The new report by Expert Market Research titled, ‘Global Antifreeze Market Growth, Share, Size, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global antifreeze market, assessing the market based on its segments like product, technology, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.8%
The increasing population and the rising disposable income of consumers are expanding the passenger vehicles’ market, leading to more demand for antifreeze products. Furthermore, the Asia Pacific region not only holds a major share in the global antifreeze market but is also expected to grow at the fastest pace in the forecast period of 2022-2027.
The growth of the Asia Pacific’s antifreeze market can be attributed to the increasing investments in the automotive and manufacturing sectors of the region. Furthermore, the growing demand for commercial vehicles like trucks further contributes to the antifreeze market’s growth.
Antifreeze Industry Definition and Major Segments
Antifreeze, also known as engine coolant, is a liquid that helps in regulating the engine of cars during extreme temperature. It a substance that lowers the freezing point of water and protects the system from the ill effects of ice formation. Antifreeze like ethylene glycol or propylene glycol are added to water in automobile cooling systems to prevent damage to radiators.
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The global antifreeze market has been segmented based on the product type:
• Ethylene Glycol Based
• Propylene Glycol Based
• Glycerin Based
The market has also been bifurcated based on the technology:
• Organic Acid Technology Antifreeze (OAT)
• Inorganic Acid Technology Antifreeze (IAT)
• Hybrid Organic Acid Technology (HOAT)
Antifreeze products finds its usage in several applications, namely:
• Industrial Heat Transfer and Cooling System
The EMR report also provides an in-depth market analysis by dividing the market into regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Antifreeze Market Trends
Market players are investing in R&D activities to launch new products and provide better solutions for the users of antifreeze products. For instance, Prestone Products Corporation launched a new line of antifreeze products that are specially produced for European and Asia cars. Old World Industries, LLC launched its PEAK high-performance antifreeze + coolant solution that can be used in all the models of the North American, Asia, and European passenger cars, motorcycles, light and medium duty trucks and SUVs. Such developments are supporting the growth of antifreeze market.
Key Market Players
The major players in the market are Royal Dutch Shell PLC, CCI Corporation, BASF SE, Old World Industries Inc., KMCO LLC, and Sonax GmbH. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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