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“The number of vehicles in operation and growth in HVAC systems is projected to drive the overall growth of the antifreeze/coolant market .”
The global antifreeze/coolant market size was valued at USD 5.4 billion in 2020 and is projected to reach USD 5.9 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 1.8%. The global antifreeze/coolant industry will be driven primarily by the increase in the number of vehicles in operation worldwide. The growth in the HVAC systems and construction equipment industry are the other key factor contributing to the steady growth of the antifreeze/coolant market.
“Automotive segment to lead the antifreeze/coolants market.”
The automotive segment dominates the antifreeze/coolant market. The increase in the number of vehicles in operation at the global level is one of the factors driving the antifreeze/coolant market. This growth in the automotive sector can be attributed to growing population, improved socio-economic conditions, emerging economies, expanding e-commerce industry, improved infrastructure, increasing vehicle fleet, and other factors. The growth of the automotive engine coolant in the antifreeze/coolant market is directly related to the increase in the number of motor vehicles operating and total miles driven per year, as they play a mandatory role in the engine cooling system of a vehicle.
“Ethylene glycol is projected to be the fastest-growing segment from 2020 to 2025.”
Growth of ethylene glycol as a base fluid in the antifreeze/coolant industry is primarily attributed to its cost-effectiveness and its ability to be used in all climatic conditions, making it the most preferred base fluid across the globe. It is used as antifreeze in automotive engine cooling and is also used in many industrial cooling applications. Recycling of ethylene glycol from processes such as distillation, reverse osmosis, and ion exchange is also gradually making its mark in the market for utilization as engine coolant.
“OAT technology is projected to be the fastest-growing segment in the antifreeze/coolant market from 2020 to 2025.”
The OAT technology is projected to witness significant growth by 2025. Organic acid technology (OAT) is based primarily on carbon-based molecules, typically organic acids, to protect cooling system components. This technology has a life of about 5 years or 250,000 km in automotive applications. The technology is generally safe for both aluminum engines and rubber parts.
“The antifreeze/coolant market in the Middle East & Africa (MEA) region is projected to grow at the highest rate during the forecast period.”
The Middle East & Africa (MEA) region is projected to grow at the highest rate from 2020 to 2025. The demand from the automotive and heavy construction equipment is a key growth factor for the antifreeze/coolant market in the region. Major construction projects such as Etihad Rail, infrastructure for the FIFA World Cup 2022, and expansion of existing transportation networks are all expected to be completed during the forecast period. These infrastructural projects taken up in the MEA require heavy equipment which consumes antifreeze/coolant. This is expected to boost the growth of the antifreeze/coolant market in the region.
- By Company Type: Tier 1: 54%, Tier 2: 23%, and Tier 3: 23%
- By Designation: C-level: 61%, D-level: 23%, and Others: 16%
- By Region: Asia Pacific: 33%, Europe: 27%, North America: 25%, Middle East & Africa: 10%, and South America: 5%
The global antifreeze/coolant market comprises major manufacturers, such as BP Plc (UK), Royal Dutch Shell Plc. (Netherlands), Chevron Corporation (US), ExxonMobil Corporation (US), Total S.A. (France), LUKOIL (Russia), Petronas (Malaysia), BASF (Germany), Valvoline Inc. (US), and Cummins Inc. (US)
The market study covers the antifreeze/coolant market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on application, base fluid, technology, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the Antifreeze/coolants market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall antifreeze/coolant market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.