CHICAGO, June 16, 2020
CHICAGO, June 16, 2020 /PRNewswire/ -- According to the new market research report "Antifreeze/Coolant Market by Application (Automotive, Industrial), Base Fluid (Ethylene Glycol, Propylene Glycol and Glycerine), Technology, Regions (North America, Europe, APAC, Middle East & Africa, and South America) - Global Forecast to 2025", published by MarketsandMarkets™, the global Antifreeze/Coolant Market size was valued at USD 5.4 billion in 2020 and is projected to reach USD 5.9 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 1.8%. The antifreeze/coolant industry will be driven primarily by the increase in the number of vehicles in operation worldwide. The growth in the HVAC systems and construction equipment industry are the other key factor contributing to the growth of the antifreeze/coolant market over the next few years.
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In terms of value and volume, automotive is estimated to lead the antifreeze/coolant market in 2019.
The automotive segment led the antifreeze/coolant market in 2019. The number of vehicles in operation at the global level is one of the factors driving the antifreeze/coolant market. This growth in the automotive sector can be attributed to growing population, improved socio-economic conditions, emerging economies, expanding e-commerce industry, improved infrastructure, increasing vehicle fleet, and other factors. The growth of the automotive engine coolant market can be directly related to the increase in the number of motor vehicles operating and total miles driven per year, as they play a mandatory role in the engine cooling system of a vehicle.
Ethylene glycol is estimated to lead the antifreeze/coolant market in 2019.
Ethylene glycol led the antifreeze/coolant market share in 2019, in terms of value and volume. Growth of the ethylene glycol as a base fluid in the antifreeze/coolant industry is primarily attributed because of its cost-effectiveness and its ability to be used in all climatic conditions, making it the most preferred base fluid across the globe. It is used as antifreeze in automotive engine cooling and is also used in many industrial cooling applications. Recycling of ethylene glycol from processes such as distillation, reverse osmosis, and ion exchange is also gradually making its mark in the market for utilization as an engine coolant.
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OAT (organic acid technology) is estimated to lead the antifreeze/coolant market in 2019.
OAT (organic acid technology) led the antifreeze/coolant market share in 2019. OAT technology is projected to have significant growth opportunities by 2025. Organic acid technology (OAT) is based primarily on carbon-based molecules, typically organic acids, to protect cooling system components. This technology has a life of about 5 years or 250,000 km in automotive applications. The technology is safe for both aluminum engines and rubber parts.
APAC is estimated to lead the antifreeze/coolant market in 2019.
APAC led the antifreeze/coolant market in 2019. Growth in the automotive and manufacturing sectors offer an evolving and lucrative market opportunity for the antifreeze/coolant market in APAC. The rising income levels, developing transport infrastructure, growing ambition to own private vehicles, increasing mobility, and increasing demand for goods carriers from micro, small & medium-size enterprises are fueling the demand for antifreeze/coolant in the APAC region.
The global Antifreeze/coolants market comprises major manufacturers, such as ExxonMobil Corporation (US), Royal Dutch Shell Plc (Netherland), Chevron Corporation (US), BP Plc (UK), Total S.A. (France), BASF SE (Germany), and LUKOIL (Russia). Expansions, acquisitions, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the antifreeze/coolant market.
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