According to the new market research report “Antifreeze/Coolant Market by Application (Automotive, Industrial), Base Fluid (Ethylene Glycol, Propylene Glycol and Glycerine), Technology, Regions (North America, Europe, APAC, Middle East & Africa, and South America) – Global Forecast to 2025″, The global antifreeze/coolant market size was valued at USD 5.4 billion in 2020 and is projected to reach USD 5.9 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 1.8%. The antifreeze/coolant industry will be driven primarily by the increase in the number of vehicles in operation worldwide. The growth in the HVAC systems and construction equipment industry are the other key factor contributing to the growth of the antifreeze/coolant market over the next few years.
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The automotive segment led the antifreeze/coolant market in 2019. The number of vehicles in operation at the global level is one of the factors driving the antifreeze/coolant market. This growth in the automotive sector can be attributed to growing population, improved socio-economic conditions, emerging economies, expanding e-commerce industry, improved infrastructure, increasing vehicle fleet, and other factors. The growth of the automotive engine coolant market can be directly related to the increase in the number of motor vehicles operating and total miles driven per year, as they play a mandatory role in the engine cooling system of a vehicle.
Ethylene glycol led the antifreeze/coolant market share in 2019, in terms of value and volume. Growth of the ethylene glycol as a base fluid in the antifreeze/coolant industry is primarily attributed because of its cost-effectiveness and its ability to be used in all climatic conditions, making it the most preferred base fluid across the globe. It is used as antifreeze in automotive engine cooling and is also used in many industrial cooling applications. Recycling of ethylene glycol from processes such as distillation, reverse osmosis, and ion exchange is also gradually making its mark in the market for utilization as an engine coolant.
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The global antifreeze/coolant market size is projected to grow from USD 5.4 billion in 2020 to USD 5.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 1.8% during the forecast year. The growth of this market is attributed to the increasing demand for antifreeze/coolant in automotive and HVAC industries.
The antifreeze/coolant market has been dominated by large players, such as BP Plc (UK), Royal Dutch Shell Plc. (Netherlands), Chevron Corporation (US), ExxonMobil Corporation (US), Total S.A.(France), LUKOIL (Russia), Petronas (Malaysia), BASF (Germany), Valvoline Inc. (US), and Cummins Inc. (US). These players have adopted various growth strategies, such as acquisitions, partnerships & divestures, new product launch, and expansions, to increase their market shares, expand their geographical footprints, and enhance their product portfolios.
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Chevron Corporation (US) held the leading position in the global antifreeze/coolant market in 2019. The company has maintained its leadership position through its strong distribution network. It has around 8,000 retail stores in the US. Chevron Corporation (US) is among the leading manufacturers of antifreeze/coolant for many of the markets it serves. It adopted new acquisitions as its key strategy to capture the market. In December 2019, Chevron Australia Downstream Pty Ltd., a wholly-owned subsidiary of Chevron Corporation, signed a conditional Share Sale Agreement with Puma Energy Asia Pacific B.V. with the aim to acquire all the shares and equity interests of Puma Energy (Australia) Holdings Pty Ltd. for USD 291 million (AUD 425 million).The acquisition has boosted the company’s revenue and expanded its geographical reach.
Royal Dutch Shell Plc. (Netherlands) is also one of the leading players in the antifreeze/coolant market. The company retained its leadership position through its strong geographical presence and wide customer base across the world. The company adopted various strategies, including expansions, new product launch, and divesture, to sustain its leading position in the antifreeze/coolant market. In January 2019, Shell Chemical LP, a division of Royal Dutch Shell Plc, expanded its production of the fourth alpha olefins unit at the Louisiana, US manufacturing site. The expansion increased the company’s plant capacity by 425,000 tons per year. This strategy has enabled the company to expand its production capacity, strengthen the company’s customer base, and maintain a strong market position.
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