What is Global Antifreeze and Coolants Market?
The Global Antifreeze and Coolants Market is a vast and dynamic sector that plays a crucial role in the automotive industry. Antifreeze and coolants are essential fluids used in vehicles to prevent overheating and freezing of the engine, thereby ensuring its smooth operation. The market encompasses a wide range of products, including ethylene glycol, propylene glycol, and glycerin-based coolants. These products are used in various types of vehicles, including passenger cars, light commercial vehicles, and heavy commercial vehicles. The market's value was estimated at US$ 7672.9 million in 2022, and it is expected to reach US$ 8646.2 million by 2029, growing at a compound annual growth rate (CAGR) of 1.7% during the forecast period from 2023 to 2029. The Asia-Pacific region accounted for the highest share of consumption in 2019, at more than 34 percent. The leading producers in the industry are Prestone, Shell, and ExxonMobil, which accounted for 12.34%, 11.80%, and 7.81% of revenues, respectively. The Global Antifreeze and Coolants Market is a vital part of the global economy, and its growth and development have significant implications for various other industries and sectors.
Ethylene Glycol, Propylene Glycol, Glycerin in the Global Antifreeze and Coolants Market:
Ethylene Glycol, Propylene Glycol, and Glycerin are the primary types of antifreeze and coolants used in the Global Antifreeze and Coolants Market. Ethylene Glycol is a colorless, odorless, sweet-tasting liquid that is primarily used as an antifreeze in cooling and heating systems. It is also used in hydraulic brake fluids and inks for stamp pads and ballpoint pens. Propylene Glycol, on the other hand, is a synthetic liquid substance that absorbs water and is used as an antifreeze when leakage might lead to contact with food. It is also used to make polyester compounds and as a base for deicing solutions. Glycerin is a colorless, odorless, viscous liquid that is sweet-tasting and non-toxic. It is used in various industries, including pharmaceuticals, food and beverage, and personal care. In the Global Antifreeze and Coolants Market, it is used as an antifreeze in automotive and industrial applications.
Passenger Car (PC), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV) in the Global Antifreeze and Coolants Market:
The Global Antifreeze and Coolants Market caters to a wide range of vehicles, including Passenger Car (PC), Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV). In passenger cars, antifreeze and coolants are used to maintain the engine's temperature and prevent it from overheating or freezing. This ensures the smooth operation of the vehicle and extends the engine's lifespan. In light commercial vehicles, these fluids are used to keep the engine cool during heavy-duty operations. They prevent the engine from overheating, which can lead to engine failure and costly repairs. In heavy commercial vehicles, antifreeze and coolants play a crucial role in maintaining the engine's temperature, especially during long-distance travel and heavy-duty operations. They prevent the engine from overheating and freezing, thereby ensuring its smooth operation and reducing the risk of engine failure.
Global Antifreeze and Coolants Market Outlook:
The Global Antifreeze and Coolants Market's outlook is promising, with a steady growth rate projected for the coming years. The market was valued at US$ 7672.9 million in 2022 and is expected to reach US$ 8646.2 million by 2029. This represents a compound annual growth rate (CAGR) of 1.7% during the forecast period from 2023 to 2029. The Asia-Pacific region accounted for the highest share of consumption in 2019, at more than 34 percent. This can be attributed to the region's booming automotive industry and the increasing demand for vehicles. The leading producers in the industry are Prestone, Shell, and ExxonMobil, which accounted for 12.34%, 11.80%, and 7.81% of revenues, respectively. These companies have a strong presence in the market and offer a wide range of antifreeze and coolant products to cater to the diverse needs of consumers.
| Report Metric | Details |
| Report Name | Antifreeze and Coolants Market |
| Accounted market size in 2023 | US$ 7672.9 million |
| Forecasted market size in 2030 | US$ 8646.2 million |
| CAGR | 1.7% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Prestone, Shell, ExxonMobil, BP, Chevron Corporation, Total, BASF, CCI Corporate, Valvoline, CNPC, Sinopec, Engen, CAT, SONAX |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
