Wilmington, Delaware, United States, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Globally, the glycol antifreeze market was worth US$ 5.5 billion in 2022. A CAGR of 6.5% is expected between 2023 and 2031. The market is predicted to reach US$ 9.7 billion by the end of 2031. Regulations play an important role in determining the market. Environmental regulations may influence antifreeze solutions that are eco-friendly and biodegradable. Regulations that apply to glycol antifreeze may prompt manufacturers to develop such products.
Environmental sustainability and regulations concerning its proper handling and disposal facilitate the development of eco-friendly and biodegradable alternatives to glycol antifreeze. Eco-friendly solutions make it easier for companies to enter this market. The glycol antifreeze industry is undertaking ongoing research and development to improve product efficiency, performance, and environmental impact. Innovations in formulations, additives, and recycling technologies can create new opportunities.
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Key Findings of the Market Report
- In terms of type, ethylene glycol accounted for 75% market share in 2022.
- The market share of glycol antifreeze in Asia Pacific reached approximately 42% in 2022.
- Based on technology, the market for inorganic additive technology (IAT) is expected to drive demand for the glycol antifreeze market.
- Engine coolant is anticipated to drive the demand for glycol antifreeze over the next few years.
- Increasing demand for bio-based and sustainable solutions in the automotive industry will drive demand for glycol antifreeze.
Global Glycol Antifreeze Market: Growth Drivers
- Antifreeze-containing glycol is a common component of engine cooling systems in the automotive industry. As global automotive exports increase, particularly to emerging markets, the demand for glycol antifreeze will increase. Many industrial processes rely on glycol antifreeze to maintain temperature and prevent corrosion. For equipment protection, these fluids are used in a wide range of industries, including chemical, pharmaceutical, and manufacturing. As these sectors grow, demand increases.
- Water-based systems in cold climates are more likely to require glycol antifreeze, which prevents freezing. Cold climates will require effective antifreeze solutions as urbanization and industrialization continue. Antifreeze made from glycol prevents freezing and increases heat transfer efficiency in HVAC systems. With the construction industry growing and climate control systems getting more expensive, glycol antifreeze is in demand.
- Glycol antifreeze prevents freezing and improves performance in geothermal heat pumps and solar thermal systems. With the advent of renewable energy sources and other related technologies, glycol antifreeze demand has increased. The development of glycol antifreeze, including improved performance and environmental impact, contributes to the market's growth. The introduction of a new formulation, an increase in efficiency, and a reduction in environmental impact can all drive demand.
- The demand for high-quality antifreeze solutions is increasing as awareness of proper maintenance increases in various industries. Automotive and industrial maintenance practices drive steady demand for glycol antifreeze. Global supply chains and trade patterns can affect the distribution and availability of glycol antifreeze. Global trade dynamics can impact the overall demand for these products. Glycol antifreeze is regularly used in HVAC systems, construction projects, and other areas as infrastructure developments, urbanization, and population growth take place.
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Global Glycol Antifreeze Market: Regional Landscape
- The Asia Pacific region is predicted to drive demand for glycol antifreeze in the coming years. China and India have seen an increase in the demand for light commercial vehicles and passenger cars in the Asia Pacific region. As a result, glycol antifreeze demand has increased in the region.
- Countries like China and India have experienced rapid industrialization and infrastructure development, increasing demand for glycol antifreeze. Antifreeze is essential for the safety and efficiency of equipment in several industries, such as automotive, construction, manufacturing, and aerospace.
- Increasing government initiatives to promote automotive industries and infrastructure development in Asia Pacific have increased glycol antifreeze demand. Initiatives such as these aim to increase economic growth and improve transportation infrastructure. Numerous glycol antifreeze manufacturers operate in Asia Pacific. As a result, these companies contribute to the region's dominance in the market.
Global Glycol Antifreeze Market: Key Players
Several large-scale vendors control the majority of the global glycol antifreeze market. Most companies invest heavily in research and development to create environmentally friendly products. Players focus on product portfolio expansion and mergers and acquisitions to keep up with the latest glycol antifreeze market trends.
- ICU Medical Inc.
- Tandem Diabetes Care, Inc.
- Medtronic plc
- Terumo Corporation
- F. Hoffmann-La Roche AG
- Baxter International
- BD
- Fresenius Kabi AG
- B. Braun SE
- Insulet Corporation
Key Developments
- In August 2022, Valvoline launched an advanced coolant with OAT tech. Valvoline Advanced Coolant offers an innovative formulation designed to increase engine longevity. Backwards-compatible, this product covers the BS VI engine and genset models.
- In November 2023, ORNL developed an environmentally friendly process for recycling lithium-ion batteries. The battery is immersed in an organic citric acid solution dissolved in ethylene glycol, commonly used in paints and cosmetics.
Global Glycol Antifreeze Market: Segmentation
By Type
- Ethylene Glycol
- Propylene Glycol
- Diethylene Glycol
- Others
By Technology
- Inorganic additive technology (IAT)
- Organic acid technology (OAT)
- Nitrated organic acid technology (NOAT)
- Hybrid organic acid technology (HOAT)
- Others
By Application
- Engine Coolant
- HVAC System
- Marine Antifreeze
- Hydraulic Equipment
- Gas Dehydration Fluid
- Others
By End Use
- Automotive
- Industrial
- Marine
- Mining
- Energy and Power
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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