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.
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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.
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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.