Press release
Antifreeze or Coolant Market: Decoding Trends, Forecast, and Size Insights by 2033 || Exxon Mobil Corporation, Royal Dutch Shell PLC, TotalEnergies
Antifreeze/Coolant Global Market Report 2024
The Business Research Company presents an extensive market research report on the Antifreeze/Coolant Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The antifreeze/coolant market size has grown steadily in recent years. It will grow from $5.64 billion in 2023 to $5.89 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to automotive industry growth, rise in vehicle ownership, extreme weather conditions, regulatory standards for engine coolants, increase in commercial vehicle fleet, electric and hybrid vehicles integration.
The antifreeze/coolant market size is expected to see steady growth in the next few years. It will grow to $6.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to global climate change trends, expansion of aftermarket services, stringent environmental regulations, rising consumer awareness of coolant importance, collaboration with automotive OEMs. Major trends in the forecast period include advancements in coolant technologies, technological advancements in automotive engines, rising adoption of organic acid technology (OCT) and hybrid organic acid technology (HOCT), emphasis on environmental sustainability, development of low-toxicity and biodegradable formulations.
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Key Market Players:
Major companies operating in the antifreeze/coolant market report are 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
Market Drivers:
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.
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https://www.thebusinessresearchcompany.com/report/antifreeze-or-coolant-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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