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Due to rising concerns regarding environmental degradation, manufacturing of bio-based antifreeze fluids is increasingly contributing to the growth of the market. As antifreeze liquids are known to pollute water bodies and can have a toxic influence on small animals, governments of various countries have laid down stringent rules to manufacture products that cause no harm to the environment. Due to the high compatibility, low cost, and non-toxic properties of propylene glycol, it is used as a major component in manufacturing coolants based on inorganic additive technology. In addition, to reduce the dependency on the already depleting fossil fuels, bio-based alternatives, such as glycerine, is being extensively used owing to their environment-friendly properties. Thus, the rising demand for nature-friendly automotive antifreeze fluids is generating market growth.
One of the global leaders in automotive antifreeze liquids, Castrol Limited (NSE: CASTROLIND), has announced the launch of its new range of automotive fluids in June 2021. The latest development in the company’s product line is launched under the name Castrol-ON and is aimed at enhancing the performance of electronic vehicles. The e-Coolant segment of the Castrol-ON product line improves thermal management, keeping batteries cooler and at stable temperatures, even in extreme weather conditions. This enables ultra-fast charging and aids in extending the battery life. With the rising focus on electronic vehicles globally, the e-coolants launched by Castrol limited are anticipated to drive the market growth over the forecast period.
Market Analysis by Fluid Type, Technology, Application, Distribution Channel, and Region:
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The major players in the global automotive antifreeze market are Castrol Limited, Halfords Group PLC, Chevron Corporation, Exxon Mobil Corporation, Motul, and Prestone Products Corporation, 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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