A significant increase in vehicle production rates, car sales, need for automobile maintenance, and the expansion of the automotive aftermarket are factors that will change the growth trajectory of the automotive antifreeze market in the future years. According to Fact.MR's on the automotive antifreeze market, a stable CAGR of more than 5% is expected between 2017 and 2022.
According to the study, macroeconomic factors such as improving economic conditions, increasing disposable income, and an expanding middle class have a significant influence on consumer behaviour in terms of purchasing an automobile, frequency of repair and maintenance, and engine efficiency awareness. As a result, the research study anticipates consistent end-user mood, which will have a significant influence on the advances in the automotive antifreeze industry.
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According to an analysis of the vehicle type sector, the passenger car segment is predicted to have the biggest demand for automotive antifreeze and have a significant market share, surpassing US$ 100 million by the end of 2022. Because of increased passenger vehicle sales in developing nations such as APEJ, notably in China and India, sales of passenger automobiles, often in the category of first-time customers, are highlighted.
During the study period, propylene glycol is expected to maintain its dominant position as the most favoured vehicle antifreeze while registering a good CAGR. Ethylene glycol is the second most popular car antifreeze substance, and it is likely to follow suit.
The study analysis offers a thorough observation of the link between the thriving automotive sector and the quickly developing vehicle aftermarket and OEMs sales channel. According to the report, the aftermarket sales channel is expected to maintain its lead over the OEM channel in the automotive antifreeze market, generating more than US$ 300 million by the end of 2022. OEMs have been noted to have a lesser market contribution; nevertheless, by precisely addressing particular customer requests, OEM is predicted to grow above the existing market position throughout the forecast period.
Product advancements and the launch of new products characterise the automotive antifreeze industry. Automotive antifreeze makers use such business techniques to establish consumer trust in order to preserve market sustainability over the estimate period. The research study discovered a fresh trend of vehicle-specific coolant customisation for different locations, which is driving up aftermarket channel revenues.
As the demand for high-performance automobiles and trucks grows, so will the need for engine maintenance. According to the research study, since high-performance engines are operated at a quicker rate and at greater temperatures, the necessity for an effective cooling system to ensure maximum engine efficiency has resulted in a stronger need for organic acid technology. Among the technology kinds, which include organic acid, inorganic acid, and hybrid acid technologies, the analysis finds that the organic technology sector is the most lucrative, despite the neck and neck battle between organic acid and inorganic acid technology.
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The thorough research report also analyses the automotive antifreeze market in major regions and provides an unbiased analysis of market performance in the future. With automobile sales increasing, the Asia Pacific Excluding Japan (APEJ) region is expected to maintain its lead in automotive antifreeze demand throughout the projected period. In terms of growth rate, the North America region is expanding at a similar rate between 2017 and 2022.
The research report also includes some constraints that limit the expansion of the automotive antifreeze market over the study period. Raw material price fluctuations are predicted to have an impact on small-scale market players. Although APEJ is predicted to dominate the automotive antifreeze market, growing labour costs in China are expected to have an influence on the sector's profitability.
Global Automotive Antifreeze Market by Category
By Product Type, Global Automotive Antifreeze Market is segmented as:
o Ethylene Glycol
o Propylene Glycol
By Technology, Global Automotive Antifreeze Market is segmented as:
o Organic Acid Technology
o Inorganic Acid Technology
o Hybrid Acid Technology
By Vehicle Type, Global Automotive Antifreeze Market is segmented as:
o Passenger Cars
o Light Commercial Vehicles
o Heavy Commercial Vehicles
o Construction Vehicles
By Sales Channel, Global Automotive Antifreeze Market is segmented as:
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Competitive Landscape: Top Companies in Automotive Antifreeze Market
The global automotive antifreeze market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced automotive antifreeze.
Key Companies Profiled
· Valvoline International Inc.
· BP Plc
· Chevron Corporation
· Exxon Mobil Corporation
· Fuchs Petrolub SE
· KOST USA Inc.
· Prestone Products Corporation
· Recochem Inc.
· Rock Oil Company
· Total S.A
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