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Antifreeze Market 2024: Key Players Chevron Philips Chemical Co., Kost USA, Exxon Mobil Corporation, Total S.A

Antifreeze Market

Antifreeze Market

Antifreeze market is propelling at a great pace due to the growing automotive and aerospace industry. Antifreeze is an additive that can lessen the freezing point of any water-based liquid and can also increase the boiling point. It is required mainly to prepare coolants for automobile and aircraft liquid cooled engines and de-icing agent for aircrafts. Antifreeze products have further applications in industrial heating and cooling purposes. The extensive applications in these growing industries will positively drive the antifreeze market during the forecast period.Antifreeze Market is forecast to exceed USD 7.5 billion; according to a new research report.

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There are not many factors restraining the growth of antifreeze market except one major risk of its toxicity. There have been cases of ethylene glycol poisoning all over the world caused by intentionally or unintentionally drinking ethylene glycol-based antifreeze. It is not only harmful for human but also for animals who are attracted to its sweet smell and taste. Also, because of its colorless and odorless property it is difficult to identify.

But, due to its high toxicity the market for ethylene glycol antifreeze is declining and is making way for propylene glycol antifreeze that is way lesser toxic then ethylene glycol. Organic and bio-organic antifreeze products are produced by using propylene glycol that is low in toxicity and contains similar antifreeze properties to that of conventional antifreeze.

In accordance with the antifreeze market, ethylene glycol holds major share in the business. Due to its outstanding boiling and reducing freezing point capability ethylene glycol is widely used in the preparation of antifreeze admixtures. It is a colorless, odorless, sweet-tasting and viscous liquid. Ethylene glycol disturbs hydrogen properties when added in water. Ethylene glycol solidifies at about 12°C, however when blended with water, the blend does not promptly take shape, and in this manner the point of solidification of the blend is dejected.

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Based on antifreeze technologies, Hybrid Organic Acid Technology (HOAT) is expected to rise at moderate rate of CAGR over the forecast period. HOAT is known for its property of providing extended life. It provides better results in heavy & light-duty engine systems. This technology is the mixture of both organic and inorganic acid technologies. Normal HOAT antifreeze service life is around five years or 150,000 miles (250,000 kms).

According to applications, aerospace industry has widespread end use applications of antifreeze as de-icing agents to loosen the hard ice so that it can be removed without any obstruction from the aircrafts or the runway. De-icers generally comprises of ethylene or propylene glycol. But propylene glycol is gaining more popularity as it is less toxic in nature. De-icing is a very crucial application in aerospace industry as ice is dangerous for aircrafts as well as its engines. Therefore, aerospace applications of antifreeze will propel its market by 2024.

Based on various regions, Europe is projected to propel the antifreeze market with more than 5% CAGR by 2024. Antifreeze products have widespread use in cold weather countries of Europe to de-ice the roads, runways, grounds etc. Also, European carriers are expected to add over 7,000 new aircrafts till 2033 which will directly boost the antifreeze market.

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Major antifreeze market share contributors are Exxon Mobil Corporation, Sinopec Corporation, Royal Dutch Shell, Kost USA, Chevron Philips Chemical Co., Castrol, Total S.A., BASF SE, Ashland Inc, DuPont, Dow Chemicals and PETRONAS. Due to the high rate of competition in the antifreeze market, various strategic acquisitions and ventures has been accomplished to increase its market share. For instance, Total SA acquired Maersk Oil in August 2017 to become the second largest operator in the NW Europe region, which is the 7th largest oil & gas producing region globally.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights, Inc.
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