[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
Market Size Value in US$ 6,322.39 Million in 2022 Market Size Value by US$ 8,731.11 Million by 2028 Growth rate CAGR of 5.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Antifreeze Market: Strategic Insights
| Market Size Value in | US$ 6,322.39 Million in 2022 |
| Market Size Value by | US$ 8,731.11 Million by 2028 |
| Growth rate | CAGR of 5.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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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.
Global Antifreeze Market Breakdown – by Region
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
Global Antifreeze Market, by Coolant Type – 2021 and 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Coolant Type, Technology, Application, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The automotive segment held the largest market share. Automobiles is one of the major application areas of antifreeze (coolant). Antifreeze (coolant) is used in cars, trucks, boats, and buses. It is used in car engine to prevent the engine’s cooling system from freezing and prevent it from overheating. By using antifreeze (coolant), the water in car’s engine will not freeze in normal cold weather conditions, neither it will overheat in warm weather. The combustion chamber creates intense heat, depending on operating conditions, ambient weather and engine configuration. Metal expands when they become hot.
The ethylene glycol segment held the largest market share. Ethylene glycol is an alcohol-based organic compound. It is an odorless, colorless, viscous liquid, known to have a sweet taste. Ethylene glycol possess superior heat transfer properties. It is poisonous and must be handled with caution to avoid any human or animal exposure. Ethylene glycol is commonly used in various commercial and industrial applications including antifreeze and coolant. It is an important ingredient in automotive antifreeze and coolant.
The major players operating in the global antifreeze market are BASF SE, Chevron Corporation, CCI Corporation, Dow, Old World Industries, L.L.C., Prestone Products Corporation, Royal Dutch Shell Plc, ExxonMobil Corporation, Trychem Fzco, Sumitomo Chemical Co., Ltd.
In 2022, Europe held the largest share of the antifreeze market. An increasing use of antifreeze in the automotive, industrial heating/cooling, and energy sector is mainly driving the antifreeze market growth in Europe. Countries such as Germany, France, Italy, and the UK have strong presence of the automotive industry. Growing automotive sales in the region creates a huge demand for antifreeze.
The original equipment manufacturers (OEMs) segment held the largest share of the market in 2022. Original equipment manufacturer (OEM) is a company that manufactures/produces and sells products or parts of a product that their buyer, another company, sells to its own customers while putting the products under their own branding. Theses original equipment manufacturers offers coolant (antifreeze) suitable for passenger cars, light trucks, buses, and heavy-duty and off-road applications. They offer formulations that meets explicit performance requirements and are recommended for use in certain vehicles.
Europe is estimated to register the fastest CAGR in the antifreeze market over the forecast period. Players operating in Europe antifreeze market are focusing on different strategies such as investment in research and development activities and new product launches. For instance, in August 2021, Valvoline Inc. has launched new coolants technology in Europe specifically designed for modern engines. It includes, Valvoline Antifreeze Coolant HT-12 Pink which is approved by Volkswagen according to VW TL 774-L (G12evo) and Valvoline Antifreeze Coolant HT-12 Green approved according to BMW Lifetime-Coolant 18 (BMW LC-18). With the release of these coolants, aftermarket customers have access to the latest patented coolant technology.
The List of Companies - Antifreeze Market
- BASF SE
- Chevron Corporation
- CCI Corporation
- Dow
- Old World Industries, LLC
- Prestone Products Corporation
- Royal Dutch Shell Plc
- ExxonMobil Corporation
- Trychem FZCO
- Sumitomo Chemical Co., Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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