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Bio-based Heat Transfer Fluids Market: Overview

Bio-based heat transfer is made through the usage of bio-based products/fluids such as corn, sugar, etc. It is articulated with an ecological chemical feedstock, rather than from petroleum products.  A heat transfer fluid is any gas or liquid specifically manufactured for the purpose of transmitting heat from one system to another. For instance, a coolant is a fluid that flows through a device in order to prevent its overheating. Water is used for cooling down a car engine. Thus, in industrial and engineering terms, heat transfer fluids are also known as coolants. Heat transfer is classified into thermal convection, thermal conduction, thermal radiation, and energy transfer as a result of phase change. Heat transfer fluids avoid the overheating of any device or are used for storing thermal energy. Heat transfer fluid needs to be circulated through mechanical parts, thereby transferring the heat from one device to another. Heat transfer fluids have a wide range of applications. Several end-users are beginning to shift toward cleaner fluid-based heat transfer solutions. This is expected to make the bio-based heat transfer fluids market highly lucrative in the years to come. Bio-based heat transfer fluids are the next generation of renewable heat transfer fluids for various applications.

Bio-based Heat Transfer Fluids Market: Trends & Developments

The usage of bio-based feedstock such as sugar and corn for the production of bio-based heat transfer fluids makes them environmentally friendly. Government initiatives for investment in eco-friendly and green products is expected to benefit the bio-based heat transfer fluids market in the next few years. Recently, many companies have been focusing on the usage of bio-based products in solar heat transfer fluids. In 2016, Dupont Tate & Lyle Bio Products, LLC and Cilmalife (Dehon group) collaborated to produce products such as Greenway and Susterra, which are innovative and renewably sourced and provide outstanding performance while reducing the carbon footprint.  In 2018, DuPont Tate & Lyle Bio Products, a joint venture between DuPont and Tate & Lyle, announced its plans for the expansion of its world-class manufacturing facility in Loudon, Tennessee. The company will increase annual production of bio-based 1,3-propanediol by 35.0 million pounds. Archer Daniels Midland Company (ADM) is the first company in the world to make bio-based propylene glycol that complies with both industrial requirements and U.S. Pharmacopeia (USP) specifications.

Bio-based Heat Transfer Fluids Market: Key Segments

The bio-based heat transfer fluids market can be segmented based on product, end-user industry, and region. In terms of product, the bio-based heat transfer fluids market can be divided into corn, sugar, and others. Based on end-user industry, the bio-based heat transfer fluids market can be classified into concentrating solar power, chemical industries, food & beverage, oil & gas industry, plastics, pharmaceuticals, and others.

Bio-based Heat Transfer Fluids Market: Drivers & Restraints

One of the major factors driving the growth of the bio-based heat transfer fluids market is its wide range of applications in the area of concentrated solar sower (CSP). Europe holds a significant bio-based heat transfer fluids market share, followed by Asia Pacific. Europe is expected to continue to dominate the global bio-based heat transfer fluids market, owing to stringent environmental regulations and legislations related to carbon emissions. Several end-user industries, such as food & beverage and solar, are beginning to invest in bio-based heat transfer fluids market. Currently, the usage of bio-based heat transfer fluids market is low. The bio-based heat transfer fluids market is expected to expand at a moderate pace in emerging economies such as China and India. ,

Bio-based Heat Transfer Fluids Market: Key Players

Key players operating in the global bio-based heat transfer fluids market include Dupont, KOST USA, Inc., and Archer Daniels Midland Company. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

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  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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Bio Based Heat Transfer Fluids Market

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