Market Leader - Antifreeze Market
Increasing demand for engine coolants with extended lifespan is leading to the increased use of technologically advanced additives. In addition, increasing vehicle production across several countries is also driving the antifreeze market. The antifreeze market for original equipment is projected to grow at a CAGR of 5.18% during the forecast period, to reach USD 885.1 Million by 2021.
New product development is the key strategy adopted by antifreeze suppliers to gain traction in the market. For instance, Royal Dutch Shell, PLC (Netherlands) launched a new nitrite-free extended life coolant-Shell Rotella ELC-NF, which is well-suited for modern engines with exhaust gas recirculation. This coolant offers protection from cavitation, superior heat transfer, and enhanced protection to aluminum components such as brazed aluminum heat exchangers. The service life of this product is expected to be 12,000 hours in commercial applications or 600,000 on-highway miles. Likewise, Evans Cooling Systems, Inc. (U.S.) launched a new Waterless Powersports Coolant for sports vehicles ranging from motorcycles to all-terrain vehicles, snowmobiles, and others. This product has a boiling point of 375°F. Other companies that adopted the strategy of new product development include Prestone Products Corporation (U.S.), BASF SE (Germany), and Cummins, Inc. (U.S.).
The antifreeze market is dominated by a few global giants and comprises several regional players. BASF SE (Germany) is one of the leading players in the global antifreeze market. The company’s major business segments include chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. The performance products segment can be further divided into sub-segments-care chemicals, dispersions & pigments, performance chemicals, and nutrition & health. The engine coolant is offered under the performance chemicals sub-segment. The key strategy followed by the company is new product development. In June 2015, the company introduced a new coolant—Glysantin G64, which was designed for fleet operations of Volvo Car Corporation (Sweden). Additionally, the company is investing heavily on expansions. BASF and Petronas (Malaysia) built a manufacturing plant for highly reactive polyisobutene (HR-PIB), which is used for the manufacturing of high-performance fuel, lubricant additives, and engine coolants.
Prestone Products Corporation (U.S.) is another leading player in the antifreeze market. The company offers two major types of products, namely, antifreeze/coolant and performance chemicals. The antifreeze/coolants are suitable for passenger cars and light-duty trucks, with some variants suitable for all vehicle types. The company has a major presence in North America and Asia-Pacific. It has also adopted the strategy of new product development to increase its presence in the antifreeze market. The company has launched several new products, which include Test Strips and Refractometer, Supplemental Coolant Additives (SCA), Extender Liquid Coolant Additive Corrosion Inhibitors, and Nitrite-Free Extended Life Organic Acid Technology (OAT) Antifreeze/Coolant.
Related Reports:
Antifreeze Market by Vehicle Type, Product (Ethylene Glycol, Propylene Glycol & Glycerin), Engine Coolant Additive Technology OE & Aftermarket (IAT, OAT, & HOAT), & Region and Construction Equipment Engine Coolant Market by Application - Forecast to 2021
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