EU, coupled with sanctions regimes, export controls, and industrial policy interventions, are directly influencing sourcing strategies, production footprints, and pricing stability across the Thermic Fluids value chain. Regional disparities in energy pricing, port congestion risks, and shipping route instability are creating uneven cost structures among global Thermic Fluids producers. Accordingly, Thermic Fluids companies with regionally diversified production assets and localized supplier ecosystems are demonstrating higher margin stability compared to export-reliant peers.
Thermic Fluids Market Strategic Assessment: SWOT, Five Forces, and Value Chain Analysis
Scenario analysis
Amidst varying regulations, trade patterns, supply chain dynamics, and market dynamics, the scenario analysis allows firms to stress-test their current business models. The chapter provides three distinct ‘What-If’ pathways for the Thermic Fluids market through 2032- high growth, low growth, and reference cases. The detailed forward-looking assessment ensures that strategic decisions made today remain viable across a range of potential economic and regulatory outcomes.
Value Chain Analysis
The report identifies key players across the Thermic Fluids industry value chain, tracing the flow from procurement to end-user. By understanding supplier dependencies, processing intensity, distribution dynamics, and customer power at each stage, stakeholders can identify opportunities for vertical integration, strategic partnerships, localization, or operational optimization.
Porter’s Five Forces Analysis
The Porter’s Five Forces analysis chapter incorporates quantitative scoring and weighted impact evaluation for each competitive force within the Thermic Fluids market. This section helps objectively measure industry attractiveness, margin sustainability, and competitive risk using a standardized analytical framework. Companies can evaluate the bargaining power of suppliers and buyers, the threat of substitutes and new entrants, and the degree of rivalry among existing players.
Market Segmentation: Historical and Projected Market Revenue Forecast
Revenue Growth Strategies for Thermic Fluids Segments
The report provides the Thermic Fluids market size across By Product Type (Mineral Oils, Silicones & Aromatics, Glycols, Molten Salts, Bio-based Fluids), By Temperature Range (Low Temperature, Medium Temperature, High Temperature), By End-User Industry (Oil & Gas, Chemical & Petrochemical, Concentrated Solar Power (CSP), Food & Beverage Processing, Pharmaceuticals). Market size outlook across the segments is provided at the global, North America, Europe, Asia Pacific, South and Central America, and the Middle East and African regions. Across each segment, the report analyzes the growth prospects, post-pandemic recovery, and country-specific dynamics.
Regional Outlook for Thermic Fluids Manufacturers
United States Thermic Fluids Market Size and Share Analysis- Evolving Trade Policies and Supply Chain Reshuffling
The United States Thermic Fluids market is being reshaped by evolving trade policies, industrial localization initiatives, and a reconfiguration of global supply chains. The outlook for 2026 is moderately higher relative to 2025, driven by policy-driven sourcing decisions, domestic manufacturing incentives, and strategic supplier realignment.
Global GDP forecasts fell to 3.0% in 2025 and 3.1% in 2026, with US growth slowing to 1.8% and 1.4%, respectively. Tariffs on critical intermediates have added around 0.5 percentage points to core inflation, squeezing the margins of downstream manufacturers. Similarly, an estimated 20% of manufacturers are likely to deploy physical AI to mitigate labor shortages in the US. Over the forecast period, as domestic pricing, margin profiles, and capacity utilization increasingly correlate with U.S.-specific trade exposure, logistics costs, and policy alignment, companies focus significantly on supply-chain optimization.
Canada Thermic Fluids Industry Forecast 2026–2032- Increasing role in North America Supply Chain realignment
Canada’s real GDP growth is projected to average 1.25% to 1.5% in 2026, a modest recovery from the 1.3% growth seen in 2025. Unlike the high-volume commodity focus of previous decades, the current market is driven by high-value specialty segments. Strong end-user demand from Ontario, Alberta, Quebec, British Columbia, and other provinces is shaping the long-term growth strategies. The report analyzes the key market drivers and provides the Canada Thermic Fluids market size outlook over the forecast period to 2032.
Mexico Thermic Fluids - Companies are investing in Nearshoring hubs
Nearshoring into Mexico and Canada is accelerating, with the US-Mexico trade projected to grow by $315 Billion by the end of the decade. The American Chemistry Council (ACC), the National Association of the Chemical Industry of Mexico (ANIQ), and the Chemistry Industry Association of Canada (CIAC) are focusing on renewal and strengthening the USMCA. Geographic proximity to the United States enables just-in-time supply models, making Mexico a strategic production location for downstream chemical derivatives, resin conversion, coatings, adhesives, and formulation-based specialty products.
Germany Continues to Dominate the European Thermic Fluids Industry
German giants are divesting non-core assets and emphasizing specialized applications, technical precision, and high-value customer solutions. For instance, Henkel’s $2.5 billion acquisition of Stahl Holdings in February 2026. Leading Thermic Fluids companies are formulating strategies to mitigate short-term effects, including supply chain disruptions and destocking, and longer-term structural dynamics. Over the long-term future, demand outlook remains steady across key value chains, driving investments in new product launches and widening distribution channels.
UK- Post-Brexit Divergence and Specialized Clusters
The United Kingdom chemical industry in 2026 is shaped by divergent structural forces combining cost pressure with specialization-driven resilience. European natural gas prices remain structurally around 3.5× higher than U.S. levels, constraining energy-intensive bulk chemical economics and accelerating a pivot toward higher-value specialty chemicals, performance materials, and formulation-led production. Industry restructuring across the region is evident, with chemical plant closures in Europe increasing sixfold since 2022, according to Cefic, reinforcing the UK sector’s move away from commodity exposure toward efficiency-focused, technology-enabled operations. At the same time, logistics capacity is expanding, with the UK chemical logistics market growing at roughly 5% annually to reach about $8 billion in 2026, strengthening the country’s role as a storage, distribution, and re-export hub for specialty and regulated chemical flows.
China and India account for over 40% of global demand
China’s Thermic Fluids industry is witnessing rapid capacity expansion, technology-led upgrading, and demand reorientation, with accelerated investment across value chain segments reshaping competitive dynamics. The $1.5 trillion chemical industry remains a primary engine of GDP growth, with a government-mandated target of 5% average annual growth in industrial added value through year-end 2026.
Demand fundamentals are also shifting structurally: by 2030, China and India together are projected to account for 40% of global middle-class consumption, up from less than 10% in 2010, indicating long-term expansion in consumption-driven Thermic Fluids applications. Among end-user markets, Guangdong, Jiangsu, Shandong, Zhejiang, Sichuan, and others are widely focused on by vendors.
India remains a significant outlier with a projected 6.6% GDP growth in 2026, driving a surge in Thermic Fluids demand. The government's $1.4 trillion National Infrastructure Pipeline is a massive driver for the market outlook. The Indian government is expected to expand the Production Linked Incentive (PLI) scheme for specialty chemicals in 2026.
Japan: Maintaining Dominance in High-Performance Segments
Japan’s Thermic Fluids industry in 2026 is concentrated in high-performance, specification-critical segments where technical qualification barriers protect margins. Japan’s chemical sector remains one of the world’s most innovation-dense. In 2026, R&D spending in the sector continues to exceed $2.1 Billion annually, with Tokyo and the Kanto region serving as the global hubs for research. Persistent public-sector funding worth ¥4 trillion has moved capital toward advanced materials. To sustain competitive positioning in the evolving environment, Japanese firms can unlock growth by developing new markets through business model transformation and differentiated customer engagement strategies, reflecting the industry’s shift beyond product-led competition toward solution-oriented value creation.
Southeast Asia: The New Manufacturing Core
Southeast Asia is emerging as a primary manufacturing and chemical production growth zone, supported by industrial policy, infrastructure expansion, and supply chain diversification. Vietnam is advancing sector expansion under its Chemical Industry Development Strategy 2030, targeting average annual industry growth of 10–11% through 2030, with emphasis on petrochemicals, downstream plastics, industrial chemicals, and specialty materials serving electronics, construction, and export manufacturing.
The regional economy continues to be resilient, adapting to the shifting landscape and with momentum varying across countries and sectors. Concurrently, Indonesia is accelerating industrial capacity through its National Medium-Term Development Plan (RPJMN), which includes $414 billion in infrastructure investment, strengthening ports, energy systems, and industrial corridors critical for chemical logistics and processing industries.
Middle East- Rapid Economic Growth Supports Potential Business Expansion Opportunities
The Middle East chemical industry is strengthening its position as a global production and export hub through sustained capital deployment, feedstock integration, and downstream diversification. Between 2023 and the end of 2026, the region is tracking around 160 capital projects valued at more than $55 billion, reflecting continued investment in petrochemicals, polymers, specialty derivatives, and industrial chemicals.
The regulatory environment has become increasingly fragmented across geographies. Abundant hydrocarbon feedstocks, integrated refinery-petrochemical complexes, and export-oriented infrastructure provide structural cost advantages that support both commodity and higher-value chemical chains. In Saudi Arabia, the National Industry Strategy targets a fourfold increase in downstream chemical output by 2035, signaling a shift from base petrochemical exports toward specialty materials, performance polymers, and conversion industries.
Competitive Analysis- Intensity of Competition and Market Share
Companies are increasing R&D expenditures by 2-3% while high-intensity segments are witnessing an 8-9% increase in expenditure. The global Thermic Fluids industry is characterized by intense competition with companies focusing on profit margins through widening end-user applications. Leading companies, including Eastman Chemical Company (Therminol), ExxonMobil Corporation (Mobiltherm), Royal Dutch Shell plc, Dow Inc. (DOWTHERM), Huntsman Corporation, Chevron Corporation, Clariant AG, Paratherm (Precision Fluid & Ingredients), Global Heat Transfer Ltd., Lanxess AG, are analyzed in the study. For each company, a detailed business description, SWOT profile, and products and services benchmarking are provided.
Thermic Fluids Market Segmentation
By Product Type
Mineral Oils
Silicones & Aromatics
Glycols
Molten Salts
Bio-based Fluids
By Temperature Range
Low Temperature
Medium Temperature
High Temperature
By End-User Industry
Oil & Gas
Chemical & Petrochemical
Concentrated Solar Power (CSP)
Food & Beverage Processing
Pharmaceuticals
Top companies in the Thermic Fluids industry
Eastman Chemical Company (Therminol)
ExxonMobil Corporation (Mobiltherm)
Royal Dutch Shell plc
Dow Inc. (DOWTHERM)
Huntsman Corporation
Chevron Corporation
Clariant AG
Paratherm (Precision Fluid & Ingredients)
Global Heat Transfer Ltd.
Lanxess AG
Countries Included-
The global Thermic Fluids market revenue is expected to reach $5.3 Billion in 2026.
What is the forecast growth rate for Thermic Fluids markets
Thermic Fluids market size is forecast to register a CAGR of 8.8% between 2026 and 2032.
Which region is expected to grow the fastest through 2032?
Asia Pacific is poised to register the fastest growth rate over the forecast period
What are the leading market segments over the forecast period?
By Product Type (Mineral Oils, Silicones & Aromatics, Glycols, Molten Salts, Bio-based Fluids), By Temperature Range (Low Temperature, Medium Temperature, High Temperature), By End-User Industry (Oil & Gas, Chemical & Petrochemical, Concentrated Solar Power (CSP), Food & Beverage Processing, Pharmaceuticals)
Who are the top companies in the global Thermic Fluids industry?
Eastman Chemical Company (Therminol), ExxonMobil Corporation (Mobiltherm), Royal Dutch Shell plc, Dow Inc. (DOWTHERM), Huntsman Corporation, Chevron Corporation, Clariant AG, Paratherm (Precision Fluid & Ingredients), Global Heat Transfer Ltd., Lanxess AG
Global Thermic Fluids Market Size is projected to hit $8.8 Billion in 2032 at a CAGR of 8.8% from $5.3 Billion in 2026.
The Thermic Fluids Market at a Glance (2026)
Thermic Fluids Market: High-Temperature Performance Expansion, Bio-Based Heat Transfer Innovation, and Industrial Process Demand
Bio-Based Heat Transfer Fluids Gain Momentum in Food and Pharmaceutical Processing
The global thermic fluids market, also referred to as the heat transfer fluids (HTF) market, is experiencing a significant transition as sustainability and process safety become critical procurement criteria across industries. Thermic fluids are essential for indirect heating systems used in chemical manufacturing, food processing, pharmaceuticals, petrochemicals, and renewable energy plants. In early 2026, the segment saw a surge in the commercialization of bio-based heat transfer fluids derived from vegetable oils and renewable esters. These products are engineered to replace traditional mineral oil-based HTFs in applications where low toxicity, high biodegradability, and food-grade compatibility are required. Food processors and pharmaceutical plants are increasingly specifying bio-based HTFs to meet stringent safety and environmental regulations. Manufacturers such as Paratherm, Global Heat Transfer, Radco Industries, Shell (Shell Heat Transfer Fluids), and Eastman Chemical Company are actively expanding portfolios of synthetic and renewable-based thermal fluids to serve this demand.
Capacity Expansion Strengthens High-Temperature Industrial Fluid Supply
Industrial process heating remains a dominant demand driver, particularly in oil & gas processing, chemical reactors, and concentrated solar power (CSP) plants. To meet global requirements for high-temperature stability and oxidative resistance, Eastman Chemical Company completed a major expansion of its Therminol® 66 production facility in Alabama in late 2024/early 2025. Therminol 66 is widely used in closed-loop heating systems operating at elevated temperatures, offering strong thermal stability and long service life. Other global producers of synthetic and aromatic thermic fluids include Dow (Dowtherm), ExxonMobil, TotalEnergies, and Huntsman, all investing in advanced formulations that minimize degradation and fouling.
Market Drivers: Energy Efficiency, Decarbonization, and Process Reliability
Industries are under pressure to improve thermal efficiency while reducing emissions and operational risk. Indirect heating systems using thermic fluids enable precise temperature control and reduced energy loss compared to steam systems. Growth in specialty chemicals, pharmaceuticals, and renewable energy installations further supports HTF demand. The thermic fluids market is evolving into a performance-driven, environmentally aligned segment, where synthetic and bio-based innovations support safe, efficient, and sustainable industrial heating.
Global Thermic Fluids Market Dynamics: Growth Drivers, Restraints, and Opportunities
Strategic Market Drivers: What’s Fueling Growth in 2026?
The Thermic Fluids market report provides a comprehensive assessment of the structural and technical factors shaping the market’s evolution in 2026 and beyond. It evaluates demand-side shifts, supply-side constraints, regulatory influences, and technology-led disruption impacting both established players and new market entrants. The Thermic Fluids market analysis details the impact of changing end-use requirements, evolving customer specifications, and increasing performance expectations across countries. Further, key drivers and opportunities are mapped across regional and application-level dynamics.
Profit Prioritization and Portfolio Rebalancing
- Asset Rationalization: Tier 1 players are aggressively divesting low-margin, commoditized assets to reallocate capital toward high-purity, differentiated offerings with superior pricing power.
- Operating Leverage: Amidst persistent raw material volatility, companies are leveraging Digital Twins and AI-driven manufacturing to optimize OpEx.
- Specialty Transition: Strategic investments are now concentrated in high-growth niches where customized formulations and technical barriers to entry protect EBITDA margins from global overcapacity in basic chemicals.
Rapid economic growth, coupled with demand for Thermic Fluids are driving the investment focus on these markets. In particular, India, China, Southeast Asia, Brazil, Eastern Europe, and Latin American markets are registering higher than the global average growth rate. The urban population is expected to reach 6 billion by 2045, around 1.3 times the surge from 2023 levels. Rapid industrialization, infrastructure development, urbanization, and expanding domestic consumption are driving above-average demand growth across markets. Leading Thermic Fluids companies are accelerating investments in local manufacturing, regional supply chains, and application-specific product development to capture these opportunities.
Emerging Opportunities: Untapped High-Growth Niches in the Post-Pandemic Recovery
The post-pandemic landscape for the chemical industry shifted from crisis management to strategic opportunity. In 2026, leading companies are focused on supply chain regionalization, the hygiene-sustainability nexus, and the digital leap in R&D. The Thermic Fluids market is witnessing the emergence of niche, high-growth segments driven by evolving customer needs and regulatory drive. Demand for customized formulations, performance-enhancing solutions, and application-specific variants is rising across advanced manufacturing, specialty end-use industries, and sustainability-led applications. The report identifies underpenetrated segments where innovation, technical differentiation, and faster go-to-market strategies can unlock disproportionate value.
Thermic Fluids Market Challenge- Impact of Geopolitical Uncertainty on Market Stability
In 2026, geopolitical risk has become a structural variable shaping the Thermic Fluids market rather than a short-term disruption factor. Ongoing trade realignments between the U.S., China, and the EU, coupled with sanctions regimes, export controls, and industrial policy interventions, are directly influencing sourcing strategies, production footprints, and pricing stability across the Thermic Fluids value chain. Regional disparities in energy pricing, port congestion risks, and shipping route instability are creating uneven cost structures among global Thermic Fluids producers. Accordingly, Thermic Fluids companies with regionally diversified production assets and localized supplier ecosystems are demonstrating higher margin stability compared to export-reliant peers.
Thermic Fluids Market Strategic Assessment: SWOT, Five Forces, and Value Chain Analysis
Scenario analysis
Amidst varying regulations, trade patterns, supply chain dynamics, and market dynamics, the scenario analysis allows firms to stress-test their current business models. The chapter provides three distinct ‘What-If’ pathways for the Thermic Fluids market through 2032- high growth, low growth, and reference cases. The detailed forward-looking assessment ensures that strategic decisions made today remain viable across a range of potential economic and regulatory outcomes.
Value Chain Analysis
The report identifies key players across the Thermic Fluids industry value chain, tracing the flow from procurement to end-user. By understanding supplier dependencies, processing intensity, distribution dynamics, and customer power at each stage, stakeholders can identify opportunities for vertical integration, strategic partnerships, localization, or operational optimization.
Porter’s Five Forces Analysis
The Porter’s Five Forces analysis chapter incorporates quantitative scoring and weighted impact evaluation for each competitive force within the Thermic Fluids market. This section helps objectively measure industry attractiveness, margin sustainability, and competitive risk using a standardized analytical framework. Companies can evaluate the bargaining power of suppliers and buyers, the threat of substitutes and new entrants, and the degree of rivalry among existing players.
Market Segmentation: Historical and Projected Market Revenue Forecast
Revenue Growth Strategies for Thermic Fluids Segments
The report provides the Thermic Fluids market size across By Product Type (Mineral Oils, Silicones & Aromatics, Glycols, Molten Salts, Bio-based Fluids), By Temperature Range (Low Temperature, Medium Temperature, High Temperature), By End-User Industry (Oil & Gas, Chemical & Petrochemical, Concentrated Solar Power (CSP), Food & Beverage Processing, Pharmaceuticals). Market size outlook across the segments is provided at the global, North America, Europe, Asia Pacific, South and Central America, and the Middle East and African regions. Across each segment, the report analyzes the growth prospects, post-pandemic recovery, and country-specific dynamics.
Regional Outlook for Thermic Fluids Manufacturers
United States Thermic Fluids Market Size and Share Analysis- Evolving Trade Policies and Supply Chain Reshuffling
The United States Thermic Fluids market is being reshaped by evolving trade policies, industrial localization initiatives, and a reconfiguration of global supply chains. The outlook for 2026 is moderately higher relative to 2025, driven by policy-driven sourcing decisions, domestic manufacturing incentives, and strategic supplier realignment.
Global GDP forecasts fell to 3.0% in 2025 and 3.1% in 2026, with US growth slowing to 1.8% and 1.4%, respectively. Tariffs on critical intermediates have added around 0.5 percentage points to core inflation, squeezing the margins of downstream manufacturers. Similarly, an estimated 20% of manufacturers are likely to deploy physical AI to mitigate labor shortages in the US. Over the forecast period, as domestic pricing, margin profiles, and capacity utilization increasingly correlate with U.S.-specific trade exposure, logistics costs, and policy alignment, companies focus significantly on supply-chain optimization.
Canada Thermic Fluids Industry Forecast 2026–2032- Increasing role in North America Supply Chain realignment
Canada’s real GDP growth is projected to average 1.25% to 1.5% in 2026, a modest recovery from the 1.3% growth seen in 2025. Unlike the high-volume commodity focus of previous decades, the current market is driven by high-value specialty segments. Strong end-user demand from Ontario, Alberta, Quebec, British Columbia, and other provinces is shaping the long-term growth strategies. The report analyzes the key market drivers and provides the Canada Thermic Fluids market size outlook over the forecast period to 2032.
Mexico Thermic Fluids - Companies are investing in Nearshoring hubs
Nearshoring into Mexico and Canada is accelerating, with the US-Mexico trade projected to grow by $315 Billion by the end of the decade. The American Chemistry Council (ACC), the National Association of the Chemical Industry of Mexico (ANIQ), and the Chemistry Industry Association of Canada (CIAC) are focusing on renewal and strengthening the USMCA. Geographic proximity to the United States enables just-in-time supply models, making Mexico a strategic production location for downstream chemical derivatives, resin conversion, coatings, adhesives, and formulation-based specialty products.
Germany Continues to Dominate the European Thermic Fluids Industry
German giants are divesting non-core assets and emphasizing specialized applications, technical precision, and high-value customer solutions. For instance, Henkel’s $2.5 billion acquisition of Stahl Holdings in February 2026. Leading Thermic Fluids companies are formulating strategies to mitigate short-term effects, including supply chain disruptions and destocking, and longer-term structural dynamics. Over the long-term future, demand outlook remains steady across key value chains, driving investments in new product launches and widening distribution channels.
UK- Post-Brexit Divergence and Specialized Clusters
The United Kingdom chemical industry in 2026 is shaped by divergent structural forces combining cost pressure with specialization-driven resilience. European natural gas prices remain structurally around 3.5× higher than U.S. levels, constraining energy-intensive bulk chemical economics and accelerating a pivot toward higher-value specialty chemicals, performance materials, and formulation-led production. Industry restructuring across the region is evident, with chemical plant closures in Europe increasing sixfold since 2022, according to Cefic, reinforcing the UK sector’s move away from commodity exposure toward efficiency-focused, technology-enabled operations. At the same time, logistics capacity is expanding, with the UK chemical logistics market growing at roughly 5% annually to reach about $8 billion in 2026, strengthening the country’s role as a storage, distribution, and re-export hub for specialty and regulated chemical flows.
China and India account for over 40% of global demand
China’s Thermic Fluids industry is witnessing rapid capacity expansion, technology-led upgrading, and demand reorientation, with accelerated investment across value chain segments reshaping competitive dynamics. The $1.5 trillion chemical industry remains a primary engine of GDP growth, with a government-mandated target of 5% average annual growth in industrial added value through year-end 2026.
Demand fundamentals are also shifting structurally: by 2030, China and India together are projected to account for 40% of global middle-class consumption, up from less than 10% in 2010, indicating long-term expansion in consumption-driven Thermic Fluids applications. Among end-user markets, Guangdong, Jiangsu, Shandong, Zhejiang, Sichuan, and others are widely focused on by vendors.
India remains a significant outlier with a projected 6.6% GDP growth in 2026, driving a surge in Thermic Fluids demand. The government's $1.4 trillion National Infrastructure Pipeline is a massive driver for the market outlook. The Indian government is expected to expand the Production Linked Incentive (PLI) scheme for specialty chemicals in 2026.
Japan: Maintaining Dominance in High-Performance Segments
Japan’s Thermic Fluids industry in 2026 is concentrated in high-performance, specification-critical segments where technical qualification barriers protect margins. Japan’s chemical sector remains one of the world’s most innovation-dense. In 2026, R&D spending in the sector continues to exceed $2.1 Billion annually, with Tokyo and the Kanto region serving as the global hubs for research. Persistent public-sector funding worth ¥4 trillion has moved capital toward advanced materials. To sustain competitive positioning in the evolving environment, Japanese firms can unlock growth by developing new markets through business model transformation and differentiated customer engagement strategies, reflecting the industry’s shift beyond product-led competition toward solution-oriented value creation.
Southeast Asia: The New Manufacturing Core
Southeast Asia is emerging as a primary manufacturing and chemical production growth zone, supported by industrial policy, infrastructure expansion, and supply chain diversification. Vietnam is advancing sector expansion under its Chemical Industry Development Strategy 2030, targeting average annual industry growth of 10–11% through 2030, with emphasis on petrochemicals, downstream plastics, industrial chemicals, and specialty materials serving electronics, construction, and export manufacturing.
The regional economy continues to be resilient, adapting to the shifting landscape and with momentum varying across countries and sectors. Concurrently, Indonesia is accelerating industrial capacity through its National Medium-Term Development Plan (RPJMN), which includes $414 billion in infrastructure investment, strengthening ports, energy systems, and industrial corridors critical for chemical logistics and processing industries.
Middle East- Rapid Economic Growth Supports Potential Business Expansion Opportunities
The Middle East chemical industry is strengthening its position as a global production and export hub through sustained capital deployment, feedstock integration, and downstream diversification. Between 2023 and the end of 2026, the region is tracking around 160 capital projects valued at more than $55 billion, reflecting continued investment in petrochemicals, polymers, specialty derivatives, and industrial chemicals.
The regulatory environment has become increasingly fragmented across geographies. Abundant hydrocarbon feedstocks, integrated refinery-petrochemical complexes, and export-oriented infrastructure provide structural cost advantages that support both commodity and higher-value chemical chains. In Saudi Arabia, the National Industry Strategy targets a fourfold increase in downstream chemical output by 2035, signaling a shift from base petrochemical exports toward specialty materials, performance polymers, and conversion industries.
Competitive Analysis- Intensity of Competition and Market Share
Companies are increasing R&D expenditures by 2-3% while high-intensity segments are witnessing an 8-9% increase in expenditure. The global Thermic Fluids industry is characterized by intense competition with companies focusing on profit margins through widening end-user applications. Leading companies, including Eastman Chemical Company (Therminol), ExxonMobil Corporation (Mobiltherm), Royal Dutch Shell plc, Dow Inc. (DOWTHERM), Huntsman Corporation, Chevron Corporation, Clariant AG, Paratherm (Precision Fluid & Ingredients), Global Heat Transfer Ltd., Lanxess AG, are analyzed in the study. For each company, a detailed business description, SWOT profile, and products and services benchmarking are provided.
Thermic Fluids Market Segmentation
By Product Type
Mineral Oils
Silicones & Aromatics
Glycols
Molten Salts
Bio-based Fluids
By Temperature Range
Low Temperature
Medium Temperature
High Temperature
By End-User Industry
Oil & Gas
Chemical & Petrochemical
Concentrated Solar Power (CSP)
Food & Beverage Processing
Pharmaceuticals
Top companies in the Thermic Fluids industry
Eastman Chemical Company (Therminol)
ExxonMobil Corporation (Mobiltherm)
Royal Dutch Shell plc
Dow Inc. (DOWTHERM)
Huntsman Corporation
Chevron Corporation
Clariant AG
Paratherm (Precision Fluid & Ingredients)
Global Heat Transfer Ltd.
Lanxess AG
Countries Included-
- North America- US, Canada, Mexico
- Europe- Germany, France, UK, Spain, Italy, Nordics, Others
- Asia Pacific- China, India, Japan, South Korea, Australia, Southeast Asia, Others
- Latin America- Brazil, Argentina, Others
- Middle East and Africa- Saudi Arabia, UAE, Other Middle East, South Africa, Other Africa
The global Thermic Fluids market revenue is expected to reach $5.3 Billion in 2026.
What is the forecast growth rate for Thermic Fluids markets
Thermic Fluids market size is forecast to register a CAGR of 8.8% between 2026 and 2032.
Which region is expected to grow the fastest through 2032?
Asia Pacific is poised to register the fastest growth rate over the forecast period
What are the leading market segments over the forecast period?
By Product Type (Mineral Oils, Silicones & Aromatics, Glycols, Molten Salts, Bio-based Fluids), By Temperature Range (Low Temperature, Medium Temperature, High Temperature), By End-User Industry (Oil & Gas, Chemical & Petrochemical, Concentrated Solar Power (CSP), Food & Beverage Processing, Pharmaceuticals)
Who are the top companies in the global Thermic Fluids industry?
Eastman Chemical Company (Therminol), ExxonMobil Corporation (Mobiltherm), Royal Dutch Shell plc, Dow Inc. (DOWTHERM), Huntsman Corporation, Chevron Corporation, Clariant AG, Paratherm (Precision Fluid & Ingredients), Global Heat Transfer Ltd., Lanxess AG
Table of Contents
205 Pages
- Chapter 1- Executive Summary
- 1.1. Market Snapshot: Market Size, CAGR, and Growth Outlook to 2032
- 1.2. Key Industry Highlights, 2026
- 1.3. Premium Market Insights
- 1.3.1. Potential Thermic Fluids Market Types and Applications
- 1.3.2. Fastest Growing Countries Over the forecast period
- 1.4. Market Scope and Segmentation
- 1.4.1. Key Market Segments
- 1.4.2. Key Countries and Regions
- 1.4.3. Top Companies in the Thermic Fluids Industry
- 1.5. Macroeconomic and Demographic Outlook
- 1.5.1. GDP Outlook by Top 20 Countries, 2010- 2040
- 1.5.2. Population Forecast by Country, 2010- 2040
- 1.5.3. Inflation Trends in Leading Countries
- 1.6. Impact of Trade Policies, Regulations, and Sustainability
- 1.6.1. Trade tariffs and localization requirements
- 1.6.2. ESG and sustainability pressures
- 1.6.3. Compliance-driven structural changes in the value chain
- Chapter 2- Research Methodology
- 2.1. Report Coverage
- 2.2. Secondary Research
- 2.3. Primary Research
- 2.4. Data Triangulation
- 2.5. Market Modeling and Forecasting
- Chapter 3- Global Thermic Fluids Market Dynamics: Driving the 2032 Outlook
- 3.1. An Introduction to Global Thermic Fluids Markets in 2026
- 3.2. Global Historic and Forecast Thermic Fluids Market Size Outlook, USD Million, 2021- 2032
- 3.3. Annual Market Size Growth Rate (Y-o-Y), %, 2021-2032
- 3.4. Market Dynamics
- 3.4.1. Key Thermic Fluids Market Driving Forces and Their Impact on Market Outlook
- 3.4.2. Short and Long-Term Trends and Insights Shaping the Future
- 3.4.3. Potential Thermic Fluids Market Opportunities for Industry Stakeholders
- 3.4.4. Potential Challenges across Thermic Fluids Value Chain
- Chapter 4- Thermic Fluids Market- Strategic Analysis Review
- 4.1. Porter’s Five Forces Analysis
- 4.1.1. Bargaining Power of Buyers
- 4.1.2. Bargaining Power of Suppliers
- 4.1.3. Threat of Substitutes
- 4.1.4. Threat of New Entrants
- 4.1.5. Intensity of Competitive Rivalry
- 4.2. Competitive Landscape
- 4.2.1. Top Companies in Thermic Fluids Industry
- 4.2.2. Key Growth Strategies of Thermic Fluids Companies
- 4.2.3. Key Success Factors
- 4.3. Value Chain Analysis
- 4.3.1. Key Value Chain Segments
- 4.3.2. Dominant players by value-chain stage
- 4.4. SWOT Analysis
- 4.4.1. Key Strengths and Opportunities
- 4.4.2. Major Weaknesses and Threats
- Chapter 5- Thermic Fluids Market Outlook by Segments
- 5.1. Market Size Outlook by Type, USD Million, 2021- 2025 and 2026-2032
- 5.2. Market Size Outlook by Application, USD Million, 2021- 2025 and 2026-2032
- 5.3. Market Size Outlook by Country, USD Million, 2021- 2025 and 2026-2032
- By Product Type
- Mineral Oils
- Silicones & Aromatics
- Glycols
- Molten Salts
- Bio-based Fluids
- By Temperature Range
- Low Temperature
- Medium Temperature
- High Temperature
- By End-User Industry
- Oil & Gas
- Chemical & Petrochemical
- Concentrated Solar Power (CSP)
- Food & Beverage Processing
- Pharmaceuticals
- Chapter 6- Scenario Analysis and Outlook
- 6.1. Base Case Scenario
- 6.1.1. Definitions and Insights
- 6.1.2. Market Size Outlook to 2032
- 6.2. Low Growth Case Scenario
- 6.2.1. Definitions and Insights
- 6.2.2. Market Size Outlook to 2032
- 6.3. High Growth Case Scenario
- 6.3.1. Definitions and Insights
- 6.3.2. Market Size Outlook to 2032
- Chapter 7- North America Thermic Fluids Market Size Analysis and Outlook
- 7.1. North America Thermic Fluids Market Overview, 2026
- 7.2. Key Industry Statistics, 2026
- 7.3. North America Thermic Fluids Market Trends and Growth Opportunities to 2032
- 7.4. North America Thermic Fluids Market Size Outlook by Type
- 7.5. North America Thermic Fluids Market Size Outlook by Application
- 7.6. North America Thermic Fluids Market Size Outlook by Country
- 7.7. United States
- 7.7.1. Key Statistics
- 7.7.2. The US Thermic Fluids Market Size Outlook, 2021- 2032
- 7.7.3. Key Factors Driving the US Thermic Fluids Companies
- 7.8. Canada
- 7.8.1. Key Statistics
- 7.8.2. Canada Thermic Fluids Market Size Outlook, 2021- 2032
- 7.8.3. Key Factors Driving Canada Thermic Fluids Companies
- 7.9. Mexico
- 7.9.1. Key Statistics
- 7.9.2. Mexico Thermic Fluids Market Size Outlook, 2021- 2032
- 7.9.3. Key Factors Driving Mexico Thermic Fluids Companies
- Chapter 8- Europe Thermic Fluids Market Size Analysis and Outlook
- 8.1. Europe Thermic Fluids Market Overview, 2026
- 8.2. Key Industry Statistics, 2026
- 8.3. Europe Thermic Fluids Market Trends and Growth Opportunities to 2032
- 8.4. Europe Thermic Fluids Market Size Outlook by Type
- 8.5. Europe Thermic Fluids Market Size Outlook by Application
- 8.6. Europe Thermic Fluids Market Size Outlook by Country
- 8.7. Germany
- 8.7.1. Key Statistics
- 8.7.2. Germany Thermic Fluids Market Size Outlook, 2021- 2032
- 8.7.3. Key Factors Driving Germany Thermic Fluids Companies
- 8.8. France
- 8.8.1. Key Statistics
- 8.8.2. France Thermic Fluids Market Size Outlook, 2021- 2032
- 8.8.3. Key Factors Driving France Thermic Fluids Companies
- 8.9. United Kingdom
- 8.9.1. Key Statistics
- 8.9.2. United Kingdom Thermic Fluids Market Size Outlook, 2021- 2032
- 8.9.3. Key Factors Driving the UK Thermic Fluids Companies
- 8.10. Spain
- 8.10.1. Key Statistics
- 8.10.2. Spain Thermic Fluids Market Size Outlook, 2021- 2032
- 8.10.3. Key Factors Driving Spain Thermic Fluids Companies
- 8.11. Italy
- 8.11.1. Key Statistics
- 8.11.2. Italy Thermic Fluids Market Size Outlook, 2021- 2032
- 8.11.3. Key Factors Driving Italy Thermic Fluids Companies
- 8.12. Rest of Europe
- 8.12.1. Key Statistics
- 8.12.2. Rest of Europe Thermic Fluids Market Size Outlook, 2021- 2032
- 8.12.3. Key Factors Driving Rest of Europe Thermic Fluids Companies
- Chapter 9- Asia Pacific Thermic Fluids Market Size Analysis and Outlook
- 9.1. Asia Pacific Thermic Fluids Market Overview, 2026
- 9.2. Key Industry Statistics, 2026
- 9.3. Asia Pacific Thermic Fluids Market Trends and Growth Opportunities to 2032
- 9.4. Asia Pacific Thermic Fluids Market Size Outlook by Type
- 9.5. Asia Pacific Thermic Fluids Market Size Outlook by Application
- 9.6. Asia Pacific Thermic Fluids Market Size Outlook by Country
- 9.7. China
- 9.7.1. Key Statistics
- 9.7.2. China Thermic Fluids Market Size Outlook, 2021- 2032
- 9.7.3. Key Factors Driving China Thermic Fluids Companies
- 9.8. Japan
- 9.8.1. Key Statistics
- 9.8.2. Japan Thermic Fluids Market Size Outlook, 2021- 2032
- 9.8.3. Key Factors Driving Japan Thermic Fluids Companies
- 9.9. India
- 9.9.1. Key Statistics
- 9.9.2. India Thermic Fluids Market Size Outlook, 2021- 2032
- 9.9.3. Key Factors Driving India Thermic Fluids Companies
- 9.10. South Korea
- 9.10.1. Key Statistics
- 9.10.2. South Korea Thermic Fluids Market Size Outlook, 2021- 2032
- 9.10.3. Key Factors Driving South Korea Thermic Fluids Companies
- 9.11. Australia
- 9.11.1. Key Statistics
- 9.11.2. Australia Thermic Fluids Market Size Outlook, 2021- 2032
- 9.11.3. Key Factors Driving Australia Thermic Fluids Companies
- 9.12. Southeast Asia
- 9.12.1. Key Statistics
- 9.12.2. Southeast Asia Thermic Fluids Market Size Outlook, 2021- 2032
- 9.12.3. Key Factors Driving Southeast Asia Thermic Fluids Companies
- Chapter 10- South and Central America Thermic Fluids Market Size Analysis and Outlook
- 10.1. South and Central America Thermic Fluids Market Overview, 2026
- 10.2. Key Industry Statistics, 2026
- 10.3. South and Central America Thermic Fluids Market Trends and Growth Opportunities to 2032
- 10.4. South and Central America Thermic Fluids Market Size Outlook by Type
- 10.5. South and Central America Thermic Fluids Market Size Outlook by Application
- 10.6. South and Central America Thermic Fluids Market Size Outlook by Country
- 10.7. Brazil
- 10.7.1. Key Statistics
- 10.7.2. Brazil Thermic Fluids Market Size Outlook, 2021- 2032
- 10.7.3. Key Factors Driving Brazil Thermic Fluids Companies
- 10.8. Argentina
- 10.8.1. Key Statistics
- 10.8.2. Argentina Thermic Fluids Market Size Outlook, 2021- 2032
- 10.8.3. Key Factors Driving Argentina Thermic Fluids Companies
- 10.9. Rest of Latin America
- 10.9.1. Key Statistics
- 10.9.2. Rest of Latin America Thermic Fluids Market Size Outlook, 2021- 2032
- 10.9.3. Key Factors Driving Rest of Latin America Thermic Fluids Companies
- Chapter 11- Middle East and Africa Thermic Fluids Market Size Analysis and Outlook
- 11.1. Middle East and Africa Thermic Fluids Market Overview, 2026
- 11.2. Key Industry Statistics, 2026
- 11.3. Middle East and Africa Thermic Fluids Market Trends and Growth Opportunities to 2032
- 11.4. Middle East and Africa Thermic Fluids Market Size Outlook by Type
- 11.5. Middle East and Africa Thermic Fluids Market Size Outlook by Application
- 11.6. Middle East and Africa Thermic Fluids Market Size Outlook by Country
- 11.7. Saudi Arabia
- 11.7.1. Key Statistics
- 11.7.2. Saudi Arabia Thermic Fluids Market Size Outlook, 2021- 2032
- 11.7.3. Key Factors Driving Saudi Arabia Thermic Fluids Companies
- 11.8. United Arab Emirates
- 11.8.1. Key Statistics
- 11.8.2. The UAE Thermic Fluids Market Size Outlook, 2021- 2032
- 11.8.3. Key Factors Driving the UAE Thermic Fluids Companies
- 11.9. Africa
- 11.9.1. Key Statistics
- 11.9.2. Africa Thermic Fluids Market Size Outlook, 2021- 2032
- 11.9.3. Key Factors Driving Africa Thermic Fluids Companies
- Chapter 12- Company Profiles
- 12.1. Top Companies in Thermic Fluids Industry
- Eastman Chemical Company (Therminol)
- ExxonMobil Corporation (Mobiltherm)
- Royal Dutch Shell plc
- Dow Inc. (DOWTHERM)
- Huntsman Corporation
- Chevron Corporation
- Clariant AG
- Paratherm (Precision Fluid & Ingredients)
- Global Heat Transfer Ltd.
- Lanxess AG
- 12.2. Business Description
- 12.3. SWOT Profiles
- 12.4. Products and Services
- Chapter 13- Appendix
- Glossary of Terms
- Research Methodology & Data Sources
- Conclusion & Strategic Recommendations
Pricing
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