Growing Construction Activities and Sales of Construction Equipment
According to our latest market study on “Europe and Middle East & Africa Antifreeze Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Coolant Type (Ethylene Glycol, Propylene Glycol, and Glycerin & Others), Technology (Inorganic Additive Technology, Organic Acid Technology, and Hybrid Organic Acid Technology & Others), Application (Automobiles, Industrial Heating/Cooling, Energy, and Manufacturing & Others), and Distribution Channel [Original Equipment Manufacturers (OEMs), Aftermarket, and Retail & Others],” the Europe and Middle East & Africa antifreeze market size was valued at US$ 1712.49 million in 2022 and is projected to reach US$ 2327.46 million by 2028; it is expected to grow at a CAGR of 5.2% from 2022 to 2028. The report highlights key factors driving the market and prominent players along with their developments in the market.
Antifreeze or coolant is mixed with water to help regulate the engine temperatures. The antifreeze will help reduce the freezing point of the mixture. It is composed primarily of either ethylene glycol or propylene glycol. The Europe and Middle East & Africa antifreeze market is segmented based on coolant type, technology, application, distribution channel, and geography.
The Europe and Middle East & Africa antifreeze market growth is mainly driven by growing construction activities and increasing construction equipment sales. The use of antifreeze in cement allows the operation below the freezing point. Governments and private sectors are making huge investments in the construction of new residential and commercial buildings, which is supporting the construction industry in Europe and the Middle East & Africa. Governments in European countries are investing in new smart city development projects. The European Union is expected to have more than 300 smart cities in the coming years, which will boost the adoption of construction equipment. All these factors will fuel the demand for antifreeze.
Wacker Chemie AG, BASF SE, Chevron Corporation, Dow Inc., EXXON MOBIL CORPORATION, CCI Corporation, Old World Industries, Prestone Products Corporation, Valvoline LLC, and Shell plc are among the major players operating in Europe and Middle East & Africa antifreeze market. Players operating in Europe and Middle East & Africa antifreeze market are constantly focusing on strategies such as investments in research and development activities and new product launches. These market players are highly focused on developing high-quality, innovative product offerings to fulfill customer requirements.
Impact of COVID-19 Pandemic on Europe and Middle East & Africa Antifreeze Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. In Europe, France, the UK, and Russia were the worst-affected countries by the COVID-19 pandemic. The outbreak created a temporary distortion in industrial operations across Europe. Also, production activities in manufacturing industries were almost negligible due to the shortage of laborers and disrupted supply chains of raw materials. The pandemic has negatively impacted Europe and Middle East & Africa antifreeze market growth. In addition to trade restrictions, the decline in demand for antifreeze from automotive and construction equipment industries also hampered the antifreeze market growth in Europe.
However, with the relaxation of COVID-19-related restrictions, the automotive industries in the region resumed their production. The revival of various industries after the gradual resolution of supply constraints resulted in an increased demand for antifreeze across various end-use industries in Europe. This is expected to fuel Europe and Middle East & Africa antifreeze market growth.
The report includes the segmentation of the Europe and Middle East & Africa antifreeze market as follows:
- Based on coolant type, the antifreeze market is segmented into ethylene glycol, propylene glycol, and glycerin & others. In terms of technology, the antifreeze market is segmented into inorganic additive technology, organic acid technology, and hybrid organic acid technology & others. Based on application, the antifreeze market is segmented into automobiles, industrial heating/cooling, energy, and manufacturing & others. In terms of distribution channel, the antifreeze market is categorized into original equipment manufacturers (OEMs), aftermarket, and retail & others. By geography, the antifreeze market is further segmented into Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe) and the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa).