PORTLAND, Ore., Jan. 25, 2021 /PRNewswire/ — Allied Market Research published a report, titled, «Automotive Antifreeze Market by Fluid Type ( Ethylene Glycol, Propylene Glycol and Glycerin), Technology (Inorganic Additive Technology (IAT), Organic Acid Technology (OAT) and Hybrid Organic Acid Technology (HOAT)), Application (Passenger vehicle, Commercial vehicle and Construction vehicle), and Distribution Channel (Original Equipment Manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020–2027.» According to the report, the global Automotive Antifreeze industry generated $4.92 billion in 2019, and is expected to generate $6.01 billion by 2027, witnessing a CAGR of 7.9% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in demand for high-performance vehicles and increase in use of high-quality technologically advanced additive drive the growth of the global automotive antifreeze market. However, fluctuations in prices of raw materials restrain the market growth. On the other hand, environment friendly and bio based coolants and antifreeze present new opportunities in the coming years.
- Manufacturing plants of automotive antifreezes were shut down and further activities have been hindered due to lockdown across many countries. Furthermore, the ban on international trade and export activities during the initial phase led to disrupted supply chain, thereby creating shortage of raw materials.
- However, the relaxations issued by the government in various regions have supported the industry in economic terms. Also, the demand is expected to grow during the post-lockdown period.
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The ethylene glycol segment to maintain its lead by 2027
Based on fluid type, the ethylene glycol segment held the largest market share, contributing to more than half of the global automotive antifreeze market in 2019, and will maintain its lead position throughout the forecast period. In addition, the segment is estimated to grow at the fastest CAGR of 8.5% from 2020 to 2027. Ethylene glycol is the most cost-effective antifreeze available in the market today. In addition, it has relevant coolant/antifreeze properties such as stability over a wide range of temperatures, high boiling point, low freezing point, and high thermal conductivity and specific heat. All these factors drive the growth of the segment.
The organic acid technology segment to witness its dominance in terms of revenue during the forecast period
Based on technology, the organic acid technology (OAT) segment contributed to the highest share in 2019, accounting for nearly half of the global automotive antifreeze market, and is expected to witness its dominance in terms of revenue during the forecast period. Moreover, the segment is projected to manifest the highest CAGR of 8.5% from 2020 to 2027. The fact that Organic Acid Technology (OAT) based antifreeze does not use silicates which enables longer service life, drives the growth of the market.
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Asia-Pacific to dominate the market, North America to grow at a significant pace
Based on region, Asia-Pacific accounted for the highest share in 2019, holding more than one-fourth of the global automotive antifreeze market, and will maintain its leadership status by 2027. This is due to rising production & sales of ICE vehicles in this province, which leads to increased demand for antifreeze. On the other hand, the Europe region is estimated to portray the largest CAGR of 8.6% during the forecast period. The lower temperature in major parts of the region followed by the increased usage of commercial vehicles as a means of transportation in Europe drives the growth of the market. At the same time, the North America region is expected to manifest a CAGR of 8.2% during the forecast period.
Leading market players
- Prestone Products Corporation
- Rock Oil Company LLC.
- Royal Dutch Shell PLC
- TOTAL SA
- Valvoline Inc.
- Chevron Corporation
- Exxon Mobil Corporation
- Halfords Group PLC.
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Similar Reports We Have on Automotive (Antifreeze Related) Industry:
Automotive Antifreeze Liquid Market by Product Type (Ethylene Glycol, Propylene Glycol, and Glycerin), Vehicle Type (Passenger Vehicles and Commercial Vehicles), and Distribution (OEM and Automotive Aftermarket) – Global Opportunity Analysis and Industrial Forecast, 2020-2027.
Antifreeze Agents Market: Global Opportunity Analysis and Industry Forecast 2019–2027.
Plant Antifreeze Market by Product (Ethylene Glycol, Propylene Glycol, and Glycerin) – Global Opportunity Analysis and Industry Forecast, 2020-2027.
Synthetic Lubricants & Functional Fluids Market by Product (Engine Oils, Transmission & Hydraulic Fluids, Antifreeze & Deicing Fluids, Metalworking Fluids, Heat Transfer Fluids, and Dielectric Fluids), Synthetic Base Stock (Glycols, Polyalphaolefins, Esters, Group III & IV Base Oils, Aromatics, Silicone Fluids, and Others), and End-use Industry (Automotive, Aerospace, Metals, Industrial Machinery, Power Generation, Construction, Process Industry, and Others) – Global Opportunity Analysis and Industry Forecast, 2020-2027.
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