Propylene Glycol Automotive Antifreeze Under Product Type Contributes 39.3% Of Market Share In Global Sales Of Automotive Antifreeze.
UNITED STATES, July 19, 2022 /EINPresswire.com/ — A prominent rise in the rates of vehicle production, sales of cars, demand for automobile maintenance, and expansion of automotive aftermarket are factors responsible to transform the growth trajectory of the automotive antifreeze market in the coming years. As per Fact.MR’s study on the automotive antifreeze market, a steady CAGR surpassing 5% is projected during the forecast period of 2017 – 2022.
The study observes that macroeconomic factors such as ameliorating economic scenario, increasing disposable income, and expanding middle class have a significant influence on consumer behavior in terms of purchasing an automobile, frequency of repair and maintenance, and awareness about engine efficiency. In light of this, the research study projects a stable end-user sentiment that prominently impacts the developments in the automotive antifreeze market.
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Assessment of the vehicle type segment reveals that the passenger car segment is expected to report the highest demand for automotive antifreeze and share a major market share by crossing US$ 100 million by 2022 end. On account of rising sales of passenger cars in developing regions such as APEJ, particularly, sales of passenger cars, typically in the category of first-time consumers, in China and India are highlighted.
Propylene glycol is anticipated to continue its leading position as the most preferred automotive antifreeze while reporting a healthy CAGR during the review period. Ethylene glycol is the next preferred automobile antifreeze product and is expected to follow the trail.
A keen observation between the relationship of the flourishing automotive industry and rapidly expanding automobile aftermarket and OEMs sales channel has been offered in the research analysis. The study envisages that the aftermarket sales channel is projected to continue its pre-eminence over the OEM channel in the automotive antifreeze market with the revenue generation of over US$ 300 million by 2022 end. OEMs have been observed to share lower contribution in the market, however, by accurately addressing specific consumer demands, OEM is expected to rise above the current market position during the forecast period.
The automotive antifreeze market is marked by the product developments and introduction of novel products. Such business strategies to gain consumer confidence are adopted by the automotive antifreeze manufacturers to maintain market sustainability during the estimation period. The research study has observed a novel trend of vehicle-specific customization of coolants for different regions, further propelling the revenues of the aftermarket channel.
As the demand for high-performance cars and trucks grows, need for engine maintenance is likely to increases in parallel. As high-performance engines are run at a faster pace and at high temperatures, need for an effective cooling system to maintain the optimal engine efficiency has resulted in higher demand for organic acid technology, as per the research study. Among the technology types including organic acid, inorganic acid, and hybrid acid technologies, the neck and neck competition between organic acid and inorganic acid technology, the study reveals the most lucrative segment to be the organic technology segment.
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The comprehensive research study also tracks the automotive antifreeze market in the key regions and delivers an unbiased analysis of the future market performance. With the sales of cars on the rise, the Asia Pacific Excluding Japan (APEJ) region is estimated to remain at the helm of the automotive antifreeze demand during the forecast period. An analogous expansion of the North America region is observed in terms of growth rate during 2017 – 2022.
The research study also entails a number of caveats confining the growth of the automotive antifreeze market during the review period. Fluctuations in the cost of raw materials are expected to affect the small-scale market players. Although APEJ is expected to dominate the automotive antifreeze market, rising labor costs in China are expected to impact the lucrativeness of the market.
Global Automotive Antifreeze Market by Category
By Product Type, Global Automotive Antifreeze Market is segmented as:
• Ethylene Glycol
• Propylene Glycol
By Technology, Global Automotive Antifreeze Market is segmented as:
• Organic Acid Technology
• Inorganic Acid Technology
• Hybrid Acid Technology
By Vehicle Type, Global Automotive Antifreeze Market is segmented as:
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Construction Vehicles
By Sales Channel, Global Automotive Antifreeze Market is segmented as:
By Region, Global Automotive Antifreeze Market is segmented as:
• North America
• Latin America
• East Asia
• South Asia & Oceania
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Competitive Landscape: Top Companies in Automotive Antifreeze Market
The global automotive antifreeze market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced automotive antifreeze.
Fact.MR has provided detailed information about price points of key manufacturers in automotive antifreeze market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
• Castrol in 2021 launched an advanced new ‘direct’ battery e-thermal fluid, Castrol ON, enabling future generations of electric vehicles to charge faster and provide enhanced performance, sustainability and protection
• Valvoline International Inc. in 2021 launched new coolants technology for modern engines and it also acquired 16 service centers in Texas as a part of expansion plan of Quick-Lube Network
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