The antifreeze market is expected to witness substantial growth by 2027 due to surging product demand in several applications. Additionally, harsh weather conditions in key regions is expected to further support market growth through the forecast period.

After the COVID-19 outbreak, several industries were forced to halt operations temporarily. Therefore, market players employed lucrative strategies to boost product adoption in industrial applications, which has been favorable for business expansion. For instance, in May 2020, oil giant Castrol offered substantial savings to customers switching to Castrol industrial coolants for their operations.

Furthermore, antifreeze is extensively used in automobiles as it saves the engine from overheating in low or high temperatures. The liquid usually contains a combination of water and glycol chemicals, which serve as anti-corrosion agents and lubricants to keep the radiator of a vehicle in good condition.

Moreover, with rising climate consciousness, automotive manufacturers are expediting the electrification of their vehicle fleet. Antifreeze helps control the temperature in both electric as well as hybrid vehicles, which has propelled market growth across the globe.

For in-depth assessment, the antifreeze market has been categorized based on form, application, and region. In terms of form, the market has further been bifurcated into propylene glycol, ethylene glycol, and others.

In 2020, the propylene glycol sub-segment accounted for around 36.8% of the antifreeze market and is estimated to observe substantial growth by 2027. The others sub-segment held about 11.4% share in the overall market revenue and is calculated to progress at a considerable pace over 2021-2027.

With respect to application, the market has been segmented into organic acid technology (OAT), automotive, industrial heating/cooling, inorganic acid technology (IAT), aerospace, hybrid organic acid technology (HOAT), and others.

The inorganic acid technology (IAT) sub-segment and the industrial heating/cooling application segment are projected to grow at a CAGR of over 5.8% through the forecast period. The antifreeze market from the hybrid organic acid technology (HOAT) sub-segment is anticipated to grow at about 7.3% CAGR over the assessment timeframe.

In 2020, the aerospace sub-segment accounted for nearly 22.6% of the antifreeze market and is projected to expand at a notable pace through the analysis period. The antifreeze market size from the others sub-segment is also speculated to showcase significant growth over the estimated timeframe.

Based on region, North America accounted for around 18.6% of the antifreeze market in 2020 and is expected to see considerable growth by the end of the forecast period. The Europe antifreeze market held nearly 22.5% share in the overall market revenue in 2020 and is set to progress at a steady CAGR through the assessment timeline.

In 2020, Latin America accounted for over 7.7% of the antifreeze market in 2020 and is projected grow at a CAGR of 6.0% during the assessment period. Meanwhile, the Middle East & Africa antifreeze market is likely to exhibit significant growth over the following years.