Press release
What's driving the Antifreeze market Share? Chevron, Kost USA, Shell, Total, Exxon Mobil, Ashland Inc, PETRONAS, Castrol BASF, Sinopec, Dow and DuPont
Antifreeze market
Propylene glycol-based antifreeze market is projected to witness gains of over 6.5% during the forecast time period. This is owing to its less-toxic nature compared to ethylene glycol-based antifreeze and henceforth makes it preferable across several end-user industries including automotive, industrial and aerospace. Stringent laws imposed by regional regulatory bodies against use of toxic material across the aforementioned industries to help save human life and environment has triggered use of non-toxic material. These trends will drive demand for propylene-based coolant which will subsequently propel antifreeze market in the coming years.
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According to a new research report by Global Market Insights, Inc. Antifreeze Market is likely to surpass USD 7.5 billion by 2024.
Strong commercial air traffic flow in Asia Pacific and the Middle East will positively influence the overall antifreeze market by 2024. For instance, revenue passenger kilometers (RPK) in Asia Pacific and the Middle East was 6.3% and 6.2% respectively in 2016. This trend is majorly due to improving socio-economic factors of people in Asia Pacific countries including India, Japan, Indonesia and Malaysia. In addition, as per Boeing estimates, the global airplane fleet will double its as of now by 2033. Therefore, increasing airplane fleet in the near future will subsequently boost the global antifreeze market by 2024.
Volatility in raw material prices is will be a major restraining factor for antifreeze market by 2024. Propylene glycol and ethylene glycol, are petroleum derivates and are the key raw materials used for manufacturing antifreeze. Henceforth, wavering petroleum prices may hinder the global coolants market by 2024. Furthermore, toxic nature of product is probable to obstruct the overall antifreeze market by 2024. Nevertheless, rising product use to improve engine performance in vehicle will generate plentiful opportunities for coolants market by 2024.
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North America antifreeze market was close to USD 750 million in 2016. This was mainly due to strong automotive and aerospace industry mainly in the U.S. For instance, total vehicle sales in the U.S. were 15.53 million units which reached 17.85 million units by the end of 2017. Additionally, Maintenance, Repair and Overhaul providers (MRO's) for aircraft industry in the region spent USD 20 billion. This move was intended to maintain the overall performance and safety standards. Coolants play a significant role in maintaining engine's performance by reducing the excess heat generated which otherwise, may cause severe damage to engine components. The above-mentioned trends will help make significant contribution to the antifreeze market by 2024.
Growth drivers are
1. Strong growth in Asia Pacific automotive industry
2. Product applications in Aerospace
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In 2016, the overall antifreeze market was consolidated with major players constituting close to 50% of the market share. Major antifreeze market players are Chevron, Kost USA, Shell, Total, Exxon Mobil, Ashland Inc, PETRONAS, Castrol BASF, Sinopec, Dow and DuPont. Prominent players are investing significantly into their R&D facilities to broaden its customer base. For instance, Kost U.S.A., began manufacturing the all-new STP, which is automotive and heavy-duty lines of antifreeze at their manufacturing plant in Cincinnati, Ohio. It was intended in order to improve its existing product portfolio, to upscale its customer base globally.
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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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