February 01, 2021
According to the research report titled ‘Global Antifreeze/Coolant Market Size study with COVID-19 Impact, by Base Fluid (Ethylene Glycol, Propylene Glycol and Glycerin), by Technology (Organic Acid (Additive) Technology, Hybrid Organic Acid Technology (HOAT) and Inorganic Acid Technology (IAT)), by Application (Automotive, Industrial and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global antifreeze/coolant market was valued at USD 5.3 billion in 2019 and is anticipated to record a 1.8% CAGR during 2020-2027.
Mounting sales of construction equipment along with increasing vehicle production, and aftermarket product demand are the key factors stimulating global antifreeze/coolant market growth. As per Statista, the number of vehicles produced globally has increased from 59 million in 2002 to 92 million in 2019.
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For those unversed, antifreeze/coolant is combined with water in vehicles to prevent the radiators and engine from freezing and overheating. These coolants assure the heat is transferred under extremely cold conditions and manages the temperature of fluids as well as engine components in all weather conditions.
According to reliable sources, the U.S. Office of Electricity has selected Palo Alto Research Centre (PARC) for electrical energy fuel source. This factor, along with product ability to avert corrosion and scale formation in engine are augmenting global antifreeze/coolant industry outlook.
On the downside, surging demand of battery-operated electric vehicles is anticipated to hamper worldwide antifreeze/coolant industry expansion over the study period. Moreover, the industry is facing many challenges owing to the outbreak of COVID-19 pandemic, with temporary lockdown disrupting the demand-supply chain along with halt of vehicle manufacturing operations.
As per base fluid, global antifreeze/coolant market is split into glycerin, propylene glycol (PG), and ethylene glycol (EG). With respect to technology type, the industry is segmented into inorganic acid technology (IAT), hybrid organic acid technology (HOAT), and organic acid (additive) technology (OAT). Considering the application scope, the market is divided into industrial, automotive, and others.
Speaking of the regional landscape, Asia Pacific presently holds a major portion of worldwide antifreeze/coolant industry share and is projected to witness momentum through 2027, on account of soaring demand for goods carriers from micro, small & medium-size enterprises. Rising mobility trend, increasing ambition to own private vehicles, and improving transport infrastructure are positively swaying the market dynamics.
Major contenders in global antifreeze/coolant market sphere are Cummins Inc., Valvoline Inc., BASF SE, PJSC Lukoil Oil Company, Petronas, Total S.A., ExxonMobil Corporation, Chevron Corporation, Royal Dutch Shell plc, and BP plc.