NEW YORK, Nov. 18, 2020
NEW YORK, Nov. 18, 2020 /PRNewswire/ -- Ongoing developments in the automotive sector have led to significant product innovations in the antifreeze and coolants industry. Rising vehicle numbers, emerging economies, and increased per capita income are leading to surging demand for advanced versions of antifreeze and coolants on a large scale. This will heighten the procurement rate of antifreeze/coolants during the forecast period, thereby aiding growth of the North America antifreeze and coolants market.
As per PMR analysis, the North America Antifreeze and Coolants Market is anticipated to expand at a CAGR of around 4% over the forecast period of 2020-2030, to reach a valuation of US$ 2.3 Bn by 2030-end.
Key Takeaways from North America Antifreeze and Coolants Market Study
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"The pandemic will permanently change the face of the auto industry, accelerating developments at the operational level. It is expected to create new opportunities for antifreeze and coolants by redefining their specifications for improved end-use applications. It will be seen as a medium for recovery to navigate the crisis," says a PMR analyst.
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North America Antifreeze and Coolants Market to Remain Consolidated
The North America antifreeze and coolants market is moderately consolidated in nature. Tier-1 manufacturers are estimated to account for one-third of the North America antifreeze and coolants market. Some of the leading manufacturers identified in the North America antifreeze and coolants market are Old World Industries, CCI Manufacturing, Valvoline, Chevron Products Company, Royal Dutch Shell, and Roshfrans, amongst others. Manufacturers are aiming to strengthen their market share by improving brand value and expanding distribution networks.
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North America Antifreeze and Coolants Market: Conclusion
In recent times, the antifreeze and coolants industry has witnessed substantial growth due to the rising automotive sector. The North America antifreeze and coolants market is anticipated to influence product innovation, with the high presence of manufacturers having a major share of companies operating in the aftersales channel. Key players focus on acquisition strategies and regional dominance to establish their products in the region. Additionally, stringent regulatory norms pertaining to antifreeze/coolant disposal will proliferate the North America antifreeze and coolants market throughout the stipulated period.
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The research report on the North America antifreeze and coolants market published by Persistence Market Research analyzes market demand trends of the product on a value and volume basis. Global market estimations and growth projections are based on factors such as increase in automotive manufacturing and vehicle parc, growing vehicle fleet size, COVID-19 crisis impact, and robust industrial growth increasing demand in industrial applications. As per PMR's research scope, the North America antifreeze and coolants market has been studied and segmented on the basis of application, type, sales channel, and country. The North America antifreeze and coolants market report also details pricing trends, cost structure, and market presence of leading manufacturers.
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