Antifreeze Market to reach the value of USD 885.1 million by 2021

News provided by

May 08, 2017, 19:31 ET

NEW YORK, May 8, 2017
/PRNewswire/ --

Highlights

· Increasing vehicle production is driving the antifreeze market for the automotive industry.

· The antifreeze market for original equipment is projected to grow at a CAGR of 5.18% from 2016 to 2021, to reach a market size of USD 885.1 million by 2021.

· The growth of the automotive engine coolant market is directly linked to the rising vehicle production.

· Passenger cars are expected to witness the highest demand for antifreeze.

· According to OICA, the production of passenger cars around the globe has grown from 68.6 million units in 2015 to 72.1 million units in 2016 at a rate of 5.1%.

· According to Trading Economics statistics, the U.S. GDP per capita increased from USD 50,727.8 in 2014 to USD 51,638.1 in 2015, which led to increased purchasing capabilities of consumers.

· Glycerine is expected to be the fastest growing base product market for antifreeze in the automotive industry.

· North America: Largest and fastest growing antifreeze market for the automotive industry in Original Equipment (OE) segment.

"Increasing vehicle production is driving the antifreeze market for the automotive industry"
The antifreeze market for original equipment is projected to grow at a CAGR of 5.18% from 2016 to 2021, to reach a market size of USD 885.1 million by 2021. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the global vehicle production in 2015 was ~92 million units and is projected to grow to ~125 million units by 2021, at a CAGR of 5.40% from 2016 to 2021. This growth in vehicle production can be attributed to rising per capita income, increased preference for personal transport, and improved infrastructure. The growth of the automotive engine coolant market is directly linked to the rising vehicle production. Thus, rising vehicle production is one of the key drivers for the increase in demand for engine coolant in the original equipment market. Growing demand for battery operated vehicles is acting as a key restraint for the antifreeze market, especially in countries such as Norway, the Netherlands, and China, where the government has implemented stringent emission regulations. However, the impact of this growth is expected to be low for the next five years.

"Passenger cars are expected to witness the highest demand for antifreeze"
According to OICA, the production of passenger cars around the globe has grown from 68.6 million units in 2015 to 72.1 million units in 2016 at a rate of 5.1%. The increased sales of passenger cars is due to the improved standard of living and rise in per capita income in various countries. According to Trading Economics statistics, the U.S. GDP per capita increased from USD 50,727.8 in 2014 to USD 51,638.1 in 2015, which led to increased purchasing capabilities of consumers. Thus, the sales and production of passenger cars are increasing and leading to increased demand for engine coolant and antifreeze.

"Glycerine is expected to be the fastest growing base product market for antifreeze in the automotive industry"
Antifreeze base fluids are toxic in nature. This has compelled manufacturers to switch to less toxic alternatives. Also, glycols used for antifreeze are manufactured from crude oil filtration, which may lead to a higher demand for fossil fuels such as crude oil and can have a negative impact on the environment.

Hence, bio-based options such as glycerin are getting recognized in the market for their environment-friendly nature. These bio-based antifreeze are manufactured from materials such as corn, stover, and other oil bearing resources. Manufacturers are venturing into this market with products such as the Susterra brand of DuPont Tate & Lyle Bio Products (U.S.), which is produced using a bio-based glycol named 1, 3-Propanediol (PDO). This glycol is completely manufactured using renewable and bio-based materials and is suitable for passenger cars and other light and heavy duty vehicles.

"North America: Largest and fastest growing antifreeze market for the automotive industry in Original Equipment (OE) segment"
The North American region leads the antifreeze market for the automotive industry, owing to the higher production and demand for large engine capacity vehicles in this region such as extended cabs. The automotive market in this region is inclined towards SUVs and light trucks, owing to their off-road capabilities and better traction in changing weather conditions. According to OICA, the light commercial vehicle production in North America increased from 10.4 million units in 2015 to 11.0 million units by 2016 at a rate of 5.7%, which is above the global growth rate of 2.7%. Also, LCVs in North America have a higher antifreeze requirement, as compared to other regions. These factors have contributed to the higher market size of automotive antifreeze in this region. Additionally, the automotive industry of North America is one of the most advanced across the globe with substantial investments in R&D activities, infrastructure, and new production facilities driving the overall automotive antifreeze market.

BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from antifreeze raw material suppliers to antifreeze/coolant manufacturers. The break-up of the primaries is as follows:

- By Company Type: Tier-1—16%, Tier-2—67%, and OEMs—17%
- By Designation: D level—16%, C-level—67%, and Other (includes R&D heads and experts from the chemical industry)—17%
- By Region: North America—50%, Asia-Pacific—33%, Europe—17%

The report provides detailed profiles of the following companies:
- B.P. PLC. (U.K.)
- Royal Dutch Shell PLC (Netherlands)
- Total (France)
- Chevron Corporation (U.S.)
- Exxon Mobil Corporation (U.S.)
- China Petrochemical Corporation (China)
- BASF SE (Germany)
- Cummins, Inc. (U.S.)
- Motul (France)
- Prestone Products Corporation (U.S.)

Research Coverage:
The report provides a picture of the antifreeze market across different verticals and regions for the automotive and off-highway industry. It aims at estimating the market size and future growth potential of the antifreeze OE by vehicle type, product, additive technology, construction equipment engine coolant OE market by application, and engine coolant aftermarket by additive technology and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.

Reasons to Buy the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the antifreeze market in the automotive industry and the subsegments as well as for construction equipment. This report will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: http://www.reportlinker.com/p04883663/Antifreeze-Market-by-Vehicle-Type-Product-Engine-Coolant-Additive-Technology-OE-Aftermarket-Region-and-Construction-Equipment-Engine-Coolant-Market-by-Application-Forecast-to.html

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

http://www.reportlinker.com