Antifreeze Market Set To Reach USD 9.9 Billion By 2032 | Focus On Technological Advancements And Product Innovation Drives Market Growth | Report By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) Antifreeze market is growing due to increased awareness of vehicle maintenance, and growing consumer concerns about the safety and efficacy of vehicle fluids.

Austin, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The Antifreeze Market is poised to witness substantial growth, projected to reach USD 9.9 Billion by 2032, growing at a compound annual growth rate of 6.9% from 2024 to 2032.

Key Trends Impacting the Market

Increased emphasis on vehicle maintenance and servicing is propelling the antifreeze market ahead. Now, engine care is an activity that is becoming more popular as parts become more expensive for both new and old vehicles. Similarly, as more and more people are turning their attention toward more sustainable options in their lives, the aftermarket automotive industry is booming with the realization that the more durable a car is, the longer it will provide service.

It has been reported by the U.S. Bureau of Transportation Statistics that about 90% of U.S. households have a vehicle, and the majority of these owners practice regular vehicle maintenance. Besides, the average annual expenditure on vehicle maintenance and repair amounts to up to USD 1,200 per vehicle according to the Automotive Maintenance and Repair Association.

Book Your Sample PDF for Antifreeze Market Report @

The trend toward sustainability is gaining momentum in the antifreeze market. Companies are investing in research and development to produce biodegradable and environmentally friendly antifreeze formulations. Additionally, many manufacturers are adopting sustainable practices in their production processes, such as using recycled materials and reducing waste. This commitment to sustainability is appealing to environmentally conscious consumers and is expected to drive growth in the green antifreeze segment.

The popularity of electric and hybrid vehicles is further complementing this growth, as manufacturers such as BASF and Royal Dutch Shell have recently launched antifreeze products suited to these technologies.

Opportunities in the Antifreeze Market

Expanding markets in emerging economies. With the rise of disposable incomes and urbanization in developing regions, there is an increasing demand for vehicles and vehicle accessories, including antifreeze. Companies that invest in developing countries can take advantage of the increasing demand for automotive products and enlarge their share of the market.

New product development. There is a strong need for novel antifreeze products that are safe, non-toxic, biodegradable, and suitable for all engine types. Companies that focus on the development of organic antifreeze and ensure that their antifreeze works for electric, internal combustion, as well as heavy-duty, industrial, aviation, and marine vehicles, can enjoy an extended consumer base and, hence, strengthen the current demand.

If you need any Customization or Book An Analyst Call @

Key Players

• BASF SE (Glysantin)
• Royal Dutch Shell (Shell CoolGuard)
• TotalEnergies (Total Coolelf)
• PARAS Lubricants (ParaCool Green)
• CCI Corporation (Super Long-Life Coolant)
• Chevron Corporation (Chevron Delo ELC)
• KOST USA, Inc. (DEFENSE ELC)
• Old World Industries Inc. (PEAK Antifreeze)
• Gulf Oil International (Gulf Antifreeze)
• SONAX GmbH (SONAX Antifreeze)
• Millers Oils (Millermatic ATF)
• PENTOSIN (Pentosin SF Antifreeze)
• Recochem Inc. (Recochem OEM Premium Antifreeze)
• Valvoline Inc. (Valvoline Multi-Vehicle Antifreeze)
• Prestone Products Corporation (Prestone All Vehicles)
• ExxonMobil Corporation (Mobil Delvac Extended Life)
• Zerex (Zerex G-05)
• Motul (Motul Inugel Expert Ultra)
• Clariant AG (Antifrogen)
• Bluecol (Bluecol Universal Antifreeze)

Which Product Segment of the Antifreeze Market Dominated in 2023?

Ethylene Glycol antifreeze held the largest market share around 60.5% in 2023 . Ethylene glycol, derived from petroleum, remains a widely used base material due to its high efficiency in preventing engine freezing and overheating. As environmental concerns grow, companies are exploring bio-based alternatives that offer comparable performance while reducing environmental impact. This coolant option is predominant in the market due to its superb thermal characteristics and affordances. Particularly, this type of antifreeze has a low freezing point and an extremely high boiling point, thus making it very useful in protecting car engine parts from the risk of freezing and, conversely, overheating.

Which Application Segment Dominated the Antifreeze Market in 2023?

The automotive segment held the largest market share around 75% in 2023 . This segment benefits from the rising global vehicle fleet and the increasing awareness about regular engine maintenance. Consumers are particularly drawn to antifreeze solutions that extend engine life and enhance fuel efficiency. The growth of the global automotive industry portfolio through production and an increase in the number of vehicles has resulted in a high demand for effective mechanisms of cooling. Antifreeze is widely used to avert overheating of internal combustion engines in warm weather and freezing in cold environments.

Regional Insights: Asia-Pacific Leads the Market

The Asia-Pacific region held the largest share of the antifreeze market and accounted for around 38% in 2023. This growth is attributed to the booming automotive and manufacturing sectors in countries like China, India, and Japan. The expanding vehicle fleet and rising disposable incomes in these countries are key factors driving demand for antifreeze products. The region is also witnessing increased adoption of electric vehicles, which presents a unique growth opportunity for antifreeze specifically designed for electric drivetrains.

Recent Developments

• In 2023, BASF introduced an innovative line of antifreeze products that cater to electric vehicles. These formulations are engineered to deliver superior thermal management for EV batteries and address the growing demand for sustainable automotive fluids.
• In 2023, Shell announced the launch of CoolGuard, an antifreeze range designed for commercial vehicles. This development aligns with Shell's commitment to offering products that meet the demands of modern, high-performance engines while ensuring safety and sustainability.

The antifreeze market is on track for significant growth, driven by increased consumer awareness about vehicle maintenance and evolving automotive technologies. As the market continues to expand, key players are focused on product innovation and sustainability to meet emerging consumer demands and capture new opportunities.

Buy this Exclusive Report Which Includes @

BENEFITS:

1 No. Of Pages: 350 Pages Report

2 Regions/Countries:

• North America (3 Countries)
• Europe (~15 Countries)
• Asia Pacific (~10 Countries)
• Latin America (~5 Countries)
• Middle East & Africa (~5 Countries) (Include Israel)

3 ME Sheet: Market Estimation in Excel Format

4 Company Analysis :

• Major 16 companies covered in final report.
• Additional 5 companies will be covered as per client demand complimentary.

5 Statistical Insights and Trends Reporting:

• Vehicle Production and Sales Volumes, 2020-2032, by Region
• Emission Standards Compliance, by Region
• Vehicle Technology Adoption, by Region
• Consumer Preferences, by Region

6 Buying Options

• Single User License: USD 3350
• Enterprise User License: USD 5350
• Excel Data Sheet: USD 2350

Read Full Report Description @

SNS Insider Offering/ Consulting Services:

Go To Market Assessment Service

Total Addressable Market (TAM) Assessment

Competitive Benchmarking and Market Share Gain

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

CONTACT: Contact Us: Akash Anand – Head of Business Development & Strategy ... Phone: +1-415-230-0044

MENAFN07102024004107003653ID1108753367