Report : Asia-Pacific Antifreeze Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Coolant Type (Ethylene Glycol, Propylene Glycol, and Glycerin and Others), Technology (Inorganic Additive Technology, Organic Acid Technology, and Hybrid Organic Acid Technology and Others), Application (Automobiles, Industrial Heating/Cooling, Energy, and Manufacturing and Others), and Distribution Channel [Original Equipment Manufacturers (OEMs), Aftermarket, and Retail and Others]
At 6.1% CAGR, the APAC Antifreeze Market is speculated to be worth US$ 3,998.56 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC antifreeze market was valued at US$ 2,806.35 million in 2022 and is expected to reach US$ 3,998.56 million by 2028, registering an annual growth rate of 6.1% from 2022 to 2028. Environment-friendly and bio-based antifreeze and investment in R&D and initiatives by market players are the critical factors attributed to the market expansion.
Bio-based antifreeze is formed with biodegradable and renewable base stocks. Being biodegradable, it is mostly used in end-use industries such as automotive, industrial heating, and manufacturing. Bio-based antifreeze is produced from renewable and sustainable substitutes of raw materials compared to conventional chemical-based antifreeze. Bio-based antifreeze also helps reduce carbon footprint. Further, bio-based antifreeze provides better lubrication and has superior viscosity performance. It also provides good thin film strength, low volatility, and high flash point. Bio-based antifreeze always has a high degree of lubricity to reduce friction when used in construction equipment or the automotive industry. This reduced friction results in lower cutting forces, less heat generation during metalworking, and faster tool feed. Reduced friction reduces wear and extends the life of grinding wheels and cutting tools. In addition to the above factors, bio-based antifreeze lubrications have a much higher flash point than oils, resulting in higher feed rates and lower smoke, and less smoky metal cutting environments. These oils also have a more polar attraction to metals than petroleum-based fluids, which are nonpolar to metals. The polarity of the bio-based antifreeze lubricant provides more effective thin film protection and metal affinity for the cutting tool equipment. Prominent and well-established market players are launching innovative bio-based antifreeze products. They are launching innovative and environment-friendly liquid coolants, such as biodegradable coolants and natural antifreeze, providing performance advantages, low viscosity, and high corrosion protection. Furthermore, companies are constantly testing new-coolant technologies that are less costly than conventional propylene glycol and can improve the working environment for operators. All these factors are creating lucrative opportunities for bio-based and environment-friendly antifreeze coolants.
On the contrary, volatility in raw material prices hurdles the growth of APAC antifreeze market.
- Based on coolant type, the APAC antifreeze market is segmented into ethylene glycol, propylene glycol, and glycerin and others. The ethylene glycol segment held 57.5% market share in 2022, amassing US$ 1,613.38 million. It is projected to garner US$ 2,341.34 million by 2028 to expand at 6.4% CAGR during 2022–2028.
- Based on technology, the APAC antifreeze market is segmented into inorganic additive technology, organic acid technology, and hybrid organic acid technology and others. The organic acid technology segment held 77.2% market share in 2022, amassing US$ 2,166.60 million. It is projected to garner US$ 3,115.59 million by 2028 to expand at 6.2% CAGR during 2022–2028.
- Based on application, the APAC antifreeze market is segmented into automobiles, industrial heating/cooling, energy, and manufacturing and others. The automobiles segment held 60.6% market share in 2022, amassing US$ 1,699.80 million. It is projected to garner US$ 2,476.19 million by 2028 to expand at 6.5% CAGR during 2022–2028.
- Based on distribution channel, the APAC antifreeze market is segmented into original equipment manufacturers (OEMs), aftermarket, and retail and others. The aftermarket segment held 60.9% market share in 2022, amassing US$ 1,708.95 million. It is projected to garner US$ 2,491.62 million by 2028 to expand at 6.5% CAGR during 2022–2028.
- Based on country, the APAC antifreeze market has been categorized into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 56.4% market share in 2022. It was assessed at US$ 1,583.08 million in 2022 and is likely to hit US$ 2,314.97 million by 2028, exhibiting a CAGR of 6.5% during the forecast period.
Key players dominating the APAC antifreeze market are BASF SE, CCI Corporation, Chevron Corporation, Dow Inc., Exxon Mobil Corporation, Old World Industries, Prestone Products Corporation, Shell plc, Valvoline LLC, and Wacker Chemie AG among others.
- In 2022, Valvoline launches advanced coolant with OAT tech.
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