Automotive OAT Antifreeze Market is Projected To Witness Vigorous Expansion By 2021-2031
Automotive OAT Antifreeze: Introduction
- Antifreeze is an additive that lowers the freezing point of water-based liquid. Antifreeze is utilized to overcome the shortcoming of water as a heat transfer fluid.
- Organic acid technology (OAT) is organic additive that is a fully formulated extended life ethylene glycol antifreeze or coolant. It is useful for the maintenance demands of heavy duty diesel cooling systems. It provides protection to the diesel engine against freezing, boil-over, cavitation, liner pitting, erosion, corrosion, and elastomer gasket degradation and scaling. Moreover, this technology provides superior protection to all components of the cooling system including exotic materials, such as aluminum and magnesium, found in the engine.
Key Drivers of Global Automotive OAT Antifreeze Market
- OAT products use propylene glycol as the base; hence, they are less harmful for pets, kids, and the environment in case of spill or boil-over. Consequently, several automakers employ this type of products within their vehicles. Moreover, the demand for such a products is high among consumers, which in turn drives the automotive OAT antifreeze market across the globe.
- Rise in disposable income, changing lifestyles, and rapid urbanization are prompting people across the globe to prefer feature-loaded vehicles. This is likely to boost the automotive OAT antifreeze market.
- Easy and abundant availability of various materials including ethylene glycol, propylene glycol, and glycerin in developed countries help new entrants to develop such products for the industry. This, in turn, propels the automotive OAT antifreeze market across the globe.
- Rise in demand for vehicles and continuous investments by automakers in research & development for the development of cost-effective, environment-friendly, and low toxic products with a high life within the industry is likely to drives the global automotive OAT antifreeze market
Passenger vehicle segment to offer attractive opportunities
- The passenger vehicle segment is likely to hold a significant share of the market by the end of the forecast period. This is attributed to a rise in the demand for utility vehicles in highly populated countries such as China, India, and Brazil.
- High demand for e-class, crossovers, SUVs, and hatchbacks is driving the passenger vehicle segment, which in turn is likely to boost the automotive OAT antifreeze market. Rise in preference for private transport and buying power of consumers is driving the passenger vehicle segment of the market.
- OAT antifreeze also maintains temperature by protecting the cooling systems from overheating during hot weather and from freezing during winters. It also prevents rust and corrosion and engine failure as well as enhances the life of engine components. Sales of high performance cars have been increasing in the last few years, which is likely to further boost the global automotive OAT antifreeze market.
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COVID–19 pandemic to hamper market
- The COVID-19 crisis is affecting economies and industries in various countries due to lockdowns, travel bans and business lockdowns. The global chemicals and materials industry is suffering serious disruptions such as supply chain breaks and office shutdowns. For instance, China is global manufacturing hub and raw material supplier of various industries. The lockdown of various plants and factories in China is restricting global supply chains and disrupting manufacturing, delivery schedules, and various chemicals and material sales. Various companies announced possible delays in product deliveries and slump in future sales of their products. All these factors are anticipated to hamper the global automotive OAT antifreeze market.
Asia Pacific to hold significant share of global automotive OAT antifreeze market
- Asia Pacific comprises rapidly expanding economies, including India and those in ASEAN, which are likely to witness higher demand for vehicles and consequently, boost the automotive OAT antifreeze market during the forecast period
- Asia Pacific held a leading share of the global automotive OAT antifreeze market due to higher volume of vehicles produced in prominent countries, including China and Japan, and lower manufacturing and labor cost across the region. Moreover, availability of inexpensive labor and raw material in the region coupled with increasing number of local manufacturers is likely to propel the market in Asia Pacific during the forecast period.
Key Players Operating in Global Market
The global automotive OAT antifreeze market is highly fragmented with top manufacturers across the globe. Key players operating in the global automotive OAT antifreeze market are:
- Arteco
- Cummins Filteration
- ORG CHEM Group
- FINOLp
- Prestone Products Corporation
- PrixMax
- Phillips 66 Company
- Chemtex Speciality Limited
- Shell
- Mobil
- Totachi Industrial Co. Ltd.
- PEAK Auto
- LUKOIL
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