Antifreeze Agents Market Analysis:
An antifreeze is characterized as an additive, which decreases the freezing point of the mixture when added to a water-based fluid. The market for antifreeze agents is expected to witness robust growth, due to rise in applications of antifreeze agents at commercial level in various industries. For instance, antifreeze agents are used in hydraulic devices to prevent the freezing of heat transfer fluids in conditions below the freezing point. Furthermore, antifreeze agents protect a device from rust and other corrosion. Moreover, they are used in the oil & gas industry in which underwater natural gas pipes are deployed, where the temperature is notably low. Antifreeze agents further prevent blockages in pipes that may be caused by frost and guard against corrosion by salt water. The optimal antifreeze agents exhibit high thermal ability, low viscosity, are chemically inert, and do not react within the engine or pipeline to any other substance. The use of antifreeze chemicals has led to a significant decline in operating costs of end-product.
Key drivers of global antifreeze agents market
Major factors driving the demand for antifreeze agents (or fiberglass) include recovery of the automobile industry, rise in transportation activity, development of the oil & gas industry, rise in industrial activities, and development of manufacturing equipment/machinery. It is expected that the market for antifreeze agents will expand further due to multiple aspects such as cost-effective installation, abundant availability of antifreeze agents, and expansion of the oil & gas industry. In addition, glycerin and organic matter non-glycerin (MONG) are the by-products of biodiesel, which can be refined and converted into products such as fatty acids and glycerin. With glycerin becoming extremely popular and acknowledged as an antifreeze agents, it augments the growth of the global antifreeze agents market.
Market scenario: opportunities and challenges
Upsurge in use of antifreeze agents due to their low thermal efficiency and viscosity significantly contributes toward the growth of the global market. The widening requirement for protection of freezing & corrosion and effective heat dissipation is likely to boost the demand for antifreeze agents, thereby propelling the growth of the market. In addition, ongoing R&D initiatives by various manufacturers to produce durable, cost-effective, environmentally sustainable, and low-toxic products with prolonged shelf life are projected to offer remunerative opportunities for the expansion of the market during the projected timeframe. Furthermore, rise in consumption of antifreeze agents in heating, ventilation, and air conditioning (HVAC) systems deployed in the automotive and industrial sectors is anticipated to augment the market growth. Moreover, variables such as increase in disposable income, favorable government policies to reduce the number of exposures of people and animals to ethylene glycol-based engine coolant and antifreeze products, changing lifestyle due to rise in per capita income, and accelerated urbanization stimulate the development of the market. With the advent of electric cars, development of antifreeze agents is expected to see a decline over the forecast era, majorly for the automotive industry. In addition, chemicals used in the manufacture of antifreeze agents are of a toxic nature and extracted from traditional sources of energy. As a result, attempts are being made to produce chemicals such as propylene glycol from natural products or ingredients such as corn, stove, oil-bearing seeds, and other bio-based commodities.
COVID-19 scenario analysis
Global antifreeze agents market is expecting a slowdown during the starting couple of years of forecasted period owing to COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown from automobile sector to oil & gas industry. In addition, the antifreeze agents industry is expected to witness direct impacts for the next one or two years, if the growth of the automobile sector declines, as it is one of the key consumers of antifreeze agents. Moreover, companies are dealing with missing sales and fractured supply chains as production activities shutdowns.
Key benefits of the report
- This study presents the analytical depiction of the global antifreeze agents industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global antifreeze agents market share.
- The current market is quantitatively analyzed to highlight the global antifreeze agent’s market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global antifreeze agents market research report:
- Which are the leading market players active in the global antifreeze agents market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Antifreeze Agents Market Report Highlights
By Product Type
By End-use Industry
Key Market Players
Continental Chemical USA, Royal Dutch Shell, BASF SE, Mapei, KOST USA, Inc., BP Australia, FUCHS Petrolub AG, Chevron Corporation, Valvoline LLC, Mitan Mineralöl GmbH