Ongoing developments in the automotive sector have led to significant product innovations in the antifreeze and coolants industry. Rising vehicle numbers, emerging economies, and increased per capita income are leading to surging demand for advanced versions of antifreeze and coolants on a large scale. This will heighten the procurement rate of antifreeze/coolants during the forecast period, thereby aiding growth of the North America antifreeze and coolants market.
As per PMR analysis, the North America antifreeze and coolants market is anticipated to expand at a CAGR of around 4% over the forecast period of 2020-2030, to reach a valuation of US$ 2.3 Bn by 2030-end.
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Key Takeaways from North America Antifreeze and Coolants Market Study
- The use of antifreeze and coolants is significant in cold regions, with rising need for thermal management and low flash point fluids.
- PMR forecasts that there will be rather sound growth in developed countries of North America, with key emphasis on ethylene glycol, owing to its ability to be used in all climatic conditions and cost-effectiveness. One of the advantages of ethylene glycol is that it is the most preferred base fluid across the globe
- Antifreeze and coolant companies in the U.S. are increasing their interest in the development of performance-specific coolants with rising demand from the automotive and industrial sectors.
- Prominent players have developed Extended Life Coolants for heavy duty applications. The effect of such developments, with their powerful marketing and engineering, is speculated to reshape the North America antifreeze and coolants market.
- Recent industrialization coupled with increase in the number of HVAC equipment, is also expected to drive the growth of the North America antifreeze and coolants market over the forecast period.
- Adoption of antifreeze/coolants is also driven by expansion of manufacturing facilities, increasing use in aerospace applications, and emerging technologies in electronics industries across North America.
- The U.S accounts for more than half of the North America antifreeze and coolants market share. Yet, due to the fall of economic sectors of various countries, there has been steep downgrades since the COVID-19 pandemic has begun. However, economies are recovering from the effects and adapting to new industry protocols, and the antifreeze/coolants industry is expected to experience unprecedented growth owing to new developments.
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“The pandemic will permanently change the face of the auto industry, accelerating developments at the operational level. It is expected to create new opportunities for antifreeze and coolants by redefining their specifications for improved end-use applications. It will be seen as a medium for recovery to navigate the crisis,” says a PMR analyst.
North America Antifreeze and Coolants Market to Remain Consolidated
The North America antifreeze and coolants market is moderately consolidated in nature. Tier-1 manufacturers are estimated to account for one-third of the North America antifreeze and coolants market. Some of the leading manufacturers identified in the North America antifreeze and coolants market are Old World Industries, CCI Manufacturing, Valvoline, Chevron Products Company, Royal Dutch Shell, and Roshfrans, amongst others. Manufacturers are aiming to strengthen their market share by improving brand value and expanding distribution networks.
North America Antifreeze and Coolants Market: Conclusion
In recent times, the antifreeze and coolants industry has witnessed substantial growth due to the rising automotive sector. The North America antifreeze and coolants market is anticipated to influence product innovation, with the high presence of manufacturers having a major share of companies operating in the aftersales channel. Key players focus on acquisition strategies and regional dominance to establish their products in the region. Additionally, stringent regulatory norms pertaining to antifreeze/coolant disposal will proliferate the North America antifreeze and coolants market throughout the stipulated period.
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The research report on the North America antifreeze and coolants market published by Persistence Market Research analyzes market demand trends of the product on a value and volume basis. Global market estimations and growth projections are based on factors such as increase in automotive manufacturing and vehicle parc, growing vehicle fleet size, COVID-19 crisis impact, and robust industrial growth increasing demand in industrial applications. As per PMR’s research scope, the North America antifreeze and coolants market has been studied and segmented on the basis of application, type, sales channel, and country. The North America antifreeze and coolants market report also details pricing trends, cost structure, and market presence of leading manufacturers.
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