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.
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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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