The Asia Pacific antifreeze market accounted to US$ 2,124.84 Million in 2019, and is expected to grow at a CAGR of 6.1% during 2020–2027, to account to US$ 3,380.40 Mn by 2027.
Antifreeze are used to increase the boiling point of the liquid and provide higher coolant temperature. It is mainly deployed in automobiles for the purpose of altering the freezing point and the boiling point of coolants in the combustions placed internally in the liquid cooled engines. Antifreeze can be developed from organic acid, azoles and inorganic salts or from the combination of these. It helps in preventing rigid enclosures from bursting when they expand due to freezing. The study also takes into consideration coolants, which are significantly obtained by mixing antifreeze into water usually at a 50-50 ratio. The ethylene glycol antifreeze is used as a base to create the liquid which is pumped into the vehicle engine for regulating and maintain the optimum operating temperature during the extreme cold or hot temperatures. The companies are offering more products in accordance with coolants as compared to antifreeze. The high performance vehicles are gaining momentum owing to their aerodynamic builds, sticky tires, smart suspensions and fortified brakes. The high performance cars have high requirement for automotive antifreeze or coolants as they help in managing the excessive heat generated by the powerful engines and other components present in the vehicles. The antifreeze and coolants used in such vehicles have a boiling point well above the boiling point of water. They safely expand the range of operating temperature and maintain the liquid to metal contact. Antifreeze also maintain temperature by protecting the cooling systems from overheating during extreme heat conditions and from freezing during the winters. They prevent rust & corrosion, engine failure and extend the life of the engine components.
Based on product type, the Asia Pacific antifreeze market has been segmented into ethylene glycol, propylene glycol, glycerin, and methanol. In 2019, the ethylene glycol segment accounted for a larger share of the Asia Pacific antifreeze market, whereas the market for propylene glycol is expected to grow at a higher CAGR during the forecast period. Ethylene glycol is an organic compound mainly used as a raw material in the manufacture of polyester fibers and for antifreeze formulations. It is a colorless, odorless, sweet-tasting, viscous liquid. End-user industries highly prefer ethylene glycol-based antifreeze due to its exceptional properties such as the ability to be mixed in any proportion to form coolant, miscibility in water, and others. The production cost of ethylene glycol coolants is less as it requires less energy at various stages of conversions, along with the low cost of raw materials. Thus, ethylene glycol coolants are cost-efficient, and this is also one of the primary factors driving a huge number of customers to opt for ethylene glycol coolants. Earlier, vehicle owners were reluctant to use ethylene glycol owing to its sweet taste and toxic characteristics. The sweet taste of ethylene glycol attracted animals to consume it, which lead to the deaths of pet animals worldwide. Hence, coolant manufacturers started adding a bittering agent in ethylene glycol, and thereafter the product regained its demand in the market. Moreover, the low viscosity and low freezing point properties of ethylene glycol makes it ideal for winter and summer conditions, and hence it is largely adopted in regions like Asia Pacific.
Asia Pacific includes developed economies such China, Japan, India, Australia, South Korea and Rest of Asia Pacific. These emerging countries are witnessing an upsurge due to growth in urbanization, increasing manufacturing industries and growing industrialization, and the impact of social media platforms, which offers ample opportunities for major market players in the antifreeze market. Rising automotive sales in the Asia Pacific (APAC) countries, including India and China, has been one of the most encouraging growth factors for the antifreeze market in recent years. Increasing consumer spending power and improving lifestyle, mainly in India, China, Japan, and Indonesia, have triggered air traffic, which will boost demand for aircraft and positively impact the antifreeze market size during the forecast period. Furthermore, growing middle-class population, developing surface transportation infrastructure, rising disposable income, increasing mobility due to development of satellite townships near megacities, increasing aspiration of owning private vehicles, and growing demand for goods carriers from small, micro, and medium-sized enterprises are fueling the market for antifreeze in the Asia Pacific region. Besides, the increasing population along with the soaring economy in the Asia Pacific has led to industrialization, which will propel product demand and, in turn, will expand the antifreeze market in the Asia Pacific region during the forecast period.
BP p.l.c; Chevron Corporation; BASF SE; CCI Corporation; Old World Industries LLC.; Prestone Products Corporation; Total; Exxon Mobil Corporation and Royal Dutch Shell Plc. are among the major players operating in the Asia Pacific antifreeze market.
The COVID-19 pandemic first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe. As of February 2021, India, Japan, China and Australia are among the worst-affected countries in terms confirmed cases and reported deaths. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns of chemicals and materials industry and disruptions in supply chains due to lockdown of countries has created a strain on the supplies of the various products offered by this industry. The government of various countries in the Asia Pacific has taken necessary steps to reduce its effects by announcing lockdowns, and thus, impacting the growth of the antifreeze market. . The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Government have asked the chemicals & materials manufacturers to delay their production which will adversely affect the Asia Pacific supply of antifreeze.
The overall Asia Pacific antifreeze market size has been derived in accordance to both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically involved in the process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific antifreeze market.