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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.