Market Overview
The Global Antifreeze Market is expected to reach a value of
USD 6,206.9 million by the end of 2024, and it is further anticipated to reach a market value of
USD 12,403.7 million by 2033 at a
CAGR of 8.0%.
Antifreeze, also known as coolant, is a yellow or green fluid made from ethylene glycol or propylene glycol, which is used in cars, planes, and industrial systems. The Asia Pacific region, with growing demand for cars in countries like China &India, is expected to see significant market growth, government funding and the rise of electric vehicles in China contribute to the increasing demand for coolant.
Key Takeaways
• The Global Antifreeze Market is expected to
grow by 6,196.8 million, at a CAGR of 8.0% during the forecasted period.
• By Product, the ethylene glycol-based products segment is expected to lead in 2024 & is anticipated to dominate throughout the forecasted period.
• By Application, the automotive sector is expected to have lead throughout the forecasted period.
• By Technology, OAT (Organic Acid Technology) is expected to come out as a dominant force during the forecasted period
• Asia Pacific is expected to hold a 29.3% share of revenue in the Global Antifreeze Market in 2024.
• Some of the use cases of antifreeze include winter protection, temperature stability, and more.
Use Cases:
• Winter Protection: In cold climates, antifreeze protects the coolant in the engine from freezing. When water freezes, it expands, which can lead to major damage to the engine block and other components, as it contains chemicals that lower the freezing point of the coolant, allowing it to remain in a liquid state even in extremely low temperatures, which is vital to prevent engine damage during winter.
• Overheating Prevention: Antifreeze plays a major role in preventing the engine from overheating during high-temperature conditions, as it absorbs & dissipates heat generated by the engine, as the cooling system, with the help of antifreeze, regulates the engine temperature within an optimal range, which prevents the engine from reaching temperatures that could lead to damage, like warping of the cylinder head or engine block.
• Corrosion Inhibition: Antifreeze contains corrosion inhibitors that protect many metal components of the engine & radiator from corrosion & rust, as over time, exposure to water & oxygen can lead to corrosion in the engine's cooling system, as antifreeze with corrosion inhibitors creates a protective layer on metal surfaces, protecting the formation of rust & ensuring the longevity of the engine components.
• Temperature Stability: It helps maintain stable operating temperatures in the engine by absorbing & transferring heat away from critical components, as consistent operating temperatures are important for the efficiency & performance of the engine, as they assist in stabilizing these temperatures, contributing to the overall reliability & longevity of the vehicle.
Market Dynamic
The demand for antifreeze is increasing due to its growth in usage in heat transfer functions & its crucial role in preventing engine freezing during low temperatures. Further, strict environmental regulations are pushing the adoption of high-performance lubrication to minimize vehicle emissions & improve fuel efficiency, with antifreeze agents preventing freezing in these lubricants. Vehicle owners are given priority to engine maintenance, enhancing the demand for premium antifreeze.
Also, glycerin's widespread use, mainly as a safer alternative to ethylene glycol, is a significant driver. Companies like Shell & Chevron are investing in sustainable and eco-friendly products, enhancing market potential. Also, abundant raw materials in regions like China, India, the United States, Europe, and North America, where harsh cold weather prevails, contribute to increased demand.
However, supply chain disruptions, fluctuating raw material prices, & economic uncertainties pose challenges to the global antifreeze market, as these factors can hinder the smooth production & distribution of antifreeze products, impacting market growth and stability.
Research Scope and Analysis
By Product
The Antifreeze Market is expected to be largely led by Ethylene Glycol-Based Products, by commanding a maximum share in revenue in 2024, which is marked due by the broad usage of ethylene glycol in many key applications like preventing radiator overheating, deicing, hydraulic brakes, freeze protection, & as a heat conductor in cooling & heating systems. These diverse applications contribute significantly to the growing market demand.
However, the growth rate of these products is anticipated to gradually decrease in the projected period because of the strict regulations regarding disposal, quick degradation rates, concerns over toxicity, corrosive properties, & the high costs of storage & handling.
Further, propylene glycol is anticipated to show high growth throughout the forecasted period, as it is majorly due to its enhanced compatibility, non-toxic & economical nature in comparison to conventional ethylene glycol. Also, development in processing technologies & the push towards substituting toxic compounds through regulations are set to drive the demand for propylene glycol, making it a key driver of growth in the coming future.
By Technology
In terms of technology, OAT (Organic Acid Technology) is expected to come out as a dominant revenue generator, holding a significant share in 2024, which can be accredited to the segment's usage of environmentally friendly neutralized inorganic salts & acids that decompose easily. Further, the extended drain interval provided by OAT leads to its broad acceptance and market expansion.
Furthermore, the market for HOAT (Hybrid Organic Acid Technology) is also expected to experience substantial demand throughout the projected period, as it arises from its long operational lifespan & efficient characteristics of corrosion inhibition. In addition, Hybrid Organic Acid Technology shows better compatibility with many coolants. Also, the rising usage of Hybrid Organic Acid Technology by key automotive OEMs such as BMW, Mercedes, Mini Cooper, & Volvo as factory fill, along with growing demand within the general aftermarket coolant domain, is expected to boost market growth significantly.
By Application
The automotive sector is set to dominate the market, capturing a significant revenue share in 2024, which can be said due to the rising use of antifreeze in HVAC (heating, ventilation, & cooling) systems for both industrial & automotive applications, thereby driving industrial growth. Other factors that are contributing to this momentum, are supportive initiatives by the government, changing lifestyles, growth in disposable incomes, & changing urbanization trends, which collectively support market expansion in the coming years.
Furthermore, the aerospace & defense sector is expected to have substantial revenue growth during the forecast period, which is supported by enhanced spending & investments in aerospace Research & development, majorly in nations like France, Germany, Sweden, the UK, & Poland, where key industry players reside. Further, the rise of the commercial aerospace subsector, driven by growing equipment replacement cycles & enhanced demands for passenger travel, is considered to be one of the reasons for industry growth.
The Antifreeze Market Report is segmented on the basis of the following:
By Product
• Ethylene Glycol Based
• Propylene Glycol Based
• Glycerin Based
By Technology
• Organic Acid Technology Antifreeze (OAT)
• Inorganic Acid Technology Antifreeze (IAT)
• Hybrid Organic Acid Technology (HOAT)
By Application
• Automotive
• Aerospace & Defense
• Industrial Heat Transfer and Cooling Systems
Regional Analysis
The Asia Pacific region is expected to come out as a dominant force in the market, capturing a significant revenue share of 29.3% in 2024, which can be accredited to the rising desire for passenger cars & light commercial vehicles, mainly in major markets like India & China.
Further, the expanding automotive sector across various nations in the region, like China, India, Indonesia, & Thailand, is being driven by the increase in consumer awareness, better standard of living, & an increase in disposable income. These factors are responsible for driving the growth throughout the coming future. In addition, the rising adoption of EVs (electric vehicles) & steady investments in R&D for hybrid vehicles are expected to open up new growth opportunities.
By Region
North America
• The U.S.
• Canada
Europe
• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe
Asia-Pacific
• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA
Competitive Landscape
The global antifreeze market is quite competitive, with companies looking for innovative & eco-friendly solutions. The players in the market expand through strategic partnerships, especially in emerging sectors. Further, brands invest in unique identities & customized solutions for various vehicle and industrial needs. Further, sustainability is a key focus, while affordability remains crucial. In essence, the market thrives on innovation, strategic decisions, &sustainability, as companies aim to enhance products, enter new markets, & navigate regulations in this dynamic industry.
Some of the prominent players in the global Antifreeze Market are:
• Royal Dutch Shell
• Total
• Amsoil
• Sinopec
• BP PLC
• Dow Chemicals
• BASF SE
• LUKOIL
• Chevron
• Old World Industries
• PENTOSIN
• MITAN
• Other Key Players
Recent Developments
• In January 2024, Prestone introduced Improved Antifreeze/Coolant, Offering Advanced Corrosion Protection, which uses patented Cor-Guard inhibitors to better secure areas in the cooling system most vulnerable to corrosion, as it can protect the water pump, heater core, radiator, and gaskets from corrosion and degradation, minimizing the risk of engine failure &leading to longer engine life.
• In January 2024, PEAK launched a New High-Performance Extended Life Antifreeze + Coolant, which comes out as the first major launch in the extended life antifreeze/coolant segment in more than a decade & is the result of extensive research to understand DIYers' needs and purchase-decision process.
• In December 2023, INEOS introduced an agreement with LyondellBasell to buy its Ethylene Oxide and Derivatives business including the Bayport Underwood site, Texas, which includes the 420 kt Ethylene Oxide plant, the 375 kt Ethylene Glycols plant and the 165kt Glycol Ethers plant together with all associated third-party business on the site, for USD 700 million.
• In April 2023, Arteco launched Freecor EV Multi 10, a new electric vehicle coolant particularly designed as a multifunctional coolant for the cooling of e-motors, power electronics, batteries, and all the other components in both full electric along with hybrid vehicles. These EVs, regular combustion engine coolants are used for the thermal management of the vehicle, which is primarily developed for internal combustion engines (ICE) & could be further optimized for electric vehicles.
• In February 2023, UPM Biochemicals &HAERTOL Chemie GmbH announced a partnership to accelerate the introduction of renewable, sustainable forest-sourced materials into the automotive market & reduce fossil resource consumption, by producing a new range of carbon-neutral engine and battery coolants that will help automotive manufacturers reduce their CO2 footprint.
Report Characteristics |
Market Size (2023) |
USD 6,206.9 Mn |
Forecast Value (2032) |
USD 12,403.7 Mn |
CAGR (2023-2032) |
8.0% |
Historical Data |
2018 - 2023 |
Forecast Data |
2024 - 2033 |
Base Year |
2023 |
Estimate Year |
2024 |
Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
Segments Covered |
By Product (Ethylene Glycol Based, Propylene Glycol
Based, Glycerin Based), By Technology (Organic Acid
Technology Antifreeze (OAT), Inorganic Acid
Technology Antifreeze (IAT), and Hybrid Organic Acid
Technology (HOAT)), By Application (Automotive,
Aerospace & Defense, and Industrial Heat Transfer
and Cooling Systems) |
Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
Prominent Players |
Royal Dutch Shell, Total, Amsoil, Sinopec, BP PLC,
Dow Chemicals, BASF SE, LUKOIL, Chevron, Old World
Industries, PENTOSIN, MITAN, and Other Key Players |
Purchase Options |
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Frequently Asked Questions
The Global Antifreeze Market size is estimated to have a value of USD 6,206.9 million in 2024 and is
expected to reach USD 12,403.7 million by the end of 2033.
Asia Pacific is expected to have the largest market share in the Global Antifreeze Market with a share of
about 29.3% in 2024.
Some of the major key players in the Global Antifreeze Market are APL, Clariant, Croda International Plc,
and many others.
The market is growing at a CAGR of 8.0 percent over the forecasted period.