Pune, India -- (SBWire) -- 06/04/2018 --Market Highlights
Antifreeze Coolants are chemicals that are added in water in a certain proportion to ensure workability and performance of engines and heat exchangers. Chemicals used as anti-freeze agents include propylene glycol, ethylene glycol, methanol, and glycerol. The growth of the industry is highly dependent on the consumption of these coolants in various end-use industries such as automotive, aerospace, electronics, construction among others.
The automotive industry is the largest consumer of such Antifreeze Coolants due to increasing automotive demand from colder regions across the world. The automobile industry has a matured market in Europe which is expected to grow similarly over the forecasted period. The market is further driven by the demand from APAC region. The aerospace industry is seen consuming these coolants in a big way for the development of anti-icing and de-icing materials. The aerospace market is a highly strategic market in the Europe and the regions of France, UK, and Germany have been seen investing heavily in R&D for the aerospace sector.
Furthermore, the North American automotive industry is seen growing in the regions of Canada, USA and Mexico. The Anti-Freeze Coolants find its way in the market of these regions to further expand. It is expected that Canada and Mexico will grow at CAGR of close to 8.5 % in automotive sector in the forecasted period.
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The region of APAC has witnessed a remarkable growth in the Antifreeze Coolant Market due to high demands from the lands of China and India. The increased investments in India in automobile industry have widened the scope for Antifreeze Coolant. Also, APAC is currently valued as the fastest growing market and is expected to keep up the pace by 2022. The Global Antifreeze Coolant Market is expected to cross USD 7 Billion mark at the end of the forecasted period and is expected to show a staggering growth at CAGR of approximately 8% from 2016 to 2022.
Market Research Analysis:
The market is highly application based. Its dependency on the end-use industry has widened over a period of time. The Antifreeze Coolant is used extensively in adverse cold weather conditions and also to prevent overheating of the vehicle in summer. It is expected that the Global Antifreeze Coolant Market will advance with higher growth rate as compared to previous years. However the current challenge for the market is the non-recyclable nature of the chemicals used and emerging competition form the APOAC region. Based on Type, Propylene glycol leads the market as it is derived from renewable sources or materials such as corn, Stover, oil bearing crops, and other bio-based resources. The increased awareness among the consumers about eco-friendly nature of products has driven the market for this type.
On the basis of Application, automotive drives the maximum share. The share is attributed to the increasing demand from the colder regions of Europe and North America. Furthermore one of the most strategic sectors, aerospace has also been demanding plenty of these coolants. This fuels the demand for Antifreeze Coolants from aerospace as well.
On the basis of Region, Europe takes the lead as the largest market, followed by APAC and North America. Europe, due to its demographic feature witness heavy snowfall. The region consumes a large share of the Antifreeze Market In both automotive and aerospace sectors. APAC's share comes from the rapid growth of automobile industries which are highly invested and technology driven sectors in the region.
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Antifreeze Coolant Market: Top Companies, Regional Growth Overview and Growth Factors Details by Regions, Types & Applications