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Antifreeze Market Size
- Report ID: GMI2203
- Published Date: Jul 2021
- Report Format: PDF
Antifreeze Market Size
Antifreeze market size was valued at around USD 4.81 billion in 2020 and will exhibit a growth rate of over 7.4% CAGR from 2021 to 2027. Total market consumption will grow by 6.9% CAGR in terms of volume to reach 2,224.7 Kilo Tons by 2027. Rapid growth of the automotive industry, increasing purchasing power, and changing lifestyles are some of the major factors boosting the demand for antifreeze in emerging economies.
Antifreeze is used as an additive for the coolant in the internal combustion of liquid cooled engines that can adjust the freezing & boiling points. These additives are used to prevent the liquid coolant from freezing, which can lead to extensive engine damage. Antifreeze is used as an engine coolant, i.e., to increase the boiling point of water in the engine and to avoid the radiator from being overheated. In the aerospace industry, antifreeze is also used to remove moisture accumulated on aircraft wings, which can create additional weight and unnecessary drag during its take-off.
The growth of the automobile industry in emerging countries including Asia Pacific and Latin America is rapid due to the improving socio-economic factors and easy loan approvals, which have triggered growth of the automotive industry and is expected to witness similar gains in the coming years. Automobile has an extensive upstream & downstream linkage to diverse industries and sectors.
Rapid growth of automotive industry in China and India has enhanced the demand for automotive and automotive coolant, which will make significantly impact the antifreeze market share during the forecast timeframe. Additionally, improving consumer lifestyle and increasing number of international travelers in Asia Pacific has led to rising air traffic, triggering the demand for aircraft. These trends will have positive impacts on the coolants market size over the projected timespan.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Antifreeze Market Size in 2020: | 4,813.8 Million (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 7.4% |
| 2027 Value Projection: | 9,022.2 Million (USD) |
| Historical Data for: | 2017 to 2020 |
| No. of Pages: | 325 |
| Tables, Charts & Figures: | 460 |
| Segments covered: | Product, Technology, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Strong investments in R&D facilities of the aerospace & defense sector in North America and Europe coupled with rising air traffic will trigger aircraft demand, which will have a positive influence on the product demand, and thus have an increase in the overall antifreeze market in the coming years.
Antifreeze is used as an engine coolant, i.e., to increase the boiling point of water in the engine and to avoid the radiator from overheating. In the aerospace industry, antifreeze is also used to remove moisture accumulated on aircraft wings, which can create additional weight and unnecessary drag during its take-off.
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Antifreeze Market Scope
