Antifreeze Coolants and Lubricant Size Worth $5.6 Billion By 2030: IndustryARC
Research Reports
Sep 10, 2024
Antifreeze Coolants and Lubricant size is estimated to reach $5.6 billion by 2030, growing at a CAGR of 4.5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Antifreeze Coolants and Lubricant – By Product Type (Ethylene Glycol, Propylene Glycol, Methanol, and Others), By Technology (Inorganic Additive Technology, Organic Acid Technology, Hybrid Organic Acid Technology, and Others), By Grade (Automotive Grade, Technical Grade, Ultra-Pure Grade, and Others), By End-User (Aerospace (Commercial, Military, and Others), Automotive (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles), Industrial, Electronics, HVAC, Marine, and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”.
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Asia-Pacific to Register Highest Growth:
In 2023, Asia-Pacific held the third-largest market share for Antifreeze Coolants and Lubricant market, with 38%, followed by North America and Europe. The automotive industry had a turbulent year in 2022 but in 2023 it picked up. Production data from OICA is reflective of this. For instance, China is the largest manufacturer of automobiles in the world. In 2023, production in China stood at 18.24 million compared to 16.98 million in 2022. In 2023, production in India stood at 3.29 million compared to 2.15 million in 2020, a dramatic 53% increase. In 2023, production in Indonesia stood at 0.79 million compared to 0.48 million in 2022, registering a 64% increase. A similar increase in production was also seen in other Asian countries such as Japan, Pakistan, Thailand, South Korea, etc. These factors, combined with the rapid industrialization and rising disposable incomes, create a robust growth, trajectory for the Antifreeze coolants and lubricantsmarket in the Asia-Pacific region.
Antifreeze Coolants and Lubricant 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
4.5% |
|
Market Size in 2030 |
$5.6 Billion |
|
Segments Covered |
By Product Type, By Technology, By Grade, By End User, and By Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Malaysia, Indonesia and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
BP p.l.c. Chevron U.S.A. Inc. BASF SE Exxon Mobil Corporation Cummins Inc Royal Dutch Shell TotalEnergies Fuchs Sinopec Valvoline Global Operations |
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Antifreeze Coolants and Lubricant Report – Key Takeaways:
- Rising Disposable Incomes
Rising Disposable Incomes are a major market driver propelling the Antifreeze Coolants and Lubricant market forward. As economies expand and living standards improve, there is a corresponding increase in vehicle ownership, this increase in demand for personal transportation has directly fueled the need for antifreeze coolants and lubricants. Additionally, consumers with higher disposable incomes tend to invest in premium and synthetic fluids, which offer enhanced performance and engine protection. This shift towards higher-quality products has driven innovation and product development within the industry, which in turn propels the overall antifreeze coolants and lubricants market growth.
- Ethylene Glycol Product Type are leading the Market
The films & sheets segment is the fastest-growing segment and is expected to grow at a higher CAGR in the forecast period 2024-2030. The exceptional properties, including excellent heat transfer capabilities and effective freezing point depression, have solidified its position as the industry standard, this robust performance, coupled with its cost-effectiveness, has driven widespread adoption across various applications, from automotive engines to industrial cooling systems. Additionally, while alternative coolants like propylene glycol have gained traction due to their environmental benefits, ethylene glycol continues to dominate the market, thereby making it a growing segment in the overall market.
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Key Opportunity Analysis:
Focus on Sustainability and Environmentally Friendly Products
The growing focus on sustainability and environmental responsibility has emerged as a key opportunity in the antifreeze coolant and lubricants market, as consumers and businesses alike are increasingly demanding products that minimize their ecological footprint, this shift in consumer preferences has prompted manufacturers to invest in research and development of environmentally friendly alternatives. Bio-based coolants and lubricants derived from renewable resources, such as vegetable oils and plant-based additives, are gaining traction. Additionally, stringent government regulations aimed at reducing emissions and hazardous waste have accelerated the adoption of eco-friendly formulations, differentiating themselves in a competitive Antifreeze Coolants and Lubricant market.
Increasing Technological Advancements in the Antifreeze Coolants and Lubricants Market
Increasing technological advancements have significantly influenced the antifreeze coolant and lubricants market. The development of innovative additives and base fluids has led to the creation of products with enhanced performance characteristics, the incorporation of nanotechnology has resulted in lubricants with improved viscosity, reducing friction and enhancing fuel efficiency. Additionally, the focus on environmentally friendly formulations has driven research into biodegradable and synthetic base fluids for antifreeze coolants. Furthermore, the integration of digital technologies for product development and testing has accelerated innovation and time-to-market for new antifreeze and lubricant products, thereby propelling the overall market growth.
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The report also covers the following areas:
- Antifreeze Coolants and Lubricant Size and Forecast
- Antifreeze Coolants and Lubricant Trends
- Antifreeze Coolants and Lubricant Analysis by Product Type
Antifreeze Coolants and Lubricant 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain Analysis of key stakeholders
- Detailed analysis of market drivers and opportunities during the forecast period
- Antifreeze Coolants and Lubricant size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Antifreeze Coolants and Lubricant
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List of Key Market Players in the Antifreeze Coolants and Lubricant:
The Global Antifreeze Coolants and Lubricant is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- BP p.l.c.
- Chevron U.S.A. Inc.
- BASF SE
- Exxon Mobil Corporation
- Cummins Inc
- Royal Dutch Shell
- TotalEnergies
- Fuchs
- Sinopec
- Valvoline Global Operations
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:
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IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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Contact Information:
Mr. Venkat Reddy Email: sales@industryarc.com USA: (+1) 518-282-4727
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