Antifreeze Market to Surpass $7.5B by 2024
March 14, 2018—According to a new research report by Global Market Insights, the antifreeze market is likely to surpass $7.5 billion by 2024
Strong commercial air traffic flow in Asia Pacific and the Middle East will positively influence the overall antifreeze market size by 2024. For instance, revenue passenger kilometers (RPK) in Asia Pacific and the Middle East was 6.3 percent and 6.2 percent respectively in 2016. This trend is majorly due to improving socio-economic factors of people in Asia Pacific countries including India, Japan, Indonesia and Malaysia. In addition, as per Boeing estimates, the global airplane fleet size will double its size as of now by 2033. Therefore, increasing airplane fleet size in the near future will subsequently boost the global antifreeze market size by 2024.
Volatility in raw material prices is will be a major restraining factor for antifreeze market size by 2024. Propylene glycol and ethylene glycol, are petroleum derivates and are the key raw materials used for manufacturing antifreeze. Henceforth, wavering petroleum prices may hinder the global coolants market size by 2024. Furthermore, toxic nature of product is probable to obstruct the overall antifreeze market size by 2024. Nevertheless, rising product use to improve engine performance in vehicle will generate plentiful opportunities for coolants market size by 2024.
Propylene glycol-based antifreeze market size is projected to witness gains of over 6.5 percent during the forecast time period. This is owing to its less-toxic nature compared to ethylene glycol-based antifreeze and henceforth makes it preferable across several end-user industries including automotive, industrial and aerospace. Stringent laws imposed by regional regulatory bodies against use of toxic material across the aforementioned industries to help save human life and environment has triggered use of non-toxic material. These trends will drive demand for propylene-based coolant which will subsequently propel antifreeze market size in the coming years.
Coolant market size for Hybrid Organic Acid Technology (HOAT) is likely to rise close to CAGR of 6 percent in the coming years. It is a hybrid of Inorganic Acid Technology (IAT) and OAT and use carboxylate salts which are mainly organic acid salts. Additionally, it contains sodium silicate which is an excellent aluminum protection additive. However, silicates are abrasive to antifreeze pump seals and silicate containing coolants are not preferred by manufacturer. Henceforth, this technology includes silicates in a lesser concentration compared to conventional green IAT coolant and henceforth will help drive antifreeze market size by 2024.
Antifreeze market size for industrial heating/cooling is projected to rise at a CAGR close to 5 percent during the forecast timespan. Growing population along with rising economy in the Asia Pacific has led to industrialization which will drive product demand and in turn will boost coolants market size by 2024. Product possess excellent properties which is designed to protect copper, brass, solder, cast iron, steel and various other metals commonly found in industrial cooling/heating system. The aforementioned trends will help attain promising gains to coolants market size by 2024.
North America antifreeze market size was close to USD 750 million in 2016. This was mainly due to strong automotive and aerospace industry mainly in the U.S. For instance, total vehicle sales in the U.S. were 15.53 million units which reached 17.85 million units by the end of 2017. Additionally, Maintenance, Repair and Overhaul providers (MRO’s) for aircraft industry in the region spent USD 20 billion. This move was intended to maintain the overall performance and safety standards. Coolants play a significant role in maintaining engine’s performance by reducing the excess heat generated which otherwise, may cause severe damage to engine components. The above-mentioned trends will help make significant contribution to the antifreeze market size by 2024.
In 2016, the overall antifreeze market was consolidated with major players constituting close to 50 percentof the market share. Major antifreeze market players are Chevron, Kost USA, Shell, Total, Exxon Mobil, Ashland Inc, PETRONAS, Castrol BASF, Sinopec, Dow and DuPont. Prominent players are investing significantly into their R&D facilities to broaden its customer base. For instance, Kost U.S.A., began manufacturing the all-new STP, which is automotive and heavy-duty lines of antifreeze at their manufacturing plant in Cincinnati, Ohio. It was intended in order to improve its existing product portfolio, to upscale its customer base globally.