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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.
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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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