The Global Antifreeze/Coolant Market size is estimated at USD 5.4 billion in 2020 and is projected to reach USD 6.1 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 1.3%. The global antifreeze/coolant industry will be driven primarily by the increasing number of vehicles in operation worldwide. The growth in the HVAC systems and construction equipment industry are the other key factors contributing to the growth of the antifreeze/coolant market.
Based on application, the automotive segment is projected to be the largest market for antifreeze/coolant. The number of vehicles in operation at the global level is one of the factors driving the antifreeze/coolant market. This growth in the automotive sector can be attributed to growing population, improved socio-economic conditions, emerging economies, expanding e-commerce industry, improved infrastructure, increasing vehicle fleet, and others. The growth of the automotive engine coolant market is directly related to the increase in the number of motor vehicles operating and total miles driven per year, as they play a mandatory role in the engine cooling system of a vehicle.
Based on Base fluid, the ethylene glycol segment is estimated to be the largest segment in the antifreeze/coolant market. Growth of ethylene glycol as a base fluid for antifreeze/coolants is primarily attributed because of its cost-effectiveness and ability to be used in all climatic conditions making it the most preferred base fluid across the globe. It is used as antifreeze in automotive engine cooling and is also used in many industrial cooling applications. Recycling of ethylene glycol from processes such as distillation, reverse osmosis, and ion exchange is also gradually making its mark for utilization as an engine coolant.
The global antifreeze/coolants market comprises major manufacturers, such as BP Plc (UK), ExxonMobil Corporation (US), Royal Dutch Shell Plc (Netherland), Chevron Corporation (US), Total S.A. (France), BASF SE (Germany), and LUKOIL (Russia).
Report : Antifreeze Coolant Market - By Type (Green Anti-Freeze, OAT Anti-Freeze, HOAT Anti-Freeze, and NOAT Anti-Freeze), By Product (Ethylene Glycol, Propylene Glycol, Glycerin, and Methanol), By Application (Automobile, Aerospace, Industrial, Construction, Electronics, and Others), By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027