The global antifreeze market was valued at US$ 6,280.33 million in 2019 and is projected to reach US$ 9,603.41 million by 2027; it is expected to grow at a CAGR of 5.6% from 2020 to 2027.
Antifreeze is a type of additive that helps in lowering the freezing point in a water-based liquid. A mixture of antifreeze is used to obtain freezing point depression for cold environments. Antifreeze are used to increase the boiling point of a liquid and provide higher coolant temperature. It is mainly deployed in automobiles for the altering the freezing point and the boiling point of coolants in the combustions placed internally in the liquid cooled engines. Antifreeze can be developed from organic acid, azoles, and inorganic salts or from the combination of these. The ethylene glycol antifreeze is used as a base to create the liquid that is pumped into the vehicle engine for regulating and maintaining the optimum operating temperature during the extreme cold or hot temperatures.
Based on product type, the antifreeze market is segmented into ethylene glycol, propylene glycol, glycerin, and methanol. The ethylene glycol segment held the largest market share in 2019. The ability of ethylene glycol-based freezers to get mixed in any proportion for the purpose of forming coolant and its miscibility drives the market growth for this segment. Ethylene glycol are cost efficient and possess low viscosity, which makes it ideal to be used across several application base. Ethylene glycol is also suitably used as an antifreeze for the HVAC systems, ice skating rinks, and gas compressors, which bolsters its demand.
By region, the antifreeze market is segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA). In 2019, Asia Pacific held the largest share of the market. The demand for antifreeze is expected to increase in the region due to increasing spending capacity and better living standards of the consumers and expanding industrialization. The other factor contributing to the expansion of the antifreeze in Asia Pacific is the growth in the automotive industry owing to the rise in the demand for automobiles. In addition, an upsurge in the construction and mining activities, and rise in the research & development activities conducted by the manufacturers are escalating the growth of the antifreeze market in Asia Pacific.
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of January 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 pandemic is hindering economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are disrupting the business collaborations and partnerships opportunities. All these factors are adversely affecting the chemicals & materials industry, which is restraining the growth of antifreeze market.
Amsoil Inc.; BP p.l.c.; Chevron Corporation; BASF SE; CCI Corporation; Old World Industries, LLC; Prestone Products Corporation; Total; Exxon Mobil Corporation; and Royal Dutch Shell Plc are among the major players operating in the global antifreeze market.
The overall global antifreeze market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global antifreeze market.