Antifreeze Market Growth & Trends
The global antifreeze market size is anticipated to reach USD 8,709.6 million by 2030, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing automotive sector in emerging economies including China, India, Indonesia, South Korea and Mexico is expected to drive market demand.
Rising concerns in protecting automotive engines and radiators against overheating, freezing and corrosion is expected to drive the demand for antifreeze. Increasing demand for passenger cars & light weight commercial vehicles in China & India coupled with favorable government policies on automotive development and manufacturing is expected to create immense market potential.
High demand for coolants based on minimally depleting carboxylate technology as substitutes for conventional antifreeze based on silicates, nitrates, phosphates and amines is expected to translate into rapid industry growth over the forecast period.
Aerospace accounted for the second largest application sector. Growing commercial aerospace subsector coupled with increasing defense budgets by countries including UK, Middle Eastern Countries, Japan, France, India and China will promote industry growth.
Request a free sample copy or view report summary: Antifreeze Market Report
Antifreeze Report Highlights
Ethylene Glycol based antifreeze were the dominant product segment and accounted for over 59% of the total market share in 2022 owing to increasing usage in deicing, prevention of radiator overheating and protection against radiator freezing.
Asia Pacific accounted for the largest share in 2022 and is anticipated to show substantial growth considering increasing demand for passenger cars and light commercial vehicles mainly in China and India.
The European aerospace market is expected to witness the maximum growth owing to the immense investments made in aerospace R&D and presence of abundant players in countries including Germany, France, UK, Sweden and Poland.
The industrial heat transfer and cooling system on HVAC equipment market is expected to grow significantly over the forecast period owing to the increasing demand in end use industries including residential, industrial, commercial and automotive. This will drive the demand for antifreeze in HVAC equipment.
Stringent regulatory framework regarding antifreeze disposal & recycling has compelled manufacturers to adopt environment-friendly, sustainable materials & products in the automotive industry.
The presence of major players in the market including Royal Dutch Shell, Total S.A., Gulf Oil International is expected to augment industry size.
Commentaires