According to a new research report by Global Market Insights Inc., the Antifreeze Market size is forecast to exceed USD 9.02 billion by 2027 owing to the increasing demand for automotive coolants across the world.
The automobile sector is growing in the Asia Pacific region with China leading in total sales and volume of automotive units produced. Over 32 million passenger cars were being sold in 2020 alone in Asia Pacific and this trend is set to increase further in future. The increasing middle-class income and declining prices for automobiles will support automobile industry growth in China.
Antifreeze has wide-ranging applications from the lowering of freezing point in cold environments to the elevation of boiling point. It removes the excess heat generated in engines, which can damage vehicles if it continues to accumulate. It is used in various industries such as heating, ventilation, and air conditioning, to ensure that it acts as a high-capacity heat transfer medium, protecting machines from corrosion and damage. Wide-ranging product usage and growing trends witnessed across its end-user industry are likely to make notable impacts on the overall antifreeze market share in the coming years.
Ethylene glycol is an industrial chemical used as an engine coolant as well as for deicing. Ethylene glycol is an odorless, colorless, and sweet toxic liquid. The most common use of ethylene glycol is radiator coolant and automotive antifreeze, where the concentration of ethylene glycol is relatively high. Various other uses of ethylene glycol include motor oil, brake fluid, paints, and solvents. Ethylene glycol has better properties of freeze point depression, heat transfer efficiency, and lower viscosity but due to its toxic nature, its use is minimized.
Browse key industry insights spread across 325 pages with 420 market data tables & 40 figures & charts from the report, “Antifreeze Market By Product (Ethylene Glycol, Propylene Glycol), By Technology (Inorganic Acid Technology [IAT], Organic Acid Technology [OAT], Hybrid Organic Acid Technology [HOAT]), By Application (Automotive, Aerospace, Industrial Heating/Cooling), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing consumption of ethylene glycol-based antifreeze
In 2020, the ethylene glycol product segment accounted for the major share of the market of around 51.8% in terms of value. The product possesses a boiling point of 387°F (197.3°C) and freezing point of 9°F (12.9°C), which makes it suitable for use as a coolant in the automotive industry to maintain the vehicle engine at optimum temperature. Ethylene glycol is widely applicable as an antifreeze in automobile engines and an industrial solvent. Rising trends across industries will boost its market size, making a noteworthy impact on the overall antifreeze market value in the coming years.
Rising demand for organic acid technology (OAT)
OAT is expected to grow at a CAGR of 7.9% over the forecast timeframe. OAT technology offers superior protection to all the components of the cooling systems. The growing end-user industries; for instance, the aerospace industry in Asia Pacific due to the rising socio-economic factors resulting in increasing air traffic will have a positive influence on the antifreeze market revenue in the coming years.
Rising sales of antifreeze products in automotive application
The antifreeze market for automotive is expected to grow at a CAGR of 7.8%, which is the highest during the forecast period. This is mainly due to the growing market for automotive around the world and to increase the efficiency of the automotive. It is used to keep the engine cool and remove the excess heat generated. It is also used to remove the ice generated on the surface of the plane. Heating, air-conditioning, ventilation, and air control systems require antifreeze to function properly, showing moderate growth in the future.
Asia Pacific to exhibit a promising gain until 2027
In 2020, the Asia Pacific held the largest market share of around 45.1% and is projected to grow at a CAGR of 8.3% during the assessment period. The growth in the region is mainly driven by upsurge in the automotive, aerospace, and industrial sectors. The rising aerospace industry in the region is mainly driven by the improved consumer spending power, and increased air traffic in the region, driving aircraft manufacturing in the near future.
Furthermore, the well-established automotive sector in Europe is expected to enhance the demand for products in the region. The increasing demand for coolants in aerospace applications in North America is further expected to boost the antifreeze market growth during the forecast period.
Some of the top players in the antifreeze industry include Chevron Philips Chemical Co., Royal Dutch Shell, Kost USA, Total S.A., Exxon Mobil Corporation, Ashland Inc., PETRONAS, Castrol, BASF SE, Dow Chemicals, Sinopec Corporation, and DuPont.