The global antifreeze market size reached USD 5.56 Billion in 2021 and is expected to register a revenue CAGR of 1.8% during the forecast period, according to latest analysis by Emergen Research. Rising demand for Heating, Ventilation, and Air Conditioning (HVAC) systems is an important factor driving market revenue growth.
Rising demand for HVAC systems is driving antifreeze market revenue growth. Certain HVAC solutions use closed-loop technology. Closed-loop systems are used in several HVAC solutions. They utilize a system or recirculating pump connected to a continuous loop of pipes. When necessary, heat is transferred to or from the conditioned environment through the sealed system using water or another coolant. Although closed-loop HVAC systems are extremely effective, there is a chance that the system’s exposed coils and pipes would freeze in cold winter regions. Propylene glycol (antifreeze) is commonly added to water to reduce its burst point from 32 degrees Fahrenheit to between 0 degrees and -10 degrees Fahrenheit in order to prevent that from occurring. Propylene glycol is costlier than water, which is more efficient at transmitting heat. The expense of fixing or replacing HVAC system parts, however, makes adding this anti-freezing fluid to a closed-loop system well worth the investment. Additionally, since the system is sealed, once propylene glycol is added, there is no need to replenish it.
However, varying costs of raw materials are hampering market revenue growth. Propylene glycol, glycerin, and ethylene glycol serve as the raw fluids for the main automobile antifreeze ingredients that are easily accessible in the market. These substances are by-products of the refining of crude oil. The price of crude oil frequently fluctuates which has an immediate effect on the cost of these basic fluids. The cost of crude oil varies greatly on a per barrel basis. According to the U.S. energy information administration, the price per barrel in December 2019 was 59.41 USD whereas, in December 2021 it was 70.56 USD and in May 2022 it was 108.29 USD. Thus, fluctuating price of raw materials is expected to restrain market revenue growth.
If you are a Antifreeze vendor and deals in exports imports then this article will help you understand the Sales Volume with Impacting Trends.
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This 265-page Antifreeze market report examines the Antifreeze market in detail and provides market sizing & outlook by technology and by region until 2026. The report also highlights key use cases, leading industry suppliers, adoption strategies, detailed case studies, disruptive trends, and other insights related to Warehouse Management System (WMS).