The antifreeze market for original equipment was valued at USD 687.5 Million in 2016, and is projected to grow at a CAGR of 5.18% during the forecast period.
Seattle, WA -- (SBWIRE) -- 04/28/2017 -- The report "Antifreeze Market by Vehicle Type, Product (Ethylene Glycol, Propylene Glycol & Glycerin), Engine Coolant Additive Technology OE & Aftermarket (IAT, OAT, & HOAT), & Region and Construction Equipment Engine Coolant Market by Application - Forecast to 2021", The antifreeze market for original equipment is projected to grow at a CAGR of 5.18% during the forecast period, to reach a market size of USD 885.1 Million by 2021.
Browse 93 market data tables and 64 figures spread through 177 pages and in-depth TOC on "Antifreeze Market - Forecast to 2021"
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The antifreeze market is driven by increasing vehicle sales and production across the globe. These include vehicles from different segments such as pick-up trucks, Sports Utility Vehicles (SUV), and Multi Purpose Vehicles (MPV), which have a large engine size as compared to sedans or hatchbacks. The aftermarket for antifreeze is fueled by the increase in vehicle parc as well as increased miles traveled per year per country.
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"Passenger cars to be the largest vehicle type in the antifreeze market OE"
Passenger cars are expected to dominate the antifreeze market for OE. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), the sales of passenger cars across the globe increased from 55.6 million units in 2010 to 66.3 million units in 2015. The average amount of engine coolant, required in passenger cars, can range from 1 to 5 gallons. The amount of antifreeze present in the engine coolant varies according to temperature zones and OE recommendations. An increase in sales results in a corresponding increase in vehicle parc of passenger cars. The same publication from OICA states that the number of passenger cars and commercial vehicles on road were 919.0 million units and 321.3 million units in 2015, respectively. As the number of passenger cars on road is higher than commercial vehicles, the aftermarket for antifreeze of passenger cars is high.
"OAT to be the fastest growing segment in the antifreeze market, by technology"
Organic Acid Technology (OAT) is estimated to witness the highest growth in the global antifreeze market. The growth of this technology is due to the presence of neutralized inorganic salts and acids, which can be decomposed without impacting the environment. OAT based antifreeze has the maximum presence in North American and European regions, where the usage of IAT based technology has declined significantly owing to its toxic nature. The global demand for OAT based antifreeze is projected to grow owing to the longer replacement life of the OAT based antifreeze, as compared to IAT based antifreeze.
"Antifreeze market of North America to grow at the highest CAGR during the forecast period"
North America is estimated to dominate the antifreeze market for OE. The growth of this market can be attributed to the higher production and demand for large engine capacity vehicles in this region. The production of light commercial vehicles (LCV) in North America increased to 11.0 million units in 2016, with a year-over-year growth rate of 5.7%, according to OICA. This is the highest production of LCVs across all regions. Also, LCVs in North America have a higher antifreeze requirement of around 7-8 liters, which is ~42% higher than other regions. Such factors would contribute to the growth of the antifreeze market in the region.
The antifreeze market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are BP PLC (U.K.), Royal Dutch Shell PLC (Netherlands), Total (France), Chevron Corporation (U.S.), and Exxon Mobil Corporation (U.S.). The key innovators gaining attention in the antifreeze market include DuPont Tate & Lyle Bio Products (U.S.), Recochem, Inc. (Canada), and Evans Cooling Systems, Inc. (U.S.).
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