Antifreeze coolant Market Demand, Growth Analysis Forecast 2022-2028

According to Precision Business Insights (PBI), the latest report, the antifreeze coolant market is expected to be valued at USD 5,671.2 million in 2022 and is poised to grow at a significant CAGR of 2.2% over 2022-2028. The primary drivers of the expansion of the global antifreeze coolant market include the increasing number of vehicles, rising demand for high-performance vehicles, advanced technology, and surging demand in the aerospace industry.

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Automotive Segment to Dominate the Antifreeze Coolant Market:
Based on application, the global antifreeze coolant market is majorly segmented into automobile, aerospace, industrial, construction, electronics, and others. The automotive segment is expected to account for a larger revenue share in the global antifreeze coolant market, with a value share worldwide. The increasing number of vehicles in operation is one of the factors driving the global antifreeze coolant market. This growth in the automotive sector can be attributed to a growing population, rising purchasing power, improved socio-economic conditions, emerging economies, expanding e-commerce industry, improved infrastructure, and others. Hence, the automotive sector will enhance further growth in the global market.

Asia Pacific Antifreeze Coolant Market:
The Asia Pacific market is expected to increase in the global antifreeze coolant market over the forecast period. The Asia Pacific market is expanding as a result of the increasing number of high-performance vehicles and innovative technology in the automotive industry. North America held a considerable market share during the estimated period due to the high adoption rate of IAT and OAT technology in the industrial sector, the introduction of new passenger cars, etc.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global antifreeze coolant market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In June 2021, Chevron Products Company announced the official rollout of the company's new Chevron Xpress lube program for qualifying U.S. fast lube owners and investor prospects.

The antifreeze coolant market is segmented based on type, technology, application, and geography.
Based on the type, the market is segmented into the following:
• Ethylene Glycol
• Propylene Glycol
• Glycerol
• Methanol
• Others

Based on the technology, the market is segmented into the following:
• Inorganic Acid Technology (IAT)
• Organic Acid Technology (OAT)
• Hybrid Organic Acid Technology (HOAT)
• Nitrated Organic Acid Technology (NOAT)
• Others

Based on the application, the market is segmented into the following:
• Automobile
• Aerospace
• Industrial
• Construction
• Electronics
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the antifreeze coolant market report are BP Plc, Exxon Mobil Corporation, Chevron Corporation, Royal Dutch Shell Plc, Absolute, BASF SE, Valvoline Plc, Prestone Products Corporation, AMSOIL INC., KOST USA, Motul, Cummins Filtration, and Lukoil.

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