“Global Antifreeze Market to reach a market value of USD 8.5 Billion by 2031 growing at a CAGR of 6.7%”
The Global Antifreeze Market size is expected to reach $8.5 billion by 2031, rising at a market growth of 6.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 4,668.7 Kilo Tonnes, experiencing a growth of 15.5% (2020-2023).
Asia Pacific is home to some of the world's largest and fastest-growing automotive industries, including China, India, Japan, and South Korea. Therefore, the Asia Pacific region captured $2,471.2 Million revenue in the market in 2023. With increasing disposable incomes and awareness about vehicle maintenance, there is a growing trend among consumers and industries to use high-quality antifreeze products to protect their vehicles and equipment. Moreover, total consumption of Antifreeze in China was 629.95 Kilo Tonnes in 2023.
The construction sector relies heavily on various types of heavy machinery and equipment, like excavators, bulldozers, cranes, and loaders, which are equipped with cooling systems. This is essential for preventing freezing and maintaining optimal operating temperatures in construction equipment's cooling systems, especially in regions with cold climates. Thus, because of the expansion of the construction industry, the market is anticipated to increase significantly.
Additionally, green chemistry encourages using biodegradable ingredients and renewable resources in product formulations. These products made from biodegradable materials break down naturally into non-toxic substances when released into the environment, reducing pollution and minimizing harm to ecosystems. Therefore, the market is expanding significantly due to the focus on green chemistry and sustainable practices.
However, prices for raw materials used in antifreeze formulations, such as ethylene glycol and additives, can fluctuate, causing cost unpredictability for manufacturers. Rapid price changes can disrupt production planning, budgeting, and pricing strategies, impacting profitability and financial performance. Thus, price volatility of raw materials can slow down the growth of the market.
By technology, the market is divided into organic acid technology (OAT), hybrid organic acid technology (HOAT), and inorganic additive technology (IAT). The hybrid organic acid technology (HOAT) segment acquired 20.6% revenue share in the market in 2023. HOAT-based antifreeze solutions typically offer extended service intervals compared to conventional coolants. Moreover, in terms of volume, the HOAT segment attained 925.8 Kilo Tonnes in the market in 2023.
Based on application, the market is categorized into automobile, aerospace, and industrial heat transfer & cooling systems. In 2023, the automobile segment dominated the market with 78.9% revenue share. Vehicles are designed to last longer than ever before, leading to higher demand for maintenance products like antifreeze. Moreover, in terms of volume, the automobile segment attained 3,725.6 Kilo Tonnes in the market in 2023.
On the basis of product, the market is segmented into ethylene glycol, propylene glycol, and glycerin. In 2023, the ethylene glycol segment held 60.0% revenue share in the market. Ethylene glycol is one of the primary ingredients used in the formulation of such products. The base fluid provides the necessary freeze and boil-over protection for vehicle cooling systems. Moreover, in terms of volume, the ethylene glycol segment registered 855.4 Kilo Tonnes in the market in 2023.
Free Valuable Insights: Global Antifreeze Market size to reach USD 8.5 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region acquired 24.9% revenue share in the market. North America experiences harsh winter conditions in many regions, particularly in northern states and Canada, where temperatures frequently drop below freezing. Moreover, in terms of volume, the US Market consumed 844.0 Kilo Tonnes Antifreeze in 2022.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 5.1 Billion |
| Market size forecast in 2031 | USD 8.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.7% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 326 |
| Number of Tables | 688 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Technology, Application, Region |
| Country scope |
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| Companies Included | Shell plc, BASF SE, Old World Industries, LLC, SONAX GmbH, Cummins, Inc., TotalEnergies SE, AMSOIL Inc., Paras Lubricants Limited, Exxon Mobil Corporation, China Petrochemical Corporation |
By Product (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Technology (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
The Market size is projected to reach USD 8.5 billion by 2031.
Focus on green chemistry and sustainable practices are driving the Market in coming years, however, High price volatility of raw materials restraints the growth of the Market.
Shell plc, BASF SE, Old World Industries, LLC, SONAX GmbH, Cummins, Inc., TotalEnergies SE, AMSOIL Inc., Paras Lubricants Limited, Exxon Mobil Corporation, China Petrochemical Corporation
In the year 2023, the market attained a volume of 4,668.7 Kilo Tonnes, experiencing a growth of 15.5% (2020-2023).
The Organic Acid Technology (OAT) segment is generating the highest revenue in the Market by Technology in 2023; thereby, achieving a market value of $4.3 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4.2 billion by 2031.
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