The market for antifreeze, by value, is projected to grow at the fastest rate in the light commercial vehicle (LCV) segment. While passenger cars dominated the market in 2016, light commercial vehicles are expected to dominate the market by 2021.
The global Antifreeze Market for original equipment was valued at USD 687.5 Million in 2016, and is projected to grow at a CAGR of 5.18% during the forecast period. The base year considered for the study is 2015, and the forecast period is 2016 to 2021.
Increasing vehicle production in North America and Europe, particularly of sports utility vehicles (SUV) and light trucks, and the growing trend of technologically advanced additives are the key factors driving the demand for the market. Additionally, growing vehicle parc and increased miles traveled per year are expected to drive the demand for antifreeze in the aftermarket segment.
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The automotive market is estimated using the bottom-up approach, where country-level models of passenger cars, light, and heavy commercial vehicle production has been studied to understand average engine size of each vehicle segment and use of coolant in the segment. A similar approach has been followed for construction equipment, where models were mapped to understand the engine size in each equipment segment.
These findings are well-validated with the industry experts and triangulated with secondary sources. The secondary sources include associations such as Independent Chemical Information Service (ICIS), Petroleum Packaging Council (PPC), Automotive Aftermarket Suppliers Association, and paid databases and directories such as Factiva and Bloomberg.
In the primary research stage, experts from related industries, manufacturers, and suppliers have been interviewed to understand the present situation and future trends in the market for automotive OE and aftermarket industry and construction equipment.
North America is estimated to be the fastest growing and largest market for the automotive industry. The demand for light trucks and vans has grown rapidly in this region, and the vehicle production is projected to register the highest CAGR of 6.02% from 2015 to 2020.
The rise in domestic demand for SUVs and light trucks has prompted OEMs to invest in expanding production, which has had a direct impact on the automotive market. The region is dominated by domestic OEMs such as Ford Motors Co., General Motors Co., and Fiat-Chrysler Automotive along with established European and Japanese OEMs.
Thus, the market is estimated to be the largest in the North American region.
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The European and North American governments have been supporting the electric vehicle sales by bringing various tax policies for buyers and investing in charging stations for electric vehicles. On the other hand, players such as Delo Performance (U.S.) and Caltex (Australia) are introducing engine coolant products with a service life of around 750,000 miles or 4 to 5 years, which is influencing the aftermarket for antifreeze.
The antifreeze market for the automotive industry is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are B.P.
PLC (U.K.), Royal Dutch Shell PLC (Netherlands), Total (France), Chevron Corporation (U.S.), and Exxon Mobil Corporation (U.S.).
- Aftermarket Suppliers of Automotive Engine Coolant
- Automotive Antifreeze Producers
- Automotive Engine Coolant Producers
- Automotive Original Equipment Manufacturers (OEM)
- Raw Material Suppliers for Automotive Antifreeze
- Research institutes and Government Organizations
- The automobile industry as an end-use industry and regional automobile associations
- Traders, distributors, and suppliers of minerals (petroleum and bio-based)
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