Bio-based products have been a recent trend in various industries, specifically for industries utilizing toxic synthetic oils as raw material or for other purposes. Different thermic fluids include hydrocarbon or mineral oil, silicone, aromatics and glycol. Thermic fluids, also known as heat transfer fluids are used to store and transfer heat and prevent excess heating of any device. Bio-based fluids have properties of synthetic thermic and are capable to replace the market for synthetic thermic fluids in almost every end use industry where thermic fluids are used. Synthetic as well as bio-based thermic fluids are used for heating, freezing and dehumidifying applications in various industries such as food processing and beverages, pharmaceuticals, chemicals and more.
Transparency Market Research (http://www.transparencymarketresearch.com/), a leading U.S.-based market research firm, analyses the market for thermic fluid and predicts a compounded annual growth rate of 5.7%, in terms of volume for the period 2012-2018. The report also discusses bio-based fluids, as an emerging product technology and an opportunity in global thermic fluid market.
Bio-based thermic fluids are manufactured using renewable (bio-based) feedstock like glycerin, biomass, corn based sugar and more. Bio based glycols that are prepared using glycerin (which is made using vegetable oils) are further used as an ingredient in bio-based thermic fluids. Bio-based thermic fluids have the advantages of low maintenance cost, corrosion resistance, temperature control and more, and less emission of CO2 when compared with its synthetic counterparts. Increasing crude oil prices, environmental concerns, and growing focus on increasing sustainability of thermic fluids is making the bio-based thermic fluid market more attractive.
There are a number of players in the market manufacturing bio-based thermic fluids having ingredients that are renewable in nature. Production of bio-based thermic fluids has reduced the amount of green house gas emissions compared to petroleum based propylene and ethylene glycol based thermic fluids. Bio based fluids also reduces the amount of non renewable energy in its production process. Numbers of key market players are entering into joint ventures and strategic alliances with top biotechnology firms to achieve sustainability in the market. KOST USA Inc. with ADM and DuPont Tate and Lyle Bio Products with Climalife are two of the major joint ventures in the industry to produce bio-based thermic fluids.
Bio-based thermic fluids are approved by the U.S. Department of Agriculture and have ingredients that have gained GRAS (generally recognized as safe) status from the FDA. Thus bio-based thermic fluids are expected to emerge as potential replacement to synthetic thermic fluids.