Global Antifreeze Market 2017-2021
Antifreeze is a chemical substance used for freeze protection and heat transferring in automobiles, heavy equipment, machines, and electronics. The major types of antifreeze are ethylene glycol and propylene glycol. Antifreeze is extensively used in applications such as an automobile, industrial, marine, water systems and sanitation systems. Antifreeze keeps the automobile engines from freezing and enhances the efficiency of engines.
Technavio’s analysts forecast the global antifreeze market to grow at a CAGR of 7.56% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global antifreeze market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Antifreeze Market 2017-2021
Technavio recognizes the following companies as the key players in the global antifreeze market: BP, BASF, Exxon Mobil, Royal Dutch Shell, and Total.
Other Prominent Vendors in the market are: Chevron, Cummins, Glyeco, Houghton International, KOST USA, LUKOIL, Motul, PETROLIAM NASIONAL BERHAD (PETRONAS), Prestone Products, Recochem, The Dow Chemical Company, and Valvoline.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing impact of industrialization. Industrialization refers to the dynamic shift in the social and economic factors of human society. This results in an increase in modernization, where social and economic developments take place incessantly and involves a larger scale of the production process.”
According to the report, one driver in the market is increasing demand for antifreeze agents in automobiles. Antifreeze agents are extensively used in the automotive industry as antifreeze coolants, and they protect vehicle engines from damage caused by freezing. As such, antifreeze agents act as heat-transfer fluids. They also contain chemicals that hinder corrosion and the formation of scales. Antifreeze agents keep the water in the radiator of a vehicle from freezing, thereby preventing any damage to the vehicle.
Further, the report states that one challenge in the market is fluctuating raw material cost. Consistent price fluctuations of raw materials used in the manufacture of antifreeze agents pose a major challenge to antifreeze manufacturers. Ethylene and propylene are the major raw materials used to produce antifreeze agents, which are manufactured from compounds like ethane and propane. The prices of these petrochemicals are dependent on the price of natural gas and crude oil.
BP, BASF, Exxon Mobil, Royal Dutch Shell, Total, Chevron, Cummins, Glyeco, Houghton International, KOST USA, LUKOIL, Motul, PETROLIAM NASIONAL BERHAD (PETRONAS), Prestone Products, Recochem, The Dow Chemical Company, and Valvoline.