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Global Automotive Antifreeze Market to Grow at CAGR of 7.7% During 2021-2026, Aided by the Emergence of Nature Friendly Antifreeze Fluids

According to a new report by EMR titled, ‘Global Automotive Antifreeze Market Report and Forecast 2021-2026’, the market attained a value of about USD 3.41 billion in 2020. The industry is further expected to grow at a CAGR of 7.7% in the forecast period of 2021-2026 to reach a value of nearly USD 5.38 billion by 2026.

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:

  • On the basis of fluid type, the market can be divided into ethylene glycol, propylene glycol, and glycerine.
  • Based on technology, the industry segmentations include inorganic additive technology (IAT), organic acid technology (OAT), and hybrid organic acid technology (HOAT).
  • The major applications of automotive antifreeze are passenger vehicle, commercial vehicle, and construction vehicle.
  • On the basis of distribution channel, the market can be categorised into original equipment manufacturers (OEM), and aftermarket.
  • The major regional markets for automotive antifreeze are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • Antifreeze liquids in high performance, heavy vehicles to maintain the temperature of the vehicle and provide an increased life span is augmenting the market growth.
  • The market is being driven by rapid technological advancements owing to investments in research activities in the chemical manufacturing of antifreeze liquids.
  • A rise in demand for personal vehicles with the advent of the coronavirus pandemic, owing to rising health concerns, is positively influencing the market growth of automotive antifreeze.
  • Manufacturing of nature-friendly antifreeze, owing to rising awareness regarding environmental degradation, is facilitating the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global automotive antifreeze industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for fluid types, technologies, applications, distribution channels, and regions of automotive antifreeze.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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