Press release
Bio-Based Coolants Market Forecast A 3.2% CAGR Growth Expected by 2032
The global bio-based coolants market has been steadily growing in recent years, fueled by the increasing demand for eco-friendly and sustainable cooling solutions. Bio-based coolants, derived from renewable resources such as plant-based materials, are gaining popularity due to their reduced environmental impact and enhanced performance compared to traditional coolants. These coolants are used in various applications, including automotive, industrial, and HVAC systems. The market's growth is not only driven by environmental concerns but also by stringent government regulations promoting sustainable alternatives.
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Market Dynamics:
The bio-based coolants market is witnessing significant growth owing to increasing environmental concerns and stringent regulations regarding conventional coolant usage. Bio-based coolants, derived from renewable resources such as vegetable oils, corn, and soybeans, offer a sustainable alternative to traditional petroleum-based coolants. The demand for bio-based coolants is fueled by their eco-friendly properties, including biodegradability and lower toxicity levels, which minimize environmental impact.
Moreover, the automotive industry's transition towards electric vehicles (EVs) has propelled the demand for bio-based coolants as they provide efficient thermal management solutions necessary for the optimal performance of electric drivetrains. Additionally, the growing awareness among consumers regarding the harmful effects of conventional coolants on human health and the environment is driving the adoption of bio-based alternatives.
Market Future Outlook:
The bio-based coolants market (바이오 기반 냉각수 시장) is poised for robust growth in the coming years, fueled by increasing investments in research and development activities to enhance product efficiency and performance. Government initiatives promoting sustainable practices and the adoption of bio-based products are expected to further boost market growth. Furthermore, advancements in biotechnology and manufacturing processes are anticipated to drive down production costs, making bio-based coolants more competitive in the market.
As industries across various sectors strive to achieve carbon neutrality and reduce their environmental footprint, the demand for bio-based coolants is projected to surge. The expansion of end-user industries such as automotive, aerospace, and electronics, coupled with growing consumer preference for eco-friendly products, will contribute to the sustained growth of the bio-based coolants market globally.
Market Insights:
North America and Europe currently dominate the bio-based coolants market (marché des liquides de refroidissement d'origine biologique), owing to stringent environmental regulations and a strong focus on sustainability initiatives. However, emerging economies in Asia-Pacific, particularly China and India, are expected to witness rapid growth due to increasing industrialization, urbanization, and government initiatives promoting renewable energy and sustainable practices.
Key market trends include collaborations and partnerships among manufacturers to expand product portfolios and geographical reach. Additionally, innovations in product formulations to enhance performance characteristics such as thermal conductivity, corrosion resistance, and compatibility with existing systems are driving market growth.
Key Players:
Dynalene Inc.
Orison Marketing
Houghton
Salathe Oil Company
Star Brite, Inc.
Hangsterfer's Laboratories, Inc.
Kilfrost Limited
Petron Scientech, Inc.
Mitsui & Co. Ltd.
Neste
Bardahl
Competitive Landscape:
Key suppliers of bio-based coolants are actively investing their resources in sustainable environmental practices to contribute towards less waste, enhanced efficiency, and cost-effectiveness. These suppliers are dedicated to delivering comprehensive solutions that not only meet but surpass customer expectations.
Recently, Dynalene Inc. secured a substantial investment of US$ 25,000 to conduct rigorous product testing and validation. This investment aims to meet the specific requirements of their esteemed customers and enable the manufacturing of de-ionizing filter cartridges. These cartridges are designed for utilization in the coolant loops of charging stations for electric vehicles, fuel cells, computers, and heat-producing electronics.
In a significant development, Saint-Gobain made an announcement in 2021 regarding its acquisition of Chryso. This strategic acquisition is expected to bolster the company's presence in the construction chemicals market in the years to come. By joining forces with Chryso, Saint-Gobain aims to further strengthen its position and expand its offerings in this industry.
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Segmentation of Bio-based Coolants Industry Research
Bio-based Coolants Market by Type :
Glycerin
Ethylene Glycol
Propylene Glycol
Others
Bio-based Coolants Market by End-Use Industry :
Metalworking Industry
HVAC Industry
Automotive
Plastic Extrusion Process
Energy Production and Storage
Aerospace Industry
Others
Bio-based Coolants Market by Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
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