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New Product Launches are some of the Major Strategies Adopted by Market Players to Achieve Growth in the Antifreeze/Coolant Market
MarketsandMarkets projects the global antifreeze/coolant market to grow from USD 4.52 Billion in 2016 to USD 6.62 Billion by 2021, at a CAGR of 7.91%. The growth in the antifreeze/coolant market is supported by end-use industries such automotive, industrial, and aerospace & defense in both, developed and developing countries, as well as the increase in need for less toxic and environment-friendly coolants.
The key players in the antifreeze/coolant market are Royal Dutch Shell Plc. (Netherlands), Exxon Mobil Corporation (U.S.), BP Plc (U.K.), Total S.A. (France), Chevron Corporation (U.S.), Lukoil (Russia), Petronas (Malaysia), BASF SE(Germany), Cummins Inc (U.S.), and Motul S.A. (France). These players have emphasized and adopted various strategies to expand their global presence and increase their market share. Expansions & agreements, joint ventures, and new product launches are some of the major strategies adopted by market players to achieve growth in the antifreeze/coolant market.
The growth of the antifreeze/coolant market was largely influenced by new product launches in the last few years. The year 2015 experienced a large number of strategies adopted by top players in the market with agreements & expansions and joint ventures, which formed an essential part of their strategies, and consequently led to the flow of considerable income within the company. To maintain a competitive advantage, top players emphasized on new product launches.
Chevron Corporation has a strong market position and its upstream and downstream industry has a global presence. The company has a vertical integration model and is therefore present in the complete chain of the oil & gas industry. It is a well-established brand in most countries of the world. To enter new markets, it focuses on expanding its antifreeze/coolant base to less populated countries. Thus, advancement of technology is a driving force for the growth of the company’s antifreeze/coolant segment.
The Royal Dutch Shell Plc mainly concentrates on technology developments and innovations. It heavily invests in research & development for new and innovative products. It manufactured nitrite-free coolant for heavy-duty engines in 2015. The product not only extended the service life of the coolant, but also offered protection to the components of engine cooling system. The company is more focused on broadening its product portfolio through new product launches in the antifreeze/coolant market. This helped Shell to cater to its customer needs on a larger scale. From March 2010 to 2015, the company launched two different products to enhance its product portfolio.
Antifreeze/Coolant Market by Product Type (Ethylene Glycol and Propylene Glycol), Application (Automobiles and Industrial), and Region - Global Forecast to 2021
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