Antifreeze Coolant Market Size was anticipated at USD 3.4 billion in 2022. The Antifreeze Coolant industry is projected to grow from USD 3.6 Billion in 2023 to USD 6.85 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.10% during the forecast period (2023 - 2032). Increased use of antifreeze coolants in the automotive industry and rising disposable income in developing countries are the key market drivers contributing to the market's expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for Antifreeze Coolants is being driven by the Increased use of antifreeze coolants in the automotive industry. Chemicals are used to make antifreeze, a liquid. It raises the boiling temperatures and lowers the freezing temperatures of the water-based liquids in the car's engine. It guards against damage to the engine and prevents overheating and freezing of engine parts. In contrast, coolant is generated from an antifreeze and water mixture, the exact proportions of which vary from car to vehicle. In any weather situation, coolants are used to regulate the outside temperature of fluids and engine components. Additionally, it prevents the fluid in the car's radiator system from freezing in the winter and boiling in the summer. Automotive, aeronautical, and industrial sectors all use antifreeze and coolants.
Additionally, the market has grown as a result of the increased demand for antifreeze and coolant ingredients in the automobile industry. By lowering excess heat and preventing serious damage to the engine's internal components, antifreeze and coolants maintain the ideal temperature inside the car's engine. Additionally, it has great qualities, including a low viscosity level, non-toxicity, and anti-corrosion. The need for antifreeze and cooling agents in the automobile industry has increased as a result of technological advancement and the development of engines. Additionally, the expansion of HVAC systems in manufacturing sectors is anticipated to boost market expansion. There are some limitations and difficulties that will prevent the market from expanding. Market restraints including the growing interest in electric vehicles and fluctuating raw material prices, are having a detrimental impact. Over the anticipated timeframe, the aforementioned factors are anticipated to drive the Antifreeze/Coolant Market size.
COVID-19 had a detrimental effect on the market as demand for cars during the lockdown fell for the first time to near nil. Automobile manufacturing was also halted to uphold social distance norms and stop the virus's spread. However, demand is progressively rising due to the economy's gradual liberalization. The market is anticipated to rebound in the second half of 2021. Numerous OEMs worldwide are spending substantially in the nation to meet worldwide demand for vehicles due to the increasing need for vehicles and government subsidies offered to OEMs to support the Make in India initiative. The rising average is the other element driving the market.
For instance, the natural corrosive innovation segment is projected to contribute the largest share of the antifreeze coolant market in terms of innovation. By 2025, there are expected many potential opportunities in OAT innovation. To protect the components of the cooling framework, natural acids with carbon-based atoms are typically used in natural corrosive innovation (OAT). As a result, it is anticipated that throughout the projection period, demand for Antifreeze coolants will increase due to the rising automotive industry. Thus, driving the Antifreeze Coolant market revenue.
The Antifreeze Coolant market segmentation, based on type, includes Green Antifreeze, OAT Antifreeze, HOAT Antifreeze, and NOAT Antifreeze. The NOAT Antifreeze category dominated the market, accounting for 49% of market revenue (USD 1.7 billion) in 2022. OAT is fasted growing category due to its eco-friendly nature and is not easily replaceable.
Figure 1: Â Antifreeze Coolant Market by Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Antifreeze Coolant market segmentation, based on Product, includes Ethylene Glycol, Propylene Glycol, Glycerin, and Methanol. The Ethylene Glycol category generated the highest market share of about 61% in 2022. It is the most suitable component in any climatic condition and is cost-effective, contributing significantly to market overall growth.
The Antifreeze Coolant market segmentation, based on Application includes Automobile, Aerospace, Industrial, Construction, and Electronics. The Automobile segment dominated the market, accounting for 52% of the market share (USD 1.8 billion) in 2022 Population growth, better economic conditions in developing nations, the rise of the e-commerce sector, better infrastructure, and rising vehicle demand all contribute to the automotive sector's growth, which in turn promotes the market's total expansion.
By Region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region dominates this market, contributing 45.8% of the market share in 2022. In addition, the growing urbanization and availability of cheap labor benefit the automobile business by reducing costs, ultimately boosting the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2:Â Antifreeze Coolant Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America Antifreeze Coolant market accounts for the second-largest market share due to the popularization of advanced vehicles.
The Asia-Pacific Antifreeze Coolant Market is expected to be the fastest-growing Region during the projected timeframe. This is due to significant advancements in technology for car manufacturing. Further, the German Antifreeze Coolant market dominates the market share, and the UK Antifreeze Coolant market is the fast-growing market in the European Region.
Moreover, China’s Antifreeze Coolant market accounts for the highest market share, and Japan’s Antifreeze Coolant market is the fastest-growing market in the Asia-Pacific region.
For instance, The World Economic Forum predicts that most of the transport growth will occur in developing countries over the next 25 years when the world's population is expected to increase. The demand for cars and flights is going to increase as these regions' GDP rises. As a result, during the projected time frame, this Region will lead the antifreeze coolant market.
Leading market players are investing heavily in Research and development to produce new products, which will help the Antifreeze Coolant market to expand. Market participants are also undertaking strategic approaches to strengthen their footprint, with important market developments including new product lines, partnerships, mergers and acquisitions, capex, and strategic alliances with other organizations. The Antifreeze Coolant industry must offer cost-effective items to survive the competition and rising market climate.
Manufacturing locally to minimize expenses is one of the key business tactics manufacturers use in the Antifreeze Coolant industry to benefit customers and capture the market share. In recent years, the Antifreeze Coolant industry has offered the most significant advantages to technology. Major players in the Antifreeze Coolant market, including BP p.l.c.(UK), Exxon Mobil Corporation (US), Chevron Corporation (US), Absolute (France), BASF SE (Germany), Prestone Products Corporation (US), AMSOIL INC.(US), KOST USA, Motul (France), and Lukoil (Russia), are attempting to fulfill the market demand by investing in Research and development for sustainable solutions.
An integrated energy corporation is Chevron Corp, established in 1906, and its main office is in San Ramon, California. The company supports U.S. and foreign companies engaged in integrated oil operations, chemical processes, mining operations, power generation, and energy services with administrative and technological assistance. Upstream and Downstream are the two business segments it uses to run its operations. The Upstream segment focuses on finding, developing, and generating crude oil and natural gas, transporting, and recharging liquefied natural gas, moving crude oil through significant worldwide petroleum export pipelines, and undertaking a fuel-to-liquids project. Intending to acquire equity stakes in Puma Energy Holdings, Chevron Corporation, and Puma Energy signed an interim share sale contract in December 2019.
PrixMax develops, produces, and provides OEM quality, long-lasting, and sustainable engine coolants, treatments, and additions to the coal sector for all varieties of surface, subsurface, and underground equipment. From site inspections and staff training to cutting-edge coolant testing in laboratories and the evaluation program, PrixMax offers a full range of coolant maintenance services—prixMax functions in difficult circumstances. Equipment managers of the biggest mining facilities in the world have relied on PrixMax for more than 20 years to safeguard their engines and reduce unplanned downtime. In September 2018, a fluid for heat transfer called GLYCHILL was introduced by PrixMax in September 2018. With the help of this new substance, automotive equipment can be shielded from rust, boiling, and freezing. Its uses range from indirect cooling and refrigeration equipment to immersion freezing, carbonated beverage packaging, HVAC system, and burst and corrosion prevention.
December 2019:Â To acquire equity stakes in Puma Energy Holdings, Chevron Corporation and Puma Energy signed an interim share sale contract in December 2019.
September 2019:Â The strong-performance extended-life antifreeze coolant, PEAK Antifreeze + Coolant, has been announced by PEAK for release in September 2019. The Product offers lifetime corrosion protection because it comprises measure-fighting and chemical corrosion inhibitors.
September 2018: A fluid for heat transfer called GLYCHILL was introduced by PrixMax in September 2018. With the help of this new substance, automotive equipment can be shielded from rust, boiling, and freezing. Its uses range from indirect cooling and refrigeration equipment to immersion freezing, carbonated beverage packaging, HVAC system, and burst and corrosion prevention.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.4 billion |
| Market Size 2023 | USD 3.6 billion |
| Market Size 2032 | USD 6.8 billion |
| Compound Annual Growth Rate (CAGR) | 8.10% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â BP p.l.c.(UK), Exxon Mobil Corporation (US), Chevron Corporation (US), Absolute (France), BASF SE (Germany), Prestone Products Corporation (US), AMSOIL INC.(US), KOST USA, Motul (France), and Lukoil (Russia) |
| Key Market Opportunities | Increased Research and development to offer new products and Solutions. |
| Key Market Dynamics | Increased use of antifreeze coolants in the automotive industry. Advancement & urbanization in developing countries. |
Antifreeze Coolant Market Highlights:
Frequently Asked Questions (FAQ) :
The Antifreeze Coolant market size was valued at USD 3.4 Billion in 2022.
The Antifreeze Coolant market is projected to grow at a CAGR of 8.10% during 2023-2032.
Asia-Pacific has the largest share of the Antifreeze Coolant market.
The key players in the Antifreeze Coolant market are BP p.l.c.(UK), Exxon Mobil Corporation (US), Chevron Corporation (US), Absolute (France), BASF SE (Germany), Prestone Products Corporation (US), AMSOIL INC.(US), KOST USA, Motul (France), and Lukoil (Russia).
The NOAT Antifreeze Coolant category dominated the Antifreeze Coolant market in 2022.
Ethylene Glycol had the largest share of the Antifreeze Coolant market.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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