Dublin, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The "Europe and Middle East & Africa Ethylene Glycol Antifreeze Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology, Application, and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
The Europe and Middle East & Africa ethylene glycol antifreeze market is expected to grow from US$ 974.67 million in 2022 to US$ 1,342.73 million by 2028. It is expected to grow at a CAGR of 5.5% from 2022 to 2028.
Ethylene glycol antifreeze is widely used to control the temperature of various systems in commercial and industrial applications. In addition, it is used in some special inhibitors to protect metallic surfaces from corrosion. In the automobile sector, antifreeze helps lower the internal temperature of the engine systems, thereby improving the engine and mileage performance. Also, it is widely utilized in various industries, including energy and manufacturing.
Based on technology, the Europe and Middle East & Africa ethylene glycol antifreeze market is segmented into inorganic additive technology and organic acid technology & hybrid organic acid technology. In 2021, the organic acid technology & hybrid organic acid technology segment held a larger market share and is expected to grow faster during the forecast period. Organic acid technology-based ethylene glycol antifreeze is widely used as an anticorrosive liquid to protect aluminum and nylon parts in automobiles. The increasing demand for anticorrosive property-based liquids in automotive parts design is expected to drive the market for the segment from 2022 to 2028.
Based on distribution channel, the market is segmented into original equipment manufacturers (OEM), aftermarkets, and retail & others. The aftermarkets segment holds a major share of the Europe and Middle East & Africa ethylene glycol antifreeze market and is expected to grow faster from 2022 to 2028. Aftermarket is the market for spare parts, accessories, and components for motor vehicles. Various vehicle service stations and independent garages offer coolant (ethylene glycol antifreeze) designed for various applications.
The Europe and Middle East & Africa ethylene glycol antifreeze market is segmented into Germany, France, the UK, Italy, Russia, the Rest of Europe, South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. In 2021, the Rest of Europe held the largest share of the Europe and Middle East & Africa ethylene glycol antifreeze market and is expected to grow at the fastest CAGR over the forecast period. This is due to the significant demand for ethylene glycol chemicals in the Eastern European region. The focus of key players on expanding their supply chain also supports the market growth in Eastern Europe.
Ethylene glycol antifreeze has applications in automotive, HVAC systems, and heat exchangers to facilitate heat transfer in adverse weather conditions. It is a liquid that circulates in the cooling system primarily as a heat exchanger between the engine and radiators. In 2020, various industries had to slow down their operations due to supply chain disruptions caused by the shutdown of national and international borders due to the COVID-19 pandemic.
The supply chain disruptions resulted in raw material shortages and irregular manufacturing processes in various countries. The health crisis affected the procurement of ethylene glycol, the raw material used to produce ethylene glycol antifreeze. The high demand and supply gap increased ethylene glycol prices during the COVID-19 outbreak. However, the relaxation of COVID-19 pandemic-related restrictions and the resumption of production in automotive, construction equipment, and industrial heating industries propelled the demand for ethylene glycol antifreeze in 2021. Thus, the COVID-19 pandemic moderately impacted the demand for ethylene glycol antifreeze. Further, increased demand for passenger vehicles in European countries, including Germany, the UK, and Spain, is driving the ethylene glycol antifreeze market.
Market Dynamics
Market Drivers
- Increasing Vehicle Production and Aftermarket for Ethylene Glycol Antifreeze and Engine Coolants
- Rising Demand for Industrial Heating / Cooling
Market Restraints
- Volatility in Raw Material Prices
Market Opportunities
- Increase in Demand for Bio-Based Ethylene Glycol Antifreeze
Future Trends
- Initiatives by Key Market Players
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Ethylene Glycol Antifreeze Market Landscape
5. Ethylene Glycol Antifreeze Market - Key Market Dynamics
6. Ethylene Glycol Antifreeze - Europe and Middle East and South Africa Market Analysis
7. Ethylene Glycol Antifreeze Market Analysis - By Technology
8. Ethylene Glycol Antifreeze Market Analysis - By Application
9. Ethylene Glycol Antifreeze Market Analysis - By Distribution Channel
10. Ethylene Glycol Antifreeze Market - Geographic Analysis
11. Impact of COVID-19 Pandemic on Europe and Middle East & Africa Ethylene Glycol Antifreeze Market
12. Industry Landscape
13. Company Profiles
Companies Mentioned
- Wacker Chemie AG
- BASF AG
- Chenron Corporation
- Dow, Inc.
- EXXON MOBIL CORPORATION
- CCI Corporation
- Old World Industries
- Prestone Products Corporation
- Valvoline LLC.
- Shell PLC
For more information about this report visit https://www.researchandmarkets.com/r/x31zsw
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