The Antifreeze Market for the automotive industry was valued at USD 688 million in 2016, and is projected to grow at a CAGR of 5.18% during the forecast period. Increasing vehicle production, especially SUV & light truck segment and recent growing trend in trucks & buses segment in countries such as India are the key reasons driving the demand for OE market for antifreeze. Growing vehicles in operation and increased miles travelled per year is estimated to drive the demand for antifreeze in aftermarket segment.
“Passenger cars are expected to witness the highest demand for antifreeze”
According to OICA, the production of passenger cars around the globe has grown from 68.6 million units in 2015 to 72.1 million units in 2015 at a rate of 5.1%. The increased sales of passenger cars is due to the improved standard of living and per capita income in various countries. According to Trading Economics statistics, the U.S. GDP per capita increased from USD 50,727.8 in 2014 to USD 51,638.1 in 2015, which led to increased purchasing capabilities of consumers. Thus, the sales and production of passenger cars is increasing and leading to increased demand for engine coolant and antifreeze.
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“Glycerine is expected to be the fastest growing market for antifreeze, by product, in the automotive industry”
Antifreeze base fluids are toxic in nature. This has compelled the manufacturers to switch to less toxic alternatives. Also, glycols used for antifreeze are manufactured from crude oil filtration, which may lead to a higher demand for fossil fuels such as crude oil and can have a negative impact on the environment. Hence, bio-based options such as glycerin are getting recognized in the market for their environment-friendly nature. These bio-based antifreezes are manufactured from materials such as corn, stover, and other oil bearing resources. Manufacturers are venturing into this market with products such as the Susterra brand of DuPont Tate & Lyle Bio Products (U.S.), which is produced using a bio-based glycol named 1, 3-Propanediol (PDO). This glycol is completely manufactured using renewable and bio-based materials and is suitable for passenger cars and other light and heavy-duty vehicles.
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“North America: Largest and fastest growing antifreeze market for the automotive industry in Original Equipment (OE) segment”
The North American region leads the antifreeze market for the automotive industry, owing to the higher production and demand for large engine capacity vehicles in this region such as extended cabs. The automotive market in this region is inclined towards SUVs and light trucks, owing to their off-road capabilities and better traction in changing weather conditions. According to OICA, the light commercial vehicle production in North America increased from 10.4 million units in 2015 to 11.0 million units by 2016 at a rate of 5.7%, which is above the global growth rate of 2.7%. Also, LCVs in North America have a higher antifreeze requirement, as compared to other regions. These factors have contributed to the higher market size of automotive antifreeze in this region. Additionally, the automotive industry of North America is one of the most advanced across the globe with substantial investments in R&D activities, infrastructure, and new production facilities driving the overall automotive antifreeze market.
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Key Market Players
The ecosystem of the antifreeze market for automotive industry consists of antifreeze manufacturers such as BP PLC (U.K.), Royal Dutch Shell PLC (Netherlands), Total (France), and Chevron Corporation (U.S.). Antifreeze is supplied to major OEMs in the automotive industry including Nissan (Japan), Ford Motor Company (U.S.), Honda (Japan), and others.
Key Questions Addressed by the Report
· Which antifreeze product is expected to dominate the market in the future?
· How are the players addressing the challenge of different new technologies in the automotive market?
· What are the countries having major demand of automotive antifreeze?
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