Glycol Antifreeze Market likely to Reach US$ 9.7 billion by 2031, Garnering a 6.5% CAGR | Exclusive Report by Transparency Market Research
One of the main drivers of the global antifreeze market’s growth is the widespread use of glycol antifreeze in cars. To prevent pipes from freezing, glycol antifreeze is also utilized in closed-loop water systems.
Wilmington, Delaware, United States, Aug. 25, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global market for glycol antifreeze was estimated to be worth US$ 5.5 billion in 2022. The market is anticipated to advance with a 6.5% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 9.7 billion.
HVAC systems, which are major energy users in buildings and industrial settings, may be made more energy-efficient by using glycol antifreeze. It provides effective heat transmission from sources to targeted regions by optimizing heat transfer. This accelerates temperature onset while reducing energy consumption. Glycol antifreeze maintains constant temperatures, limiting energy loss brought on by system variations and lowering the need for frequent changes. This combined effect is in line with initiatives to save costs and promote sustainability.
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Global Glycol Antifreeze Market: Key Players
Some of the key manufacturers profiled in this report are:
- LyondellBasell Industries N.V.
- BASF SE
- Global Bio-chem Technology Group Company Limited
- Royal Dutch Shell plc
- ExxonMobil Corporation
- Total S.A.
- BP plc
- Chevron Corporation
Developments by the key players in the global market for glycol antifreeze are:
- Prestone Products Corporation and North American Lubricants (NAL) partnered strategically to sell NAL’s automotive as well as heavy-duty antifreeze/coolants and chemicals. According to estimates, NAL sells Prestone antifreeze/coolants via its national distributor network, installed retail customers, and national fleet clients across the country. NAL would provide Prestone’s Prime automobile brand and command heavy-duty antifreeze/coolants as an addition to its premium lubricants range.
During the winter, glycol antifreeze protects parts, pipelines, and valves from damage brought on by the cold. Over time, its corrosion inhibitors insulate system components, reducing the likelihood of leaks and pricey failures. The end result of an all-encompassing protection strategy is reduced downtime, which promotes continuous operation—vital for essential applications.
Key Findings of the Market Report
- The development of contemporary HVAC systems is supported by the emergence of glycol antifreeze as a critical solution to lower energy consumption, comply with environmental standards, and ensure flawless operations.
- Type-wise, the glycol antifreeze market is dominated by the ethylene glycol sector.
- In 2022, Asia Pacific accounted for over 42% of the worldwide glycol antifreeze market.
- The second-largest portion of the global glycol antifreeze market is held by Europe.
Market Trends For Glycol Antifreeze
- The ethylene glycol sector commands a substantial market share for glycol antifreeze due to its good freeze protection capabilities and relatively cheap cost in comparison to other glycols. Antifreeze with an ethylene glycol basis is often utilized in a variety of settings, such as HVAC systems, industry, and automobiles.
- Water’s freezing point is lowered by ethylene glycol, permitting antifreeze solutions to stay liquid even at very low temperatures. This is essential to avoid damage, breaks down, and system failures caused by the freezing and expansion of water-based fluids within cooling systems.
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Glycol Antifreeze Regional Market Outlook
Various reasons are propelling the growth of the glycol antifreeze market in different regions. These are:
- Asia Pacific accounted for a significant portion of the global market in 2022 as a result of the region’s quick growth in industrialization, urbanization, and expansion of the automotive and manufacturing industries in nations like China, Japan, India, and South Korea. The region’s usage of glycol antifreeze is influenced by the rise in vehicle demand and the development of infrastructure.
- The second-largest portion of the global glycol antifreeze market is anticipated to be held by Europe. The region’s demand for glycol antifreeze is influenced by a number of factors, including the existence of well-established industrial sectors and strong automotive industries in nations like France, Germany, and the United Kingdom.
- Another sizable market for glycol antifreeze is North America. The region receives cold weather, especially in the northern states as well as provinces, which raises the demand for antifreeze products in transportation and industrial settings.
- The market for glycol antifreeze is anticipated to expand slowly in Latin America, Africa, and the Middle East during the forecast period.
Global Glycol Antifreeze Market Segmentation
- Ethylene Glycol
- Propylene Glycol
- Diethylene Glycol
- Inorganic additive technology (IAT)
- Organic acid technology (OAT)
- Nitrated organic acid technology (NOAT)
- Hybrid organic acid technology (HOAT)
- Engine Coolant
- HVAC System
- Marine Antifreeze
- Hydraulic Equipment
- Gas Dehydration Fluid
- Energy and Power
- By Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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