Global antifreeze market share from the industrial cooling/heating systems segment is expected to grow at nearly 5% CAGR over the forecast timeframe.
Strict laws imposed by various regulatory bodies against toxic material use across industrial, automotive and aerospace industries will positively impact antifreeze market share over the coming years. Such laws have encouraged the industry players to use propylene-based coolant to protect human life as well as the environment. They are considered preferable for various end-user industries as compared to some other alternative products available.
Propylene glycol antifreeze industry size will gain a traction at more than 6.5% growth rate up to 2024. The Asia Pacific region has been witnessing a significant increase in the population accompanied by the growing economy which has resulted in a rise in industrialization. Rapid growth in the latter has induced a high demand for industrial heating/cooling systems. It exhibits superior characteristics that are mainly designed to protect solder, steel, copper, brass, cast iron, and several other metals that are common in cooling/heating systems.
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A sturdy flow of commercial air traffic across the Middle East and Asia Pacific has played a key role in fueling the demand for antifreeze market components. For example, the revenue passenger kilometers in the Middle East was recorded at 6.2% while for Asia Pacific it was about 6.3% in the year 2016. This result was attributed to the steady improvement in the socio-economic factors of people living in Asia Pacific nations, including Japan, Malaysia, India, and Indonesia.
One of the world’s leading aerospace companies, Boeing had estimated that the airplane fleet across the globe will grow by twice by 2033. Surge in the airplane fleet will prove to be beneficial for the antifreeze producers in the near future.
There will be considerable growth of the hybrid OAT segment, which is a hybrid of Organic and Inorganic Acid Technology (IAT) that use carboxylate salts, primarily known as organic acid salts. Moreover, it consists of sodium silicate, an additive that provides excellent protection. However, manufacturers usually do not prefer coolants that contain silicates as they can be abrasive to all the antifreeze pump seals.
The hybrid organic acid technology (HOAT) contains silicates in a much lesser concentration in comparison with the conventional green IAT coolant. HOAT based coolant market shall witness a CAGR of about 6% and foster antifreeze industry outlook in the forthcoming years.
North America has a wide regional scope on account of a strong presence of aerospace and automotive sectors in the U.S. For example, the aircraft industry’s Maintenance, Repair and Overhaul providers (MRO’S) located in the region had spent about USD 20 billion by the end of 2017, representing efforts which have helped maintain the safety standards and overall performance of fleets.
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The total sales of vehicles in the U.S. had been 15.53 million units that had further reached 17.85 million units towards the end of 2017. Coolants have always played an important role in the maintenance of the engine performance as it reduces an excess amount of heat, that might have, in other circumstances, damaged the engine components. North America antifreeze market share had accounted for nearly USD 750 million revenues in 2016 and will continue to make a major contribution in the coming years.
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