Antifreeze Market Revenue to Surpass USD9,603.41 Mn by 2027

November 17 10:50 2021
Antifreeze Market to Grow at a CAGR of 5.6% During 2020 to 2027. In 2019, Asia Pacific contributed to the largest share in the global market.

According to our latest market study on “Antifreeze Market Forecast to 2027 – COVID-19 Impact and Analysis – by Product Type, Technology Type and Application” the market was valued at US$ 6,280.33 million in 2019 and is projected to reach US$ 9,603.41 million by 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Strategic Insights

Report Coverage

Details

Market Size Value in

US$ 6,280.33 Million in 2019

Market Size Value by

US$ 9,603.41 Million by 2027

Growth rate

CAGR of 5.6% from 2020-2027

Forecast Period

2020-2027

Base Year

2020

No. of Pages

168

No. Tables

83

No. of Charts & Figures

82

Historical data available

Yes

Segments covered

Product Type , Technology Type , and Application

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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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. It helps in preventing rigid enclosures from bursting when they expand due to freezing. The study also takes into consideration coolants, which are significantly obtained by mixing antifreeze into water usually at a 50–50 ratio. 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. The companies are offering more products in accordance with coolants as compared to antifreeze.

Upsurge In the Demand for High Performance Vehicles to Boost Its Demand in the Global Market

High performance vehicles refer to vehicles which are known to provide high speed and power. The use of highly potential and advanced engine in the car engine offers better competency in terms of its overall weight, acceleration and high performance quality. The high performance vehicles are gaining momentum owing to their aerodynamic builds, sticky tires, smart suspensions and fortified brakes. The high performance cars have high requirement for automotive antifreeze or coolants as they help in managing the excessive heat generated by the powerful engines and other components present in the vehicles. The antifreeze and coolants used in such vehicles have a boiling point well above the boiling point of water. They safely expand the range of operating temperature and maintain the liquid to metal contact. Antifreeze also maintain temperature by protecting the cooling systems from overheating during extreme heat conditions and from freezing during the winters. They prevent rust & corrosion, engine failure and extend the life of the engine components. The high performance cars have experienced a surge in sales in the past few years. For instance, as per a report published by the University of Groningen, the Mercedes Benz car division sold a total of 2,339,562 cars in the year 2019 in spite of the difficult situation. The growth in its sales was due to the huge market success of their new compact-class models together with the continued strong demand for the E-class and SUVs. Antifreeze play a very crucial role in such high performance vehicles which helps in regulating the engine during extreme temperatures and also in maintain the heat produced by the components. Thus the rising demand for the high performance vehicles drives the growth of the antifreeze market.

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.

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Antifreeze Market: Product Type

Based on product type, the antifreeze market is segmented into ethylene glycol, propylene glycol, glycerin, and methanol. The ethylene glycol segment led the antifreeze market with the largest market share in 2019. Ethylene glycol is an organic compound mainly used as a raw material in the manufacturing of polyester fibers and for antifreeze formulations. It is a colorless, odorless, sweet-tasting, and viscous liquid. End-use industries highly prefer ethylene glycol-based antifreeze due to its exceptional properties such as the ability to be mixed in any proportion to form coolant and miscibility in water. The production cost of ethylene glycol coolants is less as it requires less energy at various stages of conversions, along with the low cost of raw materials. Thus, ethylene glycol coolants are cost-efficient, and this is also one of the primary factors that a huge number of customers opt for ethylene glycol coolants. Earlier, vehicle owners were reluctant to use ethylene glycol owing to its sweet taste and toxic characteristics. The sweet taste of ethylene glycol attracted animals to consume it, which lead to the deaths of pet animals worldwide. Hence, coolant manufacturers started adding a bittering agent in ethylene glycol, and thereafter the product regained its demand in the market. Moreover, the use of ethylene glycol is ideal for winter and summer conditions owing to its properties such as low viscosity and low freezing point. Therefore, it is largely adopted in regions such as Europe and North America.

Antifreeze Market: Competitive Landscape and Key Developments

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. 

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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.

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