Automotive IAT Antifreeze Market: Introduction
- Multiple types of automotive fluids are used to power, lubricate, cool, and perform other vital operations. Automotive antifreeze fluid, also called as coolant, provides protection to the engine from boiling, freezing, and corrosion.
- Inorganic Additive Technology (IAT) antifreeze fluids, also called as green antifreeze, or coolants, are traditional antifreeze fluids that are being used in older vehicles. The IAT antifreeze is based on glycol of ethylene or propylene and includes different additives such as phosphate, borate, and silicate, which act as inhibitors.
Key Drivers of Automotive IAT Antifreeze Market
- Rise in sale of passenger vehicles across globe owing to growing per capita income of populations is a major factor driving the demand for automotive parts, fluids, and sub-systems. According to statistics generated by the International Organization of Motor Vehicle Manufacturers, the sale of vehicles increased by around 6% in the last five years. This increasing sale of vehicles is propelling the demand for automotive antifreeze fluids. IAT antifreeze products are highly efficient in light duty engines. These fluids lay down a chemical layer over metallic surfaces to inhibit corrosion, which makes it important for proper functioning of vehicles. Thus, a rise in sale of vehicles worldwide is propelling the global automotive IAT antifreeze market.
- Transportation and logistics activities are increasing across the globe due to growing globalization and cross-border trade activities. For instance, the European Union stated that road freight transport increased by 0.2% in 2018 and is further anticipated to increase by 33% by 2030. This rise in transportation activities leads to an increase in the number of miles traveled and carrying of higher loads, thus depleting automotive fluids and hampering the efficiency of vehicles. Furthermore, construction and infrastructure sectors are expanding at a rapid pace, which increases the usage of commercial vehicles. Hence, a rise in usage of commercial vehicles is fueling the automotive IAT antifreeze market across the globe.
Challenges in Automotive IAT Antifreeze Market
- IAT antifreeze fluids have shorter life, which creates need for frequent replacement and hence, increases the cost of maintenance and repair activities. This shorter life of IAT antifreeze is compelling vehicle owners to opt for other alternatives with better life, thus restraining the global automotive IAT antifreeze market.
Impact of COVID-19 pandemic on Automotive IAT Antifreeze Market
- The automotive industry and its supply chains were negatively impacted amidst the recent outbreak of COVID-19 pandemic. Government regulations enforced automakers to temporarily shut down their facilities in order to arrest the spread of coronavirus infection, thereby hampering the sale and production of vehicles, which in turn reduced the demand of IAT antifreeze. However, the automotive industry is anticipated to regain its momentum in the next few years, as companies are restarting their operations and governments have lifted restrictions and announced various relief packages. This, in turn, is projected to fuel the automotive IAT antifreeze market.
Automotive IAT Antifreeze Market in Asia Pacific to expand at a notable growth rate
- The automotive IAT antifreeze market in Asia Pacific is anticipated to expand at a highest growth rate due to a rise in disposable income of people, which has increased the number of vehicle owners in the region. Moreover, growing industrialization has boosted the number of commercial vehicles operating in the region. These factors are anticipated to collectively drive the share held by Asia Pacific in the global automotive IAT antifreeze market during the forecast period.
Key Players Operating in Automotive IAT Antifreeze Market
The automotive IAT antifreeze market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive IAT antifreeze market are:
- Adolf Würth GmbH & Co. KG
- Brad-Chem Ltd
- LIQUI MOLY GmbH
- ORG CHEM GROUP
- Prestone Products Corporation
- Recochem Inc.
- Valvoline LLC
- Wolf Lubricants
Global Automotive IAT Antifreeze Market: Research Scope
Global Automotive IAT Antifreeze Market, by Inhibitor
Global Automotive IAT Antifreeze Market, by Base
- Ethylene Glycol
- Propylene Glycol
Global Automotive IAT Antifreeze Market, by Vehicle
- Passenger Vehicle
- Light Commercial Vehicle
- Buses & Coaches
Global Automotive IAT Antifreeze Market, by Sales Channel
Global Automotive IAT Antifreeze Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
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