The North America antifreeze market is expected to grow from US$ 1,609.15 million in 2019 to US$ 2,496.89 million by 2027; it is estimated to grow at a CAGR of 7.7% from 2020 to 2027.
The North America antifreeze market is likely to account for a remarkable share of the global antifreeze market during the forecast period. Surge in demand for high performance vehicles is driving the North America antifreeze market. High-performance vehicles refer to vehicles, which are known to provide high speed and power. The use of high potential and advanced engines in the cars offers better competency in terms of its overall weight, acceleration, and performance quality. 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 maintains temperature by protecting the cooling systems from overheating during extreme heat conditions and from freezing during the winters. They prevent rust & corrosion and engine failure and extend the life of the engine components. Antifreeze plays a very crucial role in such high-performance vehicles, which helps in regulating the engine during extreme temperatures and maintaining the heat produced by the components. Thus, rising demand for high-performance vehicles is driving the antifreeze market.
In terms of technology type, the organic acid technology antifreeze segment led the North America antifreeze market in 2019. Organic acid technology (OAT) is expected to exhibit a staggering growth over the forecast period. In organic acid technology, the corrosion inhibitors are entirely neutralized organic acids and azoles. OAT antifreeze consists of 2-EHA, sebacate, and numerous organic acids. OAT antifreeze does not contain phosphates or silicates. It is primarily exploited in heavy and light-duty automotive. It has an extended lifespan, which is up to 6 years or 960,000 kilometers for heavy-duty vehicles, whereas, for a lightweight automotive vehicle, its lifespan is up to 5 years or 250,000 kilometers. In addition to this, it offers superior protection to magnesium and aluminum-based engines that are used in modern engines, and thereby makes it suitable across the automotive industry.
Amsoil Inc., 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.
The US has reported the highest number of confirmed cases of COVID-19 in this region. The outbreak and measures taken to contain the infection spread are likely to affect the chemicals and materials industry in the region, mainly due to disruptions in supply and distribution chain. In addition, the overall manufacturing processes, research, and development activities would also impact the market growth.
The overall North America 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 North America 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 North America antifreeze market.