Antifreeze Market to Grow USD 5986.7 Million by 2028 at a CAGR of 1.4% | Valuates Reports

BANGALORE, India, Oct. 12, 2022 /PRNewswire/ -- The Global Antifreeze Market is Segmented by Type (Ethylene Glycol, Propylene Glycol), by Application (Commercial Vehicles, Passenger Vehicles): Global Opportunity Analysis and Industry Forecast, 2023-2028.  It is published in Valuates Reports under the Oil & Gas Category.

Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Antifreeze market is projected to reach USD 5986.7 Million by 2028 from an estimated USD 5507.6 Million in 2022, at a CAGR of 1.4% during 2023 and 2028.

Major factors driving the growth of the Antifreeze market

The Antifreeze market has grown as a result of the increased demand for antifreeze and coolant materials in the automobile industry.

The global automotive antifreeze market is expanding as a result of factors like the increase in demand for high-performance automobiles and the rising usage of high-quality, technologically advanced additives. Additionally, the availability of biodegradable, environmentally friendly coolants and antifreeze supports the expansion of the Antifreeze market in the near future.

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TRENDS INFLUENCING THE GROWTH OF THE ANTIFREEZE MARKET

To control the extra heat created by the potent engine and other components, high-performance cars need a lot of automotive antifreeze or coolants. During the projection period, it is anticipated that increased sales of high-performance vehicles will fuel the antifreeze market.

Increased use of high-quality, advanced technology additives is expected to drive the growth of the Antifreeze Market. Modern coolants typically have a base fluid and an additive package that is primarily made up of corrosion inhibitor chemicals. The base fluid primarily regulates the qualities of heat transfer, freezing protection, and boiling protection. Additionally, the health and endurance of diesel engines depend on coolant additives. Diesel engines are susceptible to a condition known as cavitation (or liner pitting). If the coolant additive level is not checked and maintained, cavitation and corrosion can both shorten engine life. The market for automotive antifreeze is anticipated to expand due to the increased use of coolant additives, which shield engine components from corrosion and cavitation and also aid to preserve engine health.

Bio-based and environmentally friendly coolants and antifreeze is expected to create lucrative growth opportunity for the Antifreeze Market. During the projection period, it is anticipated that the development of environmentally friendly antifreeze solutions will accelerate market expansion. For instance, scientists at the American company ACTA Technology claim to have developed an antifreeze mix that is safer, more environmentally friendly, and more effective than current products. The antifreeze produced by ACTA has a patent, and they are actively looking for ways to increase output. In collaboration with the Swedish manufacturer of renewable specialty chemicals Avantherm, another firm, Sveaskog (Swedish Forestry Company), is testing a new coolant in their forest machinery.

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ANTIFREEZE MARKET SHARE

With a 42% market share, Europe has the largest market for antifreeze. The USA holds a market share of roughly 25% and is a follower.

Some of the major companies are Prestone, Shell, Exxon Mobil, Castrol, Total, CCI, BASF, Valvoline, Old World Industries, KMCO, Chevron, SONAX, Getz Nordic, Kost USA, Recochem, Amsoil, MITAN, Gulf Oil International, Paras Lubricants, Solar Applied Materials, Pentosin, Millers Oils, Silverhook, Evans, ABRO, Sinopec, CNPC, Lan The top 3 businesses had around 37% of the market.

Antifreeze demand is anticipated to be highest in passenger cars. The increased per capita income and higher living standards across many nations are to blame for the rise in passenger automobile sales. 

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Key Players

• Prestone
• Shell
• Exxon Mobil
• Castrol
• Total
• CCI
• BASF
• Valvoline
• Old World Industries
• KMCO
• Chevron
• SONAX
• Getz Nordic
• Kost USA
• Recochem
• Amsoil
• MITAN
• Gulf Oil International
• Paras Lubricants
• Solar Applied Materials
• Pentosin
• Millers Oils
• Silverhook
• Evans
• ABRO
• Sinopec
• CNPC
• Lanzhou BlueStar
• Zhongkun Petrochemical
• China-TEEC

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SIMILAR REPORTS:

-  Due to the COVID-19 pandemic, the global Automotive Antifreeze market size is estimated to be worth USD 619.1 million in 2022 and is forecast to a readjusted size of USD 827.3 million by 2028 with a CAGR of 5.0% during the review period.

-  Due to the COVID-19 pandemic, the global Antifreeze and Coolants market size is estimated to be worth USD 7672.9 million in 2021 and is forecast to a readjusted size of USD 7672.9 million by 2028 with a CAGR of 1.7% during the review period.

-  Due to the COVID-19 pandemic, the global Automotive Coolant market size is estimated to be worth USD 5511 million in 2021 and is forecast to a readjusted size of USD 5511 million by 2028 with a CAGR of 2.2% during the review period.

-  Due to the COVID-19 pandemic, the global Plant Antifreeze market size is estimated to be worth USD 1881 million in 2022 and is forecast to a readjusted size of USD 2493.4 million by 2028 with a CAGR of 4.8% during the review period.

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-  Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Heat Pumps market is projected to reach USD 11760 Million by 2028 from an estimated USD 8577.8 Million in 2022, at a CAGR of 5.4% during 2023 and 2028.

-  Due to the COVID-19 pandemic, the global Heat Exchanger market size is estimated to be worth USD 16140 Million in 2022 and is forecast to a readjusted size of USD 22630 Million by 2028 with a CAGR of 5.8% during the review period.

-  The global Electric Heat Tracing market size is projected to reach USD 3256.6 Million by 2028, from USD 2703.4 Million in 2021, at a CAGR of 2.7% during 2022-2028.

-  In 2020, the global District Heating and Cooling market size was USD 186770 million and it is expected to reach USD 365480 million by the end of 2027, with a CAGR of 10.1% during the forecast period 2021-2027.

-  The global automotive accessories market size is estimated to be worth USD 1,575.6 Billion in 2022 and is forecast to a readjusted size of USD 1,946.3 Billion by 2028 with a CAGR of 3.58% during the forecast period 2022-2028.

-  The global micromobility market was valued at USD 40.19 Billion in 2020, and is projected to reach USD 195.42 Billion by 2030, registering a CAGR of 17.4% from 2021 to 2030.

-  Electric Bike Market by Product, Drive Mechanism, and Battery Type: Opportunity Analysis and Industry Forecast, 2020–2030," the global E-bikes market was valued at USD 40.3 Billion in 2019, and is projected to reach USD 118.6 Billion by 2030, registering a CAGR of 10.5% from 2020 to 2030.

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