Technological Advancements in Ethylene Glycol Antifreeze Solutions Catalyzing Market Growth
According to our latest market study on "Europe and Middle East & Africa Ethylene Glycol Antifreeze Market Forecast to 2028 – COVID-19 Impact and Analysis – by Technology (Inorganic Additive Technology and Hybrid Organic Acid Technology & Others), Application (Automobiles, Industrial Heating/Cooling, Energy, and Manufacturing & Others), and Distribution Channel [Original Equipment Manufacturers (OEMs), Aftermarkets, and Retail & Others]" the market is expected to grow from US$ 974.67 million in 2022 to US$ 1,342.73 million by 2028. It is expected to grow at a CAGR of 5.5% from 2022 to 2028. The report highlights key factors governing the growth and prominent players and their progress in the market.
Ethylene glycol antifreeze is used in many industrial and commercial applications such as HVAC systems, and automobile. Technological advancements in the development of ethylene glycol antifreeze are mainly driving the market. In addition, the increasing demand for ethylene glycol antifreeze to maintain engine temperature at the required level in automotive further supports the market growth in Europe and the Middle East & Africa. Furthermore, the shifting preference toward sustainably-made ethylene glycol antifreeze among bicycle and car users is likely to offer newer market growth opportunities. However, the volatility in raw material prices is expected to hamper the market's growth during the forecast period.
Ethylene glycol antifreeze is primarily used in industries such as plastics, rubber, petroleum, food, and pharmaceuticals for regulating the heating and cooling of engines and machinery. Heat transfer or thermal fluids are used in processes such as temperature control, cooling, curing, and bonding in the plastic industry. The crude oil production and processing in the petroleum industry essentially requires the best and most efficient heating systems and services. To ensure the proper functioning of machinery in these industries, there is a growing need for ethylene glycol antifreeze. For instance, the food processing sector in the UAE is significantly expanding due to substantial private and public sector investment and low regional tariffs. Thus, rising demand for industrial heating/cooling applications will drive the market.
Wacker Chemie AG; BASF AG; Chevron Corporation; Dow, Inc.; EXXON MOBIL CORPORATION; CCI Corporation; Old World Industries; Prestone Products Corporation; Valvoline LLC.; Shell Plc. are among the key players in the Europe and Middle East & Africa ethylene glycol antifreeze market.
Impact of COVID-19 Pandemic on Europe and Middle East & Africa Ethylene Glycol Antifreeze Market Growth
Supply chain disruptions caused due to the COVID-19 outbreak resulted in insufficient key raw materials and irregular manufacturing processes in African and European countries. The health crisis drastically affected the antifreeze industry as it became difficult to produce ethylene glycol, the raw material used to produce antifreeze. The high demand and low supply equation resulted in the rise in ethylene glycol prices during the COVID-19 outbreak. However, with the relaxation of COVID-19-related restrictions, businesses resumed their production, and the demand for antifreeze increased in the automotive, construction equipment, and industrial heating industries.
The "Europe and Middle East & Africa Ethylene Glycol Antifreeze Market to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the Europe and Middle East & Africa ethylene glycol antifreeze market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The Europe and Middle East & Africa ethylene glycol antifreeze market is segmented based on technology and application. Based on technology, the market is segmented into inorganic additive technology and organic acid technology & hybrid organic acid technology. Based on the application, the market is segmented into automobiles, industrial heating/cooling, energy, and manufacturing & others. In 2021, the automobiles segment dominated the Europe and Middle East & Africa ethylene glycol antifreeze market and is expected to be the fastest-growing segment. Based on distribution channel, the market is segmented into original equipment manufacturers (OEM), aftermarkets, and retail & others.
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