Selbyville, Delaware, July 06, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Antifreeze Market was estimated at $4.81 billion in 2020 and is slated to exceed $9.02 billion by 2027, registering a CAGR of 7.4% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The global antifreeze market is anticipated to grow on account of the growing automotive sales in the Asia Pacific due to the increasing consumer disposable income and growing construction industry, which are propelling product demand across the HVAC system. Additionally, the rising air traffic across the globe due to improving the affordability of flight fares has propelled the number of aircraft and is anticipated to have a positive influence on the product demand in the coming years.
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The antifreeze market is driven by wide-ranging product uses as coolants in automotive, aerospace, industrial heating & cooling systems and for clearing driveways in countries, which experience snowfall and freezing temperatures. These applications will drive the product demand, providing promising gains to the overall industry size by 2027.
The ethylene glycol segment dominated the global antifreeze market and is projected to reach a market share of around 50.5% by 2027. Ethylene glycol is used as a coolant in automotive & aerospace engines and used in the deicing of aircraft and runaways. This is mainly due to the stringent requirements for corrosion protection of aircraft surfaces and necessity of low flash points fluid for deicing aircraft.
The automotive segment will account for a share of around 65% in the global antifreeze market in 2027. It is used as an engine coolant for automotive to maintain the temperature of the engine and for aerospace to increase the boiling point of water in the engine to avoid the radiator from overheating. In the aerospace industry, antifreeze is also used to remove moisture accumulated on aircraft wings, which can create additional weight and unnecessary drag during its take-off. Therefore, before take-off, the aircraft is gushed with a different type of antifreeze that sticks to the aircraft surface and avoids freezing.
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Asia Pacific dominated the global market and is anticipated to grow at a CAGR of 8.3% in the coming years driven by rapid growth in the automotive, aerospace, and industrial sectors. The rising aerospace industry in the region is mainly attributed to the improving consumer spending power, triggering air traffic, and driving aircraft manufacturing in the near future. The growing demand for engine coolants in automotive applications is resulting in the Asia Pacific industry growth. The increasing demand for passenger cars in Asian countries is favorable for the antifreeze demand in the region.
The market is consolidated with the presence of a few large players dominating the market. New entrants face a low to the medium barrier to entry due to the requirement for high capital investments. The key players in the global antifreeze industry include Chevron Philips Chemical Co., Royal Dutch Shell, Kost USA, Total S.A., Exxon Mobil Corporation, Ashland Inc., PETRONAS, Castrol, BASF SE, Dow Chemicals, Sinopec Corporation, and DuPont, among others.
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