The India Thermic Fluid Market size is expected to grow from 40.31 kilotons in 2023 to 51.74 kilotons by 2028, at a CAGR of 5.12% during the forecast period (2023-2028).
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.
The thermic fluid market in India is partially consolidated in nature. Some of the key players in the market include Bharat Petroleum Corporation Limited, Shell plc, Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited, and Hitech Solution (Generation Four Engitech Ltd), among others.
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