Antifreeze/coolants are used to ensure the transfer of heat under extreme cold weather conditions. It prevents engines from overheating. The functioning of an internal combustion engine generates a significant amount of heat and this heat has to be dealt with using a coolant. Antifreeze/coolant plays an extremely vital role in automobiles, HVAC, heavy-duty equipment, aircraft, and electronics, among others. It is used to cool engine parts and ensures workability and performance of engines & heat exchangers. It also prevents freezing when the engine is being used in extremely cold climate. The global antifreeze/coolant market size was valued at USD 5.4 billion in 2020 and is projected to reach USD 5.9 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 1.84%.
The growth of this market is attributed to the growth in the number of vehicles in operation worldwide, along with the growing need for antifreeze in construction equipment and HVAC systems. However, the introduction of coolants with longer service life, heat management in batteries using phase-change materials for electric and hybrid vehicles, and growing trend of engine downsizing may inhibit the growth of the market.
This antifreeze/coolant market report is segmented based on base fluid, application, technology, and region.
Ethylene glycol base fluid is the fastest-growing segment in the antifreeze/coolant market. It is the most preferred automotive coolant. But, ethylene glycol is highly toxic and requires careful disposal. Therefore, the coolant industry began manufacturing coolants that were less toxic. The American Society for Testing and Material (ASTM), an international standard organization, published a standard D5216 in 2000, stating that propylene glycol is suitable for use as an engine coolant in cars and light commercial vehicles. However, ethylene glycol coolants still hold the major share in the market, as they have better properties compared to propylene glycol coolants.
Due to the growth in research activities in the chemical industry, engine coolants have undergone changes in the material composition. Companies have successfully designed coolants with technologies such as Inorganic Acid Technology (IAT), Organic Acid Technology (OAT), and Hybrid Organic Acid Technology (HOAT). OAT is the most preferred technology used to treat base fluids to manufacture antifreeze/coolant. Moreover, it is less expensive than other technologies.
The global antifreeze/coolant market growth depends on various factors, such as overall economic growth of major countries, trends in the automotive industry and the chemical industry. The demand for IC engines continues to grow, which is responsible for the large market share of antifreeze/coolant in the automotive industry. The automotive industry accounts for 80-85% consumption of antifreeze/coolants. The growing demand for HVAC systems that require antifreeze/coolant is also driving the growth of the market.
On the basis of region, the market for antifreeze/ coolant market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The APAC region accounted for the largest market share in 2019. Rising income levels, developing transport infrastructure, growing ambition to own private vehicles, increasing mobility, and increasing demand for goods carriers from micro, small & medium-size enterprises are fueling the demand for antifreeze/coolant in the Asia Pacific region. However, the market in the Middle East & Africa is projected to witness the highest CAGR during the forecast period owing to the growing infrastructure and increasing use of heavy construction equipment in the region.
News From
MarketsandMarkets™ Category: Market Research Publishers and Retailers Profile: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, w ...
