Report : North America 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 5.0% CAGR, the North America Antifreeze Market is speculated to be worth US$ 1,885.58 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America antifreeze market was valued at US$ 1,403.39 million in 2022 and is expected to reach US$ 1,885.58 million by 2028, registering an annual growth rate of 5.0% from 2022 to 2028. Increasing vehicle production and aftermarket for antifreeze and engine coolants and growing construction activities and sales of construction equipment are the critical factors attributed to the market expansion.
In the automotive industry, antifreeze is used as an additive for the coolant in the internal combustion of liquid-cooled engines that can adjust the freezing and boiling points. These antifreeze additives prevent the coolant liquid from freezing and protect engines from damage. The growth of the automotive industry in several economies owing to improved socio-economic factors, has created lucrative opportunities for antifreeze and engine coolants. The automotive sector has witnessed tremendous growth in the last decade. The COVID-19 pandemic has created adverse effect on this sector in 2020 and 2021 due to nationwide lockdowns, trade and travel restrictions, and decreased investments. The surge in automobile sales, with relaxations in travel restrictions and the rapid pace of mass vaccination programs, has favored the revival of the automotive sector. Companies operating in the automotive market are investing heavily in the automobile manufacturing sector. Furthermore, the increasing demand for premium vehicles is driving the market. Using a high-tech engine with very high potential in a vehicle provides superior performance in terms of total weight, acceleration, and quality. High-performance cars are gaining momentum owing to their aerodynamic design, tires, smart suspension, and improved brakes. Such cars need a lot of antifreeze to manage the excess heat generated by the engine and other vehicle components. Antifreeze in the automotive industry also helps maintain temperature at extreme heat by preventing cooling from overheating and freezing in the winter. Antifreeze-based lubricants prevent rust, corrosion, and engine failure and extend the life of engine parts. Performance cars have seen strong sales growth in recent years. The increase in automotive sales is attributed to the great market success of the new model in the compact class and the steady demand for E-Class and SUVs. In these performance vehicles, antifreeze plays a very important role in regulating the engine at extreme temperatures and maintaining the heat generated by the parts. Further, the growing demand for high-performance vehicles is driving the market.
On the contrary, volatility in raw material prices hurdles the growth of North America antifreeze market.
- Based on coolant type, the North America antifreeze market is segmented into ethylene glycol, propylene glycol, and glycerin and others. The ethylene glycol segment held 50.8% market share in 2022, amassing US$ 713.19 million. It is projected to garner US$ 946.69 million by 2028 to expand at 4.8% CAGR during 2022–2028.
- Based on technology, the North America antifreeze market is segmented into inorganic additive technology, organic acid technology, and hybrid organic acid technology and others. The organic acid technology segment held 58.0% market share in 2022, amassing US$ 814.20 million. It is projected to garner US$ 1,107.66 million by 2028 to expand at 5.3% CAGR during 2022–2028.
- Based on application, the North America antifreeze market is segmented into automobiles, industrial heating/cooling, energy, and manufacturing and others. The automobiles segment held 68.1% market share in 2022, amassing US$ 955.04 million. It is projected to garner US$ 1,313.92 million by 2028 to expand at 5.5% CAGR during 2022–2028.
- Based on distribution channel, the North America antifreeze market is segmented into original equipment manufacturers (OEMs), aftermarket, and retail and others. The aftermarket segment held 58.2% market share in 2022, amassing US$ 817.03 million. It is projected to garner US$ 1,112.84 million by 2028 to expand at 5.3% CAGR during 2022–2028.
- Based on country, the North America antifreeze market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.5% market share in 2022. It was assessed at US$ 1,045.55 million in 2022 and is likely to hit US$ 1,421.93 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the North America 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 2019, BASF enters engine coolant market in North America with premium Glysantin brand.
- In 2022, Valvoline launches advanced coolant with OAT tech.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: email@example.com