Revenue from the Sales of Bio-Based Coolants to Surge Exponentially Owing To High Demand Originates from Automotive Industry; Expected Sales To Reach A Market Valuation of USD 1.6 Bn: Fact.MR
SEOUL--(Korea Newswire) August 24, 2022 -- As per in-depth industry analysis by Fact.MR, a market research and competitive intelligence provider, the global bio-based coolants market is estimated at USD 1.16 billion in 2022 and is expected to expand at a CAGR of 3.2% during the forecast years (2022-2032).
Using bio-based coolants lead to cost savings, increased productivity, and quality improvements, as they reduce heat and friction, thereby providing enhanced lubricity for better surface finish and tool life, along with reduced toxicity, making bio-based coolants easy to maintain.
Earlier, bio-based coolants were not effective in machining cast iron; however, highly refined bio-based coolants have solved this problem as they are made from special bio-esters. These provide improved tool life, clean running, and long slump life, along with low maintenance. New bio-based coolants provide immense benefits to grinding operations by reducing friction and improving equipment life and accuracy.
Key Companies Profiled In the Bio-based Coolants Industry Report
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
Advanced Bio-based Coolant Properties Supporting Demand Growth
Bio-based coolants have greater viscosity and pressure performance and naturally offer better lubrication. They also offer a higher flash point, lower volatility, and superior thin-film strength.
Superior lubricity makes these lubricants more effective in reducing friction. In metal cutting processes, this decreased friction results in lower cutting forces, less heat output, and a faster tool feed. Additionally, fewer friction results in less wear on cutting and grinding instruments, extending their useful lives.
Key Takeaways from Market Study
· The global bio-based coolants market expanded at a CAGR of 2% during 2017-2021.
· Under the type segment, propylene glycol dominates with 51.2% of the overall market share and is expected to expand at 3.7% CAGR through 2032.
· Ethylene glycol is likely to register a 3.1% growth rate during the assessment period to hold a 32.2% market share by 2032-end.
· Under the end-use industry, the metalworking sector leads the market with a 23.4% market share as compared to 20.1% and 16.7% held by energy production and storage and automotive, respectively, in 2022.
· Based on region, demand for bio-based coolants is expected to increase at CAGRs of 3.8% and 4.2% in East Asia and South Asia & Oceania, respectively, over the forecast period.
· Together, North America and Europe account for 52.3% global market share in 2022.
“The advantages of bio-based coolants such as superior lubricity, biodegradability, higher flash points, etc., along with being price competitive compared to mineral-based and synthetic lubricants, are likely to support market growth over the coming years”, says a Fact.MR analyst.
Segmentation of Bio-based Coolants Industry Research
· Bio-based Coolants Market by Type :
· Bio-based Coolants Market by End-Use Industry :
-Plastic Extrusion Process
-Energy Production and Storage
Key suppliers of bio-based coolants are investing their resources in sustainable environmental practices to contribute toward less waste, high efficiency, and low cost. They are focusing on providing end-to-end solutions in tandem with exceeding customer expectations.
· Dynalene Inc. recently received an investment of USD 25,000 to conduct product testing and validation for large customer specifications to manufacture de-ionizing filter cartridges for use in the coolant loops of charging stations of electric vehicles, fuel cells, computers, and heat-producing electronics
· In 2021, Saint-Gobain announced the acquisition of Chryso. This acquisition is likely to strengthen the presence of the company in the construction chemicals market over the coming years.
Prominent manufacturers of bio-based coolants are introducing products made from bio-based content that offer high performance and also reduce carbon footprint.
Companies are also focusing on their production processes to strengthen their market presence at the global level. Market players are entering into joint ventures, partnerships, and collaborations to maintain their strategic position in the market.
Key Questions Answered by the Report
· The report offers insight into Bio-Based Coolants market demand outlook for 2022-2032
· The market study also highlights projected sales growth for the Bio-Based Coolants market between 2022-2032
· Bio-Based Coolants market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
· Bio-Based Coolants market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Bio-Based Coolants Market: https://www.factmr.com/report/4035/biobased-coolan
Bio-Based PU Market: https://www.factmr.com/report/3702/bio-based-pu-ma
Bio-based Coatings Market: https://www.factmr.com/report/1048/bio-based-coati
Bio-based Pigments and Dyes Market: https://www.factmr.com/report/1050/bio-based-pigme
Bio-Based Acetic Acid Market: https://www.factmr.com/report/1189/bio-based-aceti
This is a news release distributed by Korea Newswire on behalf of this company.