Europe Antifreeze Market Report 2023: Increasing Vehicle Production and Aftermarket for Antifreeze and Engine Coolants Boosts Sector - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 4, 2023--
The “Europe Antifreeze Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Coolant Type, Technology, Application, and Distribution Channel” report has been added to ResearchAndMarkets.com’s offering.
The Europe antifreeze market is expected to grow from US$ 1,436.95 million in 2022 to US$ 1,965.00 million by 2028. It is estimated to grow at a CAGR of 5.4% from 2022 to 2028.
The growth of the automotive industry in several economies owing to improved socio-economic factors, has created lucrative opportunities for antifreeze and engine coolants. The automotive sector has witnessed tremendous growth in the last decade.
The surge in automobile sales, with relaxations in travel restrictions and the rapid pace of mass vaccination programs, has favored the revival of the automotive sector. Companies operating in the automotive market are investing heavily in the automobile manufacturing sector. Furthermore, the increasing demand for premium vehicles is driving the market. Using a high-tech engine with very high potential in a vehicle provides superior performance in terms of total weight, acceleration, and quality. High-performance cars are gaining momentum owing to their aerodynamic design, tires, smart suspension, and improved brakes.
Such cars need a lot of antifreeze to manage the excess heat generated by the engine and other vehicle components. Antifreeze in the automotive industry also helps maintain temperature at extreme heat by preventing cooling from overheating and freezing in the winter. Antifreeze-based lubricants prevent rust, corrosion, and engine failure and extend the life of engine parts. Performance cars have seen strong sales growth in recent years.
The increase in automotive sales is attributed to the great market success of the new model in the compact class and the steady demand for E-Class and SUVs. In these performance vehicles, antifreeze plays a very important role in regulating the engine at extreme temperatures and maintaining the heat generated by the parts. Further, the growing demand for high-performance vehicles is driving the market.
The Europe antifreeze market is segmented into Germany, France, Italy, the UK, Russia, and rest of Europe. The increasing use of antifreeze in automotive, industrial heating/cooling, and energy sectors is mainly driving the antifreeze market in Europe. Germany, France, Italy, and the UK have a strong automotive industry. The growing automotive sales in the region is creating a huge demand for antifreeze.
In the European Union, solar energy is growing at the highest pace. According to the European Commission, the European Union solar market grew by 18 GW in 2020. In May 2022, European Green Deal and REPowerEU plan turned solar energy into a building block of the European Union’s transition toward clean energy. This accelerated deployment of solar energy helps in reducing the European Union’s dependence on imported fossil fuels.
All these factors demonstrate that the region’s use of solar energy is increasing. With this, maintaining solar energy systems properly is important. Antifreeze is used in solar water heating systems as heat transfer fluid.
Further, the increasing use of HVAC systems in modern residences, office buildings, and hospitals, drives the demand for antifreeze. Players operating in the Europe antifreeze market are focusing on different strategies such as investment in research and development activities and new product launches.
For instance, in August 2021, Valvoline Inc. launched new coolant technology specifically designed for modern engines in Europe. It includes Valvoline Antifreeze Coolant HT-12 Pink and Valvoline Antifreeze Coolant HT-12 Green. With the release of these coolants, aftermarket customers have access to the latest patented coolant technology.
Europe Antifreeze Market Segmentation
The Europe antifreeze market is segmented based on coolant type, technology, application, distribution channel, and country. -Based on coolant type, the Europe antifreeze market is segmented into ethylene glycol, propylene glycol, and glycerin and others. The ethylene glycol segment held the largest market share in 2022.
- Based on technology, the Europe antifreeze market is segmented into inorganic additive technology, organic acid technology, and hybrid organic acid technology and others. The organic acid technology segment held the largest market share in 2022.
- Based on application, the Europe antifreeze market is segmented into automobiles, industrial heating/cooling, energy, and manufacturing and others. The automobiles segment held the largest market share in 2022.
- Based on distribution channel, the Europe antifreeze market is segmented into original equipment manufacturers (OEMs), aftermarket, and retail and others. The aftermarket segment held the largest market share in 2022.
- Increasing Vehicle Production and Aftermarket for Antifreeze and Engine Coolants
- Growing Construction Activities and Sales of Construction Equipment
- Volatility in Raw Material Prices
- Environment-Friendly and Bio-Based Antifreeze
- Investment in R&D and Initiatives by Market Players
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Europe Antifreeze Market Landscape
5. Europe Antifreeze Market - Key Market Dynamics
6. Antifreeze Market - Europe Analysis
7. Europe Antifreeze Market Analysis - By Coolant Type
8. Europe Antifreeze Market Analysis - By Technology
9. Europe Antifreeze Market Analysis - By Application
10. Europe Antifreeze Market Analysis - By Distribution Channel
11. Europe Antifreeze Market - Country Analysis
12. Industry Landscape
13. Company Profiles
- BASF Se
- Cci Corporation
- Chevron Corporation
- Dow Inc.
- Exxon Mobil Corporation
- Old World Industries
- Prestone Products Corporation
- Wacker Chemie
For more information about this report visit https://www.researchandmarkets.com/r/yujvyu
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INDUSTRY KEYWORD: AUTOMOTIVE OTHER AUTOMOTIVE
SOURCE: Research and Markets
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PUB: 01/04/2023 09:00 AM/DISC: 01/04/2023 09:03 AM