Pune, India, March 17, 2021 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on the antifreeze market was valued at US$ 6,280.33 million in 2019, and it is expected to grow at a CAGR of 5.6% during 2020–2027 to reach US$ 9,603.41 million by 2027. Growing demand for high performance vehicles is anticipated to influence the growth of the antifreeze market. However, harmful environmental effects and fluctuating raw material prices are expected to hamper the market growth.
In 2019, Asia Pacific held the largest share of the global antifreeze market. The demand for antifreeze is expected to increase in the region due to various factors such as increasing spending capacity of the consumers, better living standards, and expanding industrialization. Another major factor contributing to the expansion of the antifreeze market in the Asia Pacific region is the growth in the automotive industry owing to the rise in the demand for automobiles. An upsurge in the construction activities also favor the growth of the antifreeze market in the region. Besides these, the growth in the mining activities and rise in the R&D activities conducted by the manufacturers also significantly escalates the market growth in Asia Pacific.
“Antifreeze Market to 2027 – Global Analysis and Forecast – by Product Type, Technology Type, and Application,”
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High performance vehicles refer to vehicles that are known to provide high speed and power. The high potential and advanced car engine offers better competency in terms of its overall weight, acceleration and high performance quality. The high performance vehicles are gaining momentum owing to their aerodynamic builds, sticky tires, smart suspensions, and fortified brakes. The high performance cars have high requirement for automotive antifreeze or coolants as they help in managing the excessive heat generated by the powerful engines and other components present in the vehicles. The antifreeze and coolants used in such vehicles have a boiling point well above the boiling point of water. They safely expand the range of operating temperature and maintain the liquid to metal contact. Antifreeze also maintain temperature by protecting the cooling systems from overheating during extreme heat conditions and from freezing during the winters. They prevent rust, corrosion, engine failure, and extend the life of the engine components. The high performance cars have experienced a surge in sales in the past few years. For instance, as per a report published by the University of Groningen, the Mercedes Benz car division sold a total of 2,339,562 cars in 2019. The growth in its sales was due to the huge market success of their new compact-class models together with the continued strong demand for the E-class and SUVs. Antifreeze play a crucial role in high performance vehicles by regulating the engine during extreme temperatures and maintaining the heat produced by the components. Thus, the rising demand for the high performance vehicles drives the growth of the antifreeze market.
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Antifreeze Market: Segmental Overview
Based on product type, the antifreeze market is categorized into ethylene glycol, propylene glycol, glycerin, and methanol. In 2019, the ethylene glycol segment dominated the market by accounting the largest market share. Ethylene glycol is an organic compound mainly used as a raw material in the manufacture of polyester fibers and for antifreeze formulations. It is a colorless, odorless, sweet-tasting, and viscous liquid. End-user industries highly prefer ethylene glycol-based antifreeze due to its exceptional properties such as the ability to be mixed in any proportion to form coolant, and miscibility in water.
Impact of COVID-19 Pandemic on Antifreeze Market
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the world. As of January 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. According to the latest WHO figures updated on January, 2021, there are ~83,322,449 confirmed cases and 1,831,412 total deaths globally. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemicals & materials industry is one of the major industries that is suffering from serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. Although, China is the global hub of manufacturing and largest raw material supplier for various industries, it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various chemicals and materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. Additionally, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the chemicals & materials industry in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.
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Antifreeze Market: Competition Landscape and Key Developments
A few of the key players operating in the global antifreeze market are Amsoil Inc.; Bp p.l.c.; Chevron Corporation; BASF SE; CCI Corporation; Old World Industries, LLC; Prestone Products Corporation; Exxon Mobil Corporation; Total; and Royal Dutch Shell Plc. These companies are involved in the production and distribution of antifreeze for diversified application bases such as automobile, construction, and electronics. Moreover, the companies are looking forward to expanding its customer base by extending their geographic presence and new product offerings.
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