Demand From Automotive Industry Drives Global Antifreeze Market | Technavio

LONDON–(BUSINESS WIRE)–#Research–The global antifreeze market is expected to grow at a CAGR of close to
8% during the period 2017-2021, according to a new market research study
by Technavio.

The report presents a comprehensive outline of the global
antifreeze market by product (ethylene glycol and propylene glycol)
and by application (automotive and industrial). The report also
determines the geographic breakdown of the market in terms of detailed
analysis and impact, which includes key geographies such as APAC,
Europe, North America and ROW.

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Market driver: increasing demand for antifreeze agents in automobiles

Antifreeze agents are widely used in the automotive industry as
antifreeze coolants. They protect vehicle engines from damage caused by
freezing. Antifreeze
agents act as heat-transfer fluids, and they also contain chemicals that
hinder corrosion and the formation of scales. Antifreeze agents prevent
the water in the radiator of a vehicle from freezing, thereby thwarting
any damage to the vehicle. Apart from this, they also prevent the water
from boiling when the exterior temperature becomes high and prevent the
important fluids in vehicles from evaporating.

According to Ajay Adikhari, a lead analyst at Technavio for specialty
chemicals research, “The extreme cold climatic conditions and
the high demand for automobiles from relatively cold regions across the
globe are the factors that are expected to increase the demand for
antifreeze agents. These factors will promote the growth of the global
antifreeze market during the forecast period.”

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Market trend: increasing impact of industrialization

Industrialization refers to the dynamic shift in the social and economic
factors of the human society. This results in an increase in
modernization wherein social and economic developments take place
continually, and it involves a larger scale of the production process.
Industrialization results in the growth of more industrial activities,
and it increases the manufacturing activities involving various kinds of
engines and motors. Therefore, leading to an increase in antifreeze
agents. The rate of industrialization is on the rise in the current
scenario, particularly in developing economies such as India and China.
Proper management and optimum use of industrial resources are vital for
maintaining sustainability.

Market challenge: fluctuating raw material cost

A major challenge faced by antifreeze manufacturers is consistent price
fluctuations of raw materials that are used in the manufacturing process
of antifreeze agents. Ethylene and propylene are the major raw materials
used to produce antifreeze agents. These are manufactured from compounds
like ethane and propane. The prices of these petrochemicals are
dependent on the price of natural gas and crude oil. Because of the
supply-demand imbalances and the volatile political situation in the
Middle East, which has the major share of the world’s oil supply, there
is volatility in the price of crude oil in the overseas market. This has
resulted in a significant increase in the prices of these major
petrochemicals.

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Key vendors in the market

• BP
• BASF
• Exxon Mobil
• Royal Dutch Shell
• Total

Many established and regional players are operating in the global
antifreeze market. The players are more focused on R&D to improve
their product portfolio and the launch of innovative products. The
primary challenge faced by these players is the fluctuation in raw
material prices and issues pertaining to sourcing.

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