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Global Antifreeze Market to Grow at a CAGR of 6.8% During 2022-2027, Aided by the Increased Demand for High Performance Vehicles

According to a new report by EMR titled, ‘Global Antifreeze Market Report and Forecast 2022-2027’, the global market for antifreeze attained a value of about USD 6.3 billion in 2020. The industry is further expected to grow at a CAGR of 6 .8 % between 2022 and 2027.

The heightened demand for high-performance vehicles is driving the global antifreeze industry due to the rapidly increasing demand for transportation. Moreover, in terms of technology, hybrid organic acid technology (HOAT) is expected to observe a considerable growth in the forecast period. This increase can be attributed to its extensive life expectancy of up to 10 years and excellent corrosion prevention properties. Furthermore, the rapid adoption of new vehicle models of popular brands such as Mercedes and BMW owing to the rising disposable income and aggressive branding and promotion by the luxury automobile brands, and the high resale value of these automobiles are expected to aid the market growth. This will spearhead the growth of the global antifreeze industry.

The growing emphasis of the leading players in the development of antifreeze additives by utilising innovative solutions is expected to significantly bolster the industry growth in the forecast period. In November 2020, Valvoline (NYSE: VVV) introduced their OEM advanced coolants into the market. This range has antifreeze available in OAT, HOAT and Si-OAT variants approved by many leading OEMs. Furthermore, in August 2019, Castrol, a leading antifreeze manufacturer and subsidiary to BP plc (NYSE: BP), announced the launch of their new one-gallon SKU Radicool SF-O Premix coolant. It is a premium quality, nitrite-free, and extended life OAT ethylene glycol-based coolant. Such developments are expected to positively impact the growth of the antifreeze industry in the forecast period.

Market Breakup by Product, Technology, Application, and Region:

  • The market is divided based on product into ethylene glycol based, propylene glycol based, and glycerin based.
  • On the basis of technology, the market can be categorised into organic acid technology antifreeze (OAT), inorganic acid technology antifreeze (IAT), and hybrid organic acid technology (HOAT).
  • Based on application, the industry can be segmented into automobile, aerospace, and industrial heat transfer and cooling system, among others.
  • Region-wise, the global market for antifreeze can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for antifreeze is being driven by the increased demand for high-performance passenger vehicles for transportation.
  • The growing demand for commercial and industrial vehicles such as cranes and trucks with the rapid expansion of the construction and manufacturing industries have significantly contributed to the market expansion.
  • The increased investments in the automotive and aerospace industries are also aiding the industry growth.
  • The rising technological advancements, such as the formulation of hybrid antifreeze varieties, are further propelling market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for antifreeze for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, technology, applications, and major regions of antifreeze.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global antifreeze market are Royal Dutch Shell PLC, CCI Corporation, BASF SE, Old World Industries Inc., KMCO LLC, and Sonax GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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