Demand for High-Performance Lubricants to Propel the Automotive Antifreeze Market
ROCKVILLE, MARYLAND, UNITED STATES, November 23, 2021 /EINPresswire.com/ — A prominent rise in the rates of vehicle production, sales of cars, demand for automobile maintenance, and expansion of automotive aftermarket are factors responsible to transform the growth trajectory of the automotive antifreeze market in the coming years. As per Fact.MR’s study on the automotive antifreeze market, a steady CAGR surpassing 5% is projected during the forecast period of 2017 – 2022.
The study observes that macroeconomic factors such as ameliorating economic scenario, increasing disposable income, and expanding middle class have a significant influence on consumer behavior in terms of purchasing an automobile, frequency of repair and maintenance, and awareness about engine efficiency. In light of this, the research study projects a stable end-user sentiment that prominently impacts the developments in the automotive antifreeze market.
Fact.MR, a fast-growing market research firm, announces the launch of its new report on the global automotive antifreeze market. Increasing sales of cars, especially in China and India will augur well for the growth of the global antifreeze market. Increasing vehicle production in North America and Europe will offer growth opportunities for the market. Manufacturers are focusing on introduction of more environment-friendly automotive antifreeze with propylene glycol, which is a less-toxic compound prepared from propene. FactMR’s report offers detailed analysis about the global automotive antifreeze market for the forecast period 2017 to 2022.
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The global automotive antifreeze market is projected to register 5.2% CAGR through 2022. Growth of the market is influenced by a number of macroeconomic factors, which include stable recovery in global economy, increasing disposable income of middle class, and relatively stable end-user sentiment. Expanding automotive aftermarket, and rising awareness among consumers about engine efficiency and automobile maintenance are expected to drive demand for automotive antifreeze across the globe. Rising component costs and fluctuation will create challenges for manufacturers during the forecast period. Fluctuating input costs are expected to impact the profitability of suppliers. Soaring demand for fuel-efficient vehicles is estimated to be another imperative factor to fuel growth of the market. Global sales of automotive antifreeze will account for revenues worth US$ 359.1 Mn in 2017, and is further estimated to reach US$ 463.4 Mn by 2022-end.
Leading players identified in the automotive antifreeze market report are
Exxon Mobil Corporation
Fuchs Petrolub SE
KOST USA Inc.
Prestone Products Corporation
Rock Oil Company
and Valvoline International Inc.
Key takeaways from FactMR’s Report on Global Automotive Antifreeze Market
Propylene glycol is expected to remain preferred among products in the global automotive antifreeze market, with sales expanding at a high single-digit CAGR through 2022. Sales of glycerin-based automotive antifreeze will remain sluggish during the forecast period.
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By vehicle type, sales of automotive antifreeze will be highest in passenger cars (PC), witnessing an impressive expansion through 2022. LCVs will remain the second most lucrative vehicles for sales of automotive antifreeze globally. However, demand for automotive antifreeze in HCVs will remain sluggish throughout the forecast period.
Aftermarket will continue to be the largest sales channel for automotive antifreeze, with sales poised to reach nearly US$ 320 Mn by 2022-end. Revenue from sales of automotive antifreeze in OEM will remain comparatively lower, expanding at 4.3% CAGR through 2022.
Organic acid is estimated to be most-lucrative technology in the global automotive antifreeze market, closely followed by inorganic acid technology by 2022-end. However, inorganic acid technology is expected to account for a comparatively higher revenue share of the market than organic technology in 2017.
Asia Pacific excluding Japan (APEJ) is estimated to be dominant in the market, with sales estimated to reach US$ 162.6 Mn by 2022-end.
Europe will remain the second-most lucrative region for automotive antifreeze market during the forecast period.
North America and APEJ are expected to register parallel expansion at 5.3% CAGR through 2024 in the global automotive antifreeze market.
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Key market players identified in the report include BP P.L.C., Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, KOST USA, Inc., Prestone Products Corporation, Recochem Inc., Rock Oil Company, LLC, Total S.A., and Valvoline International, Inc.
Additional Questions Answered
The automotive antifreeze market report offers insights on several other market avenues as follows:
What will be the impact of changing environmental regulations in the landscape of the automotive industry?
What will be the strategies undertaken by OEMs to win over the market competition?
Considering the weather-induced demand, what will be the regional outlook of the automotive antifreeze market?
Among different commercial formulations, which will be the most preferred automotive antifreeze?
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Source: EIN Presswire