The Europe antifreeze market is expected to grow from US$ 1,276.12 million in 2019 to US$ 1,920.68 million by 2027; it is estimated to grow at a CAGR of 5.4% from 2020 to 2027.
The Europe antifreeze market is likely to account for a remarkable share of the global antifreeze market during the forecast period. Increase in use of antifreeze in non-automotive applications is driving the Europe antifreeze market. With changing and evolving times, antifreeze has been used increasingly in various applications apart from automobiles. Antifreeze is produced by mixing water with any one of the four main agents—glycerol, ethylene glycol, methanol, and propylene glycol. Each of these agents can be put into a variety of uses. Heating, ventilation, and air conditioning (HVAC) systems have become an integral part of the modern residences, hospitals, office buildings, and ships & submarines. Antifreeze is used in the HVAC systems to prevent the pipes from freezing, bursting, and causing damage to the systems. It reduces the risk of corrosion and scale build-ups. Solar energy is being used all over the world. Antifreeze finds application in the solar water heating systems in the form of heat transfer fluid, which offers freeze protection and prevents damage to the system. Moreover, the need of effective heat dissipation and protection against corrosion & heating among the manufacturers requires antifreeze. There is a growing demand for antifreeze products and coolants due to rise in sale of construction equipment that are used in heavy-duty workloads by the manufacturers of construction equipment. Other than this, antifreeze products are increasingly being used in aerospace applications. The antifreeze bears properties, such as high boiling point, low freezing point, stability over a range of temperatures, and low viscosity. Owing to these attributes, antifreeze is employed in different applications, which is boosting the growth of the market.
In terms of application, the automobile segment led the Europe antifreeze market in 2019. Antifreeze is considerably used in the automotive industry to maintain the optimum temperature inside the vehicle's engine by lowering excess heat produced when it runs, thereby avoiding severe damage to its internal components. The rapidly growing automotive industry across Europe is driving the product demand. The increased sales of vehicles are attributed to rising living standards of the populace and increasing per capita income. A similar trend is observed in other regions as well.
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 key players in the market in this region.
In Europe, as per the recent data, Russia has recorded the highest number of COVID-19 cases. Other than this, France, the UK, Italy, Spain, and Germany have also been hit hard and are expected to suffer an economic hit due to the lack of revenue from various industries. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact market growth in Europe.
The overall Europe antifreeze market size has been derived using both primary and secondary sources. 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. The process also serves the purpose of obtaining overview and forecast for the Europe antifreeze market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically associated with this process include industry experts, 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 Europe antifreeze market.