The North America Antifreeze Market would witness market growth of 6.2% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 835.2 Kilo Tonnes, showcasing a growth of 15.1% (2020-2023).
Ethylene glycol is a key component extensively used in the market for its exceptional properties in preventing engine freezing and overheating. As a versatile chemical compound, ethylene glycol serves as the primary base for most conventional formulations. Its low freezing point and high boiling point make it an ideal coolant for various automotive and industrial applications. Therefore, total consumption of Ethylene glycol in the US Market was 627.8 Kilo Tonnes in 2023.
The US market dominated the North America Antifreeze Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,465.5 million by 2031. The Canada market is experiencing a CAGR of 8.1% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 7.6% during (2024 - 2031).
Antifreeze is most commonly associated with the automotive industry. It is used in internal combustion engines to prevent the freezing of engine coolant during cold weather and to raise the boiling point of the coolant during hot weather. This prevents engine damage caused by freezing or boiling coolant and helps maintain optimal engine performance. This is used in industrial cooling systems to regulate temperatures in equipment and machinery.
Antifreeze is used in aircraft cooling systems to prevent freezing at high altitudes where temperatures can drop significantly. It helps maintain the proper functioning of aircraft engines and hydraulic systems, ensuring safe operation during flight. This is used in marine engines and cooling systems to prevent freezing and corrosion in marine environments. It is essential for boats, ships, and other marine vessels operating in cold conditions.
As per the International Trade Administration, Mexico City is the world's fifth most populous city, with 21 million people and 33.4 million vehicles. In 2018, Mexico recorded a 68 percent increase in EV sales, and hybrid vehicle sales surpassed 17,800 units compared to 2017. 955,393 electric and hybrid vehicles were sold in 2019 from January through September. The expansion of the electric vehicle segment diversifies the automotive industry in Mexico, which traditionally focuses on internal combustion engine vehicles. Eco-friendly technologies and electric vehicles are becoming increasingly popular in Mexico due to the country's growing emphasis on environmental sustainability and legal compliance. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The Antifreeze Market is Predict to reach USD 8.5 Billion by 2031, at a CAGR of 6.7%
Based on Product, the market is segmented into Ethylene Glycol, Propylene Glycol, and Glycerin. Based on Technology, the market is segmented into Organic Acid Technology (OAT), Hybrid Organic Acid Technology (HOAT), and Inorganic Additive Technology (IAT). Based on Application, the market is segmented into Automobile, Aerospace, and Industrial Heat Transfer & Cooling Systems. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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 Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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