MarketsandMarkets projects that the antifreeze/coolant market will grow from USD 4.52 Billion in 2016 to USD 6.62 Billion by 2021, at an estimated CAGR of 7.91%. The market is growing due to the growth in end-use industries such as automobiles, aerospace & defense, electronics and other industrial uses.
Seattle, WA -- (SBWIRE) -- 02/06/2017 -- The report "Antifreeze/Coolant Market by Product Type (Ethylene Glycol and Propylene Glycol), Application (Automobiles and Industrial), and Region - Global Forecast to 2021", The market for antifreeze/coolant is projected to grow from USD 4.52 Billion in 2016 to reach USD 6.62 Billion by 2021, at a CAGR of 7.91%.
Browse 97 market data tables and 44 figures spread through 140 pages and in-depth TOC on "Antifreeze/Coolant Market - Global Forecast to 2021"
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This market is growing due to the increase in demand for coolants due to the rising vehicle production in the countries such as China and India.
Propylene glycol type projected to grow at the highest CAGR during the forecast period
Propylene glycol is highly preferred as it is less toxic than ethylene glycol and has perceived environmental benefits. It is used in North America and Europe in niche applications. Applications such as industrial and automotive, which require less toxic coolant products, have driven the use of propylene glycol, globally.
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Industrial segment projected to grow at the highest rate during the forecast period
The antifreeze/coolant market has been segmented on the basis of application into automobiles, industrial, and others. In 2015, the industrial application segment accounted for the second largest share of the application segment and is projected to grow at the highest CAGR during the forecast period. Antifreeze/coolants are used in HVAC systems and heat exchangers to facilitate heat transfer process in adverse cold weather conditions. They are also used in various industrial applications and the electronics industry.
Asia-Pacific to play a key role in the market for antifreeze/coolant
On the basis of key regions, the market for antifreeze/coolant has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific is projected to be the most potential market for antifreeze/coolants. Rise in demand for passenger vehicles in emerging economies such as China and India is expected to drive the antifreeze/coolant market.
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The key players considered in the report are:
1. BP PLC (U.K.)
2. CHEVRON CORPORATION (U.S.)
3. ROYAL DUTCH SHELL PLC (Netherlands)
4. TOTAL S.A. (France)
5. EXXON MOBIL CORPORATION. (U.S.)
6. LUKOIL (Russia)
7. PETRONAS (Malaysia)
8. BASF SE (Germany)
9. CUMMINS INC. (U.S.)
10. MOTUL S.A. (France)
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