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Antifreeze Coolant Market Impressive Growth 2018 | Crucial Companies - DOW Chemical Company, BP plc, Chevron Corporation, BASF SE, Kost USA Inc., Total S.A., Exxon Mobil Corporation, LUKOIL Oil Company, Motul S.A., Petroliam Nasional Berhad (Petronas), Ro
Antifreeze Coolant Market
March 2018 –Chevron Products Company, a division of Chevron U.S. Inc. launched a new First Source Lubrication Marketer known as LubeSource for Chevron Canada Limited. LubeSource customers can purchase Delo, Havoline and Chevron lubricants through LubeSource. The LubeSource customer would benefir from local warehouse leading to short lead time, regular programs, advertising and marketing support, and technical lubricant and coolant expertise.
February 2015 – Royal Dutch Shell PLC expanded product portfolio by adding new coolant material such as ROTELLA® Extended Life Coolant - Nitrite Free (ELC NF). This coolant is required with ROTELLA® Ultra ELC™ as well. These two products are designed to meet requirements of commercial vehicles which incorporates nitrite free engine antifreeze formulation. The new product protects aluminium components that can also be used in passenger cars and light duty trucks. This product offers excellent heat transfer and extend the life span of water pumps, radiators and other cooling system components.
April 2015 – Chevron launched heavy duty antifreeze based on ethylene glycol that is suitable for gasoline, diesel and natural gas powered automotive and industrial engines. This antifreeze is recommended for both off road, on-road and stationary application.
Antifreeze Coolant Market – Competitive Analysis
Antifreeze market comprised of prominent and well established regional players that emphasized on various strategies to expand their global presence. The major strategies adopted by market participants are expansion and product launch in order to achieve growth in Antifreeze Coolant Market. During 2015, high emphasises on product launch maintain competitive advantage among top players. This also led to adopt more strategies such as agreement and joint venture to increase their market share and let the companies to increase revenue within the company and subsidiaries. For instance, Chevron Corporation represents vertical integration model and maintain complete chain of oil & gas industry. Thus, the company focus on emerging market to expand its antifreeze product base. Moreover, Shell company focus on R&D and innovative technology thereby, launch new products to meet customer needs and increase market share.
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Antifreeze Coolant Market – Market Overview
Antifreeze/Coolants are used to maintain temperature under extreme heat and cold conditions. This especially prevent engines from heating. Antifreeze provides corrosion resistance and protection from freezing along with effective heat dissipation. Increasing demand of antifreeze in heat transfer application and prevent engine freezing at very cold conditions are expected to drive the market. Moreover, rising automotive industry in China, India, Mexico and Japan are likely to augment the market growth.
According to various coolants available in market, propylene glycol accounts projected to grow at highest CAGR owing to less toxic and environment friendly compared to ethylene glycol. This product has gained high importance in automotive and industrial application due to stringent regulation for limiting the VOC emissions. Ethylene glycol holds largest market share in global antifreeze coolant market. Increasing consumption of coolants to prevent overheating and freezing of hydraulic brakes and radiators are expected to fuel the market growth. However, these products witness stagnant growth owing to legislation regarding coolant disposal, toxicity and corrosive properties leading to high cost, thus further hampering the market growth.
Based on various application, automobile industry is prominent industry in the Global Antifreeze Coolant Market. Rising demand of antifreeze in HVAC for auto parts and winterization of potable water systems along with air conditions are anticipated to drive the market growth. Aerospace and defense sector witness significant growth on account of rising passenger travel and growing R&D in aerospace subsector. Industrial and electronic industry are projected to grow significantly due to easy facilitate of heat transfer process under extreme condition which helps the small components to maintain temperature at minimum level. Furthermore, easy availability of raw material including ethylene glycol and glycerine are expected to fuel the product demand.
Based on five regions, Asia Pacific region is dominating due to rapid industrialization and urbanisation coupled with rising disposable income leading to growth of automobile and industrial segment which in turn aid to the market demand. Rising government expenditure and supportive 100% FDI policy in automotive manufacturing base especially in India are likely to provide opportunity to market players in this region. Growing sales of lightweight commercial vehicle and passenger car in China, Japan, Indonesia and India are propelling the market growth. Moreover, presence of companies like Nissan Motor, Toyota, Komatsu drive the Global Antifreeze Market. Europe and North America witness steady growth. Rising trend towards electric vehicle production further boost the market growth.
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