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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Antifreeze Market Size
The global antifreeze market size reached approximately USD 7.68 billion in 2023. The market is projected to grow at a CAGR of 6.7% between 2024 and 2032, reaching a value of around USD 13.80 billion by 2032.
Key Takeaways
- Manufacturers are increasingly developing biodegradable and less toxic antifreeze formulations, such as those based on propylene glycol and glycerin.
- Innovation in antifreeze formulations, such as extended-life and eco-friendly products, is a significant trend.
- The Asia Pacific is witnessing rapid growth in due to the expanding automotive sector and industrial activities.
Antifreeze is an additive solution that helps fluctuate the boiling and freezing points of any water-based liquid and is mainly utilised in mechanical equipment. These are used in below-freezing point environments to avert freezing of any heat transfer liquid. For instance, in the automobile sector, antifreeze works as a coolant to prevent overheating engines by increasing the boiling point of the water-based liquid in the engine. Antifreeze is pumped into the engine to maintain an optimal operating temperature in accordance with the outside temperature.
The rising population worldwide is leading to an increased demand for passenger vehicles in many countries owing to better living standards and growing expenditure due to better income levels. As a result, more individuals are investing in efficient passenger vehicles for ease of transportation which can support the antifreeze market growth. In addition, with growing investments in the development of the commercial infrastructure of the country due to rapid urbanisation, the demand for high yields of commercial and industrial vehicles such as trucks and cranes has increased significantly. Consequently, antifreeze additives are in huge demand to save vehicle repair costs due to overheating damages and corrosion. Moreover, the continuous research by the leading manufacturers to formulate efficient, environment-friendly, and less toxic antifreeze additives is expected to drive market growth in the forecast period.
Antifreeze Market Report Snapshots
Antifreeze Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global antifreeze market attained a value of nearly USD 7.68 billion.
The market is projected to grow at a CAGR of 6.7% between 2024 and 2032.
The increasing demand for passenger and commercial vehicles, growing investments in the automotive and manufacturing sector, and heightened application of antifreeze in the aerospace sector are the major market drivers.
The key trends guiding the market growth are rapid investments in the research and development of antifreeze manufacturing, the growing demand for high-performance vehicles, and technological advancements.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant products include ethylene glycol based, propylene glycol based, and glycerin based.
The various antifreeze technologies considered in the market report are organic acid technology antifreeze (OAT), inorganic acid technology antifreeze (IAT), and hybrid organic acid technology (HOAT).
The major application segments include automobile, aerospace, and industrial heat transfer and cooling system, among others.
The major players in the market are Royal Dutch Shell PLC, CCI Corporation, BASF SE, Old World Industries Inc., KMCO LLC, and Sonax GmbH, among others.
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