Press Release / Automotive / Antifreeze Market by Industry Outlook, Share and Region 2021
Antifreeze Market by Industry Outlook, Share and Region 2021
By rechaldey on June 14 2019 | 899 Views
The global antifreeze market for original equipment was valued at USD 687.5 Million in 2016, and is projected to grow at a CAGR of 5.18% during the forecast period
According to the market research report Antifreeze Market by Vehicle Type, Product (Ethylene Glycol, Propylene Glycol & Glycerin), Engine Coolant Additive Technology OE & Aftermarket (IAT, OAT, & HOAT), & Region and Construction Equipment Engine Coolant Market by Application - Forecast to 2021. The base year considered for the study is 2015, and the forecast period is 2016 to 2021. Increasing vehicle production in North America and Europe, particularly of sports utility vehicles (SUV) and light trucks, and the growing trend of technologically advanced additives are the key factors driving the demand for the antifreeze market. Additionally, growing vehicle parc and increased miles traveled per year are expected to drive the demand for antifreeze in aftermarket segment.
The global antifreeze market for original equipment was valued at USD 687.5 Million in 2016, and is projected to grow at a CAGR of 5.18% during the forecast period
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Passenger cars are expected to dominate the antifreeze market for OE. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), the sales of passenger cars across the globe increased from 55.6 million units in 2010 to 66.3 million units in 2015. The average amount of engine coolant, required in passenger cars, can range from 1 to 5 gallons. The amount of antifreeze present in the engine coolant varies according to temperature zones and OE recommendations.
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Organic Acid Technology (OAT) is estimated to witness the highest growth in the global antifreeze market. The growth of this technology is due to the presence of neutralized inorganic salts and acids, which can be decomposed without impacting the environment. OAT based antifreeze has the maximum presence in North American and European regions, where the usage of IAT based technology has declined significantly owing to its toxic nature. The global demand for OAT based antifreeze is projected to grow owing to the longer replacement life of the OAT based antifreeze, as compared to IAT based antifreeze.
Browse and in-depth TOC on Antifreeze Market
93 - Tables
64 - Figures
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North America is estimated to dominate the antifreeze market for OE. The growth of this market can be attributed to the higher production and demand for large engine capacity vehicles in this region. The production of light commercial vehicles (LCV) in North America increased to 11.0 million units in 2016, with a year-over-year growth rate of 5.7%, according to OICA. This is the highest production of LCVs across all regions. Also, LCVs in North America have a higher antifreeze requirement of around 7-8 liters, which is ~42% higher than other regions. Such factors would contribute to the growth of the antifreeze market in the region.
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Antifreeze Market Key Players
Some of the key manufacturers operating in the market are B.P. PLC (U.K.), Royal Dutch Shell PLC (Netherlands), Total (France), Chevron Corporation (U.S.), and Exxon Mobil Corporation (U.S.).
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