Chemicals

Antifreeze/Coolant Market Growth Trajectory Through 2024-2033|Exxon Mobil Corporation, Royal Dutch Shell PLC, TotalEnergies, Chevron Corporation, BASF SE

The Antifreeze/Coolant Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Antifreeze/Coolant Global Market Report 2024, The antifreeze/coolant market size has grown steadily in recent years. It will grow from $5.64 billion in 2023 to $5.89 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to automotive industry growth, rise in vehicle ownership, extreme weather conditions, regulatory standards for engine coolants, increase in commercial vehicle fleet, electric and hybrid vehicles integration.

The antifreeze/coolant market size is expected to see steady growth in the next few years. It will grow to $6.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to global climate change trends, expansion of aftermarket services, stringent environmental regulations, rising consumer awareness of coolant importance, collaboration with automotive OEMs. Major trends in the forecast period include advancements in coolant technologies, technological advancements in automotive engines, rising adoption of organic acid technology (OCT) and hybrid organic acid technology (HOCT), emphasis on environmental sustainability, development of low-toxicity and biodegradable formulations.

Increasing vehicle production is expected to propel the antifreeze/coolant market going forward. Vehicle production refers to the production of passenger cars, light trucks, and utility vehicles, such as minivans, pickup trucks, and sport utility vehicles. Antifreeze or coolant helps to regulate engine temperature, prevent freezing or overheating, and protect against rust or corrosion. For instance, in May 2022, according to an article published by CEIC Data, a US-based provider of macro and micro economic data insights, in the USA, 9.2 million units of motor vehicles were produced in December 2021, a rise from 8.8 million units in December 2020. Therefore, increasing vehicle production is driving the antifreeze/coolant market.

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The antifreeze/coolant market covered in this report is segmented –

1) By Product: Propylene Glycol, Ethylene Glycol, Other Products
2) By Technology: Inorganic Additive Technology (IAT), Organic Acid Technology (OAT), Nitrite Organic Acid Technology (NOAT), Hybrid Organic Acid Technology (HOAT), Other Technologies
3) By Application: Industrial, Automobiles, Other Applications

Major companies operating in the antifreeze/coolant market are focused on introducing advanced solutions, such as engine coolants, to gain a competitive edge in the market. Engine coolant is a specialized fluid that plays a critical role in maintaining the optimal operating temperature of an engine. It serves multiple functions, including transferring heat away from the engine, preventing overheating, and protecting the engine from freezing and corrosion. For instance, in January 2023, BASF SE, a Germany-based chemicals company, launched its GLYSANTIN engine coolants into the Nigerian market. This engine coolant is ideal for a wide range of applications and industry sectors since it provides a distinctive blend of high German quality and several protection features. GLYSANTIN coolants and their various forms of protection can successfully avert damages and save downtime in high-usage applications, ultimately adding to a dependable power supply.

The antifreeze/coolant market report table of contents includes: