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
United States, Rockville MD, July 11, 2022 (GLOBE NEWSWIRE) — 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 US$ 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.
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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.
Will Germany Be a Lucrative Market for Bio-based Coolant Suppliers?
The Germany bio-based coolants market dominates the European region with 23.4% market share.
Prominent and well-established market players in Germany and the European region are launching innovative bio-based coolant products. They are launching innovative and environment-friendly liquid coolants such as biodegradable coolants, natural antifreeze, etc., providing performance advantages, low viscosity, and high corrosion protection.
Furthermore, companies are constantly testing new-coolant technologies that are less costly as compared to conventional propylene glycol and can improve the working environment for operators.
Sales of bio-based coolants in Germany are expected to increase at 3.3% CAGR across the forecast period of 2022-2032.
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Key Segments Covered in the Bio-Based Coolants Industry Survey
Key suppliers of bio-based coolants are investing their resources in sustainable environmental practices to contribute towards 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 US$ 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.
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Key players in Bio-Based Coolants Market
Key Takeaways from Bio-Based Coolants 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 3.1% growth rate during the assessment period to hold 32.2% market share by 2032-end.
Under end-use industry, the metalworking sector leads the market with 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.
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