Major players in the antifreeze/coolant market are BP PLC, BASF SE, Cummins Inc., Exxon Mobil Corporation, PJSC Lukoil Oil Company, Motul SA, Royal Dutch Shell PLC, Total SA, Chevron Corporation, Old World Industries LLC, Prestone Products Corporation, Recochem Corporation, Amsoil Inc.
New York, June 12, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Antifreeze/Coolant Global Market Report 2023" – https://www.reportlinker.com/p06466623/?utm_source=GNW
, Arteco NV, and Carl Bechem Lubricants India Private Limited.
The global antifreeze/coolant market is expected to grow from $5.39 billion in 2022 to $5.64 billion in 2023 at a compound annual growth rate (CAGR) of 4.68%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $6.60 billion in 2027 at a CAGR of 3.99%.
The antifreeze/coolant market consists of sales of sorbitol, calcium chloride, and sodium chloride.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Antifreeze or coolant is a fluid mixture of chemicals such as ethylene glycol or propylene glycol. These are used in internal combustion engines to regulate the engine temperature and prevent it from overheating or freezing.
Asia-Pacific was the largest region in the antifreeze/coolant market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the antifreeze/coolant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of antifreeze/coolant include propylene glycol, ethylene glycol and other products.Propylene glycol refers to a synthetic liquid that is derived from propylene oxide.
They are applied using various technologies such as inorganic additive technology (IAT), organic acid technology (OAT), nitrite organic acid technology (NOAT), hybrid organic acid technology (HOAT) and other technologies for applications in industrial, automobiles and other applications.
Increasing vehicle production is expected to propel the antifreeze/coolant market going forward.Vehicle production refers to the production of passenger cars, light trucks, and utility vehicles, such as minivans, pickup trucks, and sport utility vehicles.
Antifreeze or coolant helps to regulate engine temperature, prevent freezing or overheating, and protect against rust or corrosion. For instance, in May 2022, according to an article published by CEIC Data, a US-based provider of macro and micro economic data insights, in the USA, 9.2 million units of motor vehicles were produced in December 2021, a rise from 8.8 million units in December 2020. Therefore, increasing vehicle production is driving the antifreeze/coolant market.
Technological innovations are the key trends gaining popularity in the antifreeze/coolant market.Major market players are concentrating their efforts on creating innovative technologies such as state-of-the-art silicate organic acid technology (Si-OAT), NAP-free hybrid organic acid technology, and phosphate-free organic acid technology (P-OAT).
For instance, in August 2021, Valvoline Inc., a US-based lubricants and automotive chemicals manufacturing company, launched new coolant technologies, Valvoline Antifreeze Coolant HT-12TM Green and Valvoline Antifreeze Coolant HT-12 Pink. This high-performance coolant, which contains mono-ethylene glycol Si-OAT technology and advanced performance additives, offers enhanced heat dissipation properties. It is designed to meet the specific requirements of modern, high-powered, compact engines, providing reliable protection against corrosion, overheating, and frost damage to the engine block cooling channels, radiator, and water pump.
In November 2020, Recochem Corporation, a Canada-based company that manufactures chemical products such as transportation, household, and industrial specialty fluids, acquired KOST for an undisclosed amount. With this acquisition, Recochem Corporation focuses on expanding its product offering and reach in the U.S. and strengthening its position as a leading supplier of automotive and heavy-duty transportation fluids globally. KOST is a US-based manufacturer of antifreeze, coolants, and functional fluids.
The countries covered in the antifreeze/coolant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The antifreeze/coolant market research report is one of a series of new reports that provides antifreeze/coolant optical components market statistics, including antifreeze/coolant optical components industry global market size, regional shares, competitors with a antifreeze/coolant optical components market share, detailed antifreeze/coolant optical components market segments, market trends and opportunities, and any further data you may need to thrive in the antifreeze/coolant optical components industry. This antifreeze/coolant optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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