The antifreeze/coolant market has experienced consistent growth, escalating from $5.64 billion in 2023 to $5.89 billion in 2024, marking a compound annual growth rate (CAGR) of 4.4%. This growth in the historic period is attributed to the expansion of the automotive industry, the rise in vehicle ownership, extreme weather conditions, regulatory standards for engine coolants, and the increase in the commercial vehicle fleet, including the integration of electric and hybrid vehicles. Projecting into the future, the market is expected to maintain this growth trend, reaching $6.91 billion in 2028 with a CAGR of 4.1%. Anticipated drivers in the forecast period include global climate change trends, the expansion of aftermarket services, stringent environmental regulations, rising consumer awareness of coolant importance, and collaborative efforts with automotive OEMs. Noteworthy trends to watch include advancements in coolant technologies, technological innovations in automotive engines, increasing adoption of organic acid technology (OCT) and hybrid organic acid technology (HOCT), an emphasis on environmental sustainability, and the development of low-toxicity and biodegradable formulations.
Major Driver In The Antifreeze or Coolant Market
Increasing vehicle production is expected to propel the antifreeze/coolant market going forward. Vehicle production refers to the production of passenger cars, light trucks, and utility vehicles, such as minivans, pickup trucks, and sport utility vehicles. Antifreeze or coolant helps to regulate engine temperature, prevent freezing or overheating, and protect against rust or corrosion. For instance, in May 2022, according to an article published by CEIC Data, a US-based provider of macro and micro economic data insights, in the USA, 9.2 million units of motor vehicles were produced in December 2021, a rise from 8.8 million units in December 2020. Therefore, increasing vehicle production is driving the antifreeze/coolant market. The antifreeze/coolant market size was $6.3 billion in 2023, and it is projected to reach $9.7 billion by 2028.
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Antifreeze or Coolant Market Competitive Landscape
Exxon Mobil Corporation, Royal Dutch Shell PLC, TotalEnergies, Chevron Corporation, BASF SE, Honeywell International Inc., Cummins Inc., Solar Thermo Fluids, Public Joint Stock Company, Fuchs Petrolub SE, Valvoline LLC, Camco Manufacturing Inc., Amsoil Inc., British Petroleum plc, MOTUL, Carl Bechem Lubricants India Pvt. Ltd., Comma Oil & Chemicals Ltd., Prestone Products Corporation, Recochem Corporation, Old World Industries LLC, Pentosin-Werke GmbH, Arteco NV, Bar's Products Inc., International Lubricants Inc., Liquid Intelligence Pty Ltd, Silverhook Ltd., Environmental Manufacturing Solutions LLC., Evans Cooling Systems Inc., Peak Antifreeze & Coolant LLC
Key Antifreeze or Coolant Market Trend
Technological innovations are the key trends gaining popularity in the antifreeze/coolant market. Major market players are concentrating on creating innovative technologies such as state-of-the-art silicate organic acid technology (Si-OAT), NAP-free hybrid organic acid technology, and phosphate-free organic acid technology (P-OAT). For instance, in August 2021, Valvoline Inc., a US-based lubricants and automotive chemicals manufacturing company, launched new coolant technologies, Valvoline Antifreeze Coolant HT-12 Green and Valvoline Antifreeze Coolant HT-12 Pink. This high-performance coolant, which contains mono-ethylene glycol Si-OAT technology and advanced performance additives, offers enhanced heat dissipation properties. It is designed to meet the specific requirements of modern, high-powered, compact engines, providing reliable protection against corrosion, overheating, and frost damage to the engine block cooling channels, radiator, and water pump.
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Antifreeze or Coolant Market Segmentation
The antifreeze/coolant market covered in this report is segmented –
1) By Product: Propylene Glycol, Ethylene Glycol, Other Products
2) By Technology: Inorganic Additive Technology (IAT), Organic Acid Technology (OAT), Nitrite Organic Acid Technology (NOAT), Hybrid Organic Acid Technology (HOAT), Other Technologies
3) By Application: Industrial, Automobiles, Other Applications
By Geography:The regions covered in the antifreeze/coolant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the antifreeze/coolant market in 2023.
The Antifreeze or Coolant Global Market Report 2024 furnishes information about the global antifreeze or coolant market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
