Antifreeze Market Key Companies and SWOT Analysis by 2028

[Research Report] The antifreeze market size was valued at US$ 6,322.39 million in 2022 and is projected to reach US$ 8,731.11 million by 2028. It is expected to grow at a CAGR of 5.5% from 2022 to 2028.

The market is highly competitive due to the presence of several regional and global players. Players operating in the antifreeze market are competing on the basis of product quality, price, and product differentiation. Market players focus on adopting different strategies, such as investments in research and development activities, partnerships, and expansion, on standing out as strong competitors. Many researchers are focusing on developing bio-based and eco-friendly antifreeze, which also helps reduce carbon footprints.

In 2021, Asia Pacific held the largest revenue share of the global antifreeze market. The antifreezemarket in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The major factor driving the antifreeze market growth in the region is the increasing use of antifreeze in the automotive industry. The increasing automotive sales in the region is creating a huge demand for antifreeze. According to the India Brand Equity Foundation, in India, the automobile industry contributes almost 6.4% of the country's gross domestic product (GDP). According to the same source, the passenger car market in India was valued at US$ 32.70 billion in 2021, and it is expected to reach a value of US$ 54.84 billion by 2027.

Further, there is increasing use of solar energy in the region. Antifreeze is used in solar water heating systems as heat transfer fluid. All these factors positively influence the antifreeze market in the region.

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Antifreeze Market: Strategic Insights

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Impact of COVID-19 Pandemic on the global Antifreeze Market

The demand for antifreeze was mainly driven by industries, such as automotive, industrial heating, energy manufacturing, and construction equipment, before the COVID-19 pandemic. However, the COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

In 2020, various industries had to slow down their operations due to supply chain disruptions caused by the shutdown of national and international borders upon the onset of the COVID-19 pandemic. The automotive industry is one of the major end-users of antifreeze. China leads the automotive industry both in terms of production and consumption. In the automotive industry, consumer demand has declined dramatically. The COVID-19 pandemic has negatively impacted the construction and infrastructure sectors globally.

However, with the uplift of COVID-19 guidelines, the demand for antifreeze is increasing in various sectors, including the automotive sector. Various industries are resuming their operations, including the automotive industry. This, in turn, is creating demand for antifreeze.

Market Insights

Increasing Vehicle Production and Aftermarket for Antifreeze and Engine Coolants

In the automotive industry, antifreeze is used in the internal combustion of liquid-cooled engines that can adjust the freezing and boiling points. The automotive sector has witnessed tremendous growth in the last decade. The growth of the automotive industry in various economies such as the UK, Germany, France, China, India, and Italy has mainly driven the global antifreeze market growth. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the number of commercial and passenger cars produced in American countries increased from ~16.2 million to ~20 million from 2010 to 2019, at a rate of more than 23%. Further, China contributes significantly to the global automotive market. Companies operating in the automotive market are also investing heavily in the automobile manufacturing sector.

Coolant Type Insights

Based on coolant type, the global antifreeze market has been segmented into ethylene glycol, propylene glycol, and glycerin & others.The global market share for the ethylene glycol segment was largest in 2021. Ethylene glycol is an odorless, colorless, viscous liquid with superior heat transfer properties. It is poisonous and needs to be handled cautiously to avoid human or animal exposure. Ethylene glycol helps to prevent coolant liquid from freezing within the radiator by lowering its freezing temperature, lubricating the water pump, and inhibiting corrosion. It also finds application as a coolant to reduce overheating car engines in the summer.

Technology Insights

Based on technology, the global antifreeze market has been segmented into inorganic additive technology, organic acid technology, and hybrid organic acid technology & others. The market share for the organic acid technology segment was largest in 2021.  Organic acid technology coolants are originally marketed as permanent or long-life antifreeze. Propylene glycol is used as the base in organic acid technology products. Hence, they are less harmful to pets, kids, and the environment in case of spillover.  Various organic acid technology coolant type includes nitrated organic acid technology, phosphate organic acid technology, and silicated organic acid technology.

Wacker Chemie AG, BASF SE, Chevron Corporation, Dow Inc., EXXON MOBIL CORPORATION, CCI Corporation, Old World Industries, Prestone Products Corporation, Valvoline LLC, and Shell plc are some of the major players operating in the global antifreeze market.  Players operating in the global market are constantly focusing on strategies, such as investments in research and development activities and new product launches. These market players are highly focused on the development of high-quality and innovative product offerings to fulfill the customer’s requirements.

Report Spotlights

• Progressive industry trends in the global antifreeze market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the global antifreeze market from 2020 to 2028
• Estimation of demand for antifreeze globally
• Recent developments to understand the competitive market scenario
• Market trends and outlook and factors driving and restraining the global antifreeze market growth
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the global market growth
• The global antifreeze market size at various nodes
• Detailed overview and segmentation of the market and the global antifreeze market industry dynamics
• The global antifreeze market size in various regions with promising growth opportunities

Antifreeze Market Regional Insights

The regional trends and factors influencing the Antifreeze Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Antifreeze Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Antifreeze Market Report Scope

Antifreeze Market Players Density: Understanding Its Impact on Business Dynamics

The Antifreeze Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Global Antifreeze market

The global market is segmented based on coolant type into ethylene glycol, propylene glycol, and glycerin & others. Based on technology, the market is segmented into inorganic additive technology, organic acid technology, and hybrid organic acid technology & others. Based on application, the market is segmented into automobiles, industrial heating/cooling, energy, and manufacturing & others. The market is segmented based on distribution channels into original equipment manufacturers (OEMs), aftermarket, and retail & others.

Company Profiles

Wacker Chemie AG, BASF SE, Chevron Corporation, Dow Inc., EXXON MOBIL CORPORATION, CCI Corporation, Old World Industries, Prestone Products Corporation, Valvoline LLC, and Shell PLC are some of the major players operating in the global antifreeze market.