Antifreeze & Coolants Market Size Soaring at High CAGR From 2023 to 2030 “Huge Hike in Industry Revenue”:
The global antifreeze and coolants market is set to gain momentum from the rising need to protect the engine from damages. They help in keeping various engine components free from overheating and freezing. This information is given in an upcoming report, titled, “Antifreeze & Coolants Market Size, Share & Industry Analysis, By Product Type (Ethylene Glycol, Propylene Glycol, Others), By Technology (Inorganic Additive Technology (IAT), Organic Acid Technology (OAT), Nitrated Organic Acid Technology (NOAT), Hybrid Organic Acid Technology (HOAT), Others), By Application (Automobiles, Industrial, Others) and Regional Forecast, 2023-2030,” by Fortune Business Insights™. The report further states that antifreeze and coolants are made from the mixture of chemicals, such as polypropylene glycol and ethylene glycol.
The chemicals & materials industry was hit hard by the outbreak of the COVID-19 pandemic. This mainly occurred as the majority of work in this industry cannot be done remotely and requires on-site presence. Also, various companies are facing supply chain disruptions, which, in turn, are resulting in the cancellation or postponement of orders. Our reports would help you in gaining insights into the current market scenario.
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What Does This Report Contain?
- Growth opportunity analysis by segment market
- Regional analysis provides breakdown of the market by regions
- New product launches, emerging trends, and strategic assessment
- Global market intelligence with special emphasis on the leading segment
Drivers & Restraints-
High Demand from Automotive Industry to Accelerate Growth
The automotive industry is the major contributor to the antifreeze and coolants market growth. This is because these products aid in maintaining the optimum temperature inside a vehicle’s engine. They do so by preventing severe damage to its components, as well as by lowering excess heat. At the same, antifreeze and coolants possess multiple beneficial properties, such as anti-corrosion, non-toxic, chemical inertness, low viscosity, and thermal capacity. Coupled with this, the increasing development of engines and ongoing technological innovations would augment demand.
However, the introduction of electric vehicles may hinder the demand for antifreeze and coolants as they don’t require the application of internal combustion engines. They can operate smoothly in batteries and other similar control units.
Increasing Adoption of New Passenger Cars to Favor Growth in Europe
Geographically, Asia Pacific is anticipated to procure the largest antifreeze and coolant market share in the near future. This growth is attributable to the high demand for these products from the automotive industry of countries, such as Japan, India, and China. North America, on the other hand, is expected to grow considerably backed by the increasing usage of organic acid technology (OAT) and inorganic additive technology (IAT) in the industrial sector.
In Europe, the emergence of light & heavy commercial vehicles, as well as new passenger cars would drive the demand for antifreeze and coolants. Latin America and the Middle East & Africa would also show significant growth in the market for antifreeze and coolants fueled by the high demand for hybrid organic acid technology from the aerospace industry.
Key Players Focus on Launching New Products & Signing Agreements to Enhance Their Positions
The market for antifreeze and coolants is fragmented with the presence of various manufacturers. Most of them are focusing on introducing state-of-the-art antifreeze and coolants to keep up with the high consumer demand. Some of the others are signing new agreements with reputed firms to bolster their portfolios. Below are the two latest industry developments:
- September 2019: PEAK unveiled its high-performance extended life antifreeze and coolant named PEAK Antifreeze + Coolant. It is developed by using organic acid corrosion inhibitors and scale-fighting inhibitors to deliver lifetime protection from corrosion.
- May 2019: Chevron Corporation signed a definitive agreement with Anadarko Petroleum Corporation to acquire the latter’s shares in a cash and stock transaction worth USD 33 billion. It would help Chevron to boost its upstream portfolio.
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A list of all the renowned antifreeze and coolants manufacturers operating in the market:
- Motul S.A.
- Cummins Inc.
- Chevron Corporation
- Total S.A.
- Carl Bechem Lubricants
- Fleetguard Filters Private Limited
- Recochem Corporation
- Other prominent companies
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