The global Antifreeze/Coolant market was valued at USD 4.50 billion in 2016 and is projected to reach USD 8.85 billion by 2025, growing at a CAGR of 7.0% from 2017 to 2025.
Antifreeze products are majorly used in automobiles to reduce the overall temperature of the vehicle. The demand in automotive industry is expected to remain high over the forecast period. The increasing number HVAC equipment in manufacturing industries is expected to have a positive impact on market growth.
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1. Market Drivers
1.1 Increasing vehicle manufacturing
1.2 Favorable government legislations for antifreeze/coolant
2. Market Restraints
2.1 Volatile prices of raw materials
2.2 Rising focus towards electric vehicles
The global Antifreeze/Coolantmarketis segmented on the basis ofproduct, application,and region.
1. By Product:
1.1 Propylene Glycol
1.2 Ethylene Glycol
2. By Application:
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Chevron Corporation
2. BP PLC
3. Royal Dutch Shell PLC
4. Exxon Mobil Corporation
5. Total SA
7. BASF SE
9. Motul SA
10. Cummins Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Antifreeze/Coolantmarketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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