The global antifreeze/coolant market size is projected to grow from USD 5.4 billion in 2020 to USD 5.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 1.8% during the forecast year. The growth of this market is attributed to the increasing demand for antifreeze/coolant in automotive and HVAC industries.
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The antifreeze/coolant market has been dominated by large players, such as BP Plc (UK), Royal Dutch Shell Plc. (Netherlands), Chevron Corporation (US), ExxonMobil Corporation (US), Total S.A.(France), LUKOIL (Russia), Petronas (Malaysia), BASF (Germany), Valvoline Inc. (US), and Cummins Inc. (US). These players have adopted various growth strategies, such as acquisitions, partnerships & divestures, new product launch, and expansions, to increase their market shares, expand their geographical footprints, and enhance their product portfolios.
Acquisitions accounted for the largest share of all the strategic developments that took place in the antifreeze/coolant market between January 2015 and February 2020. Key players, such as Chevron Corporation (US), ExxonMobil Corporation (US), and Valvoline (US), have adopted this strategy to strengthen their product portfolio, expand their market share and to exceed their customers’ expectations in the antifreeze/coolant market.
Chevron Corporation (US) held the leading position in the global antifreeze/coolant market in 2019. The company has maintained its leadership position through its strong distribution network. It has around 8,000 retail stores in the US. Chevron Corporation (US) is among the leading manufacturers of antifreeze/coolant for many of the markets it serves. It adopted new acquisitions as its key strategy to capture the market. In December 2019, Chevron Australia Downstream Pty Ltd., a wholly-owned subsidiary of Chevron Corporation, signed a conditional Share Sale Agreement with Puma Energy Asia Pacific B.V. with the aim to acquire all the shares and equity interests of Puma Energy (Australia) Holdings Pty Ltd. for USD 291 million (AUD 425 million). The acquisition has boosted the company’s revenue and expanded its geographical reach.
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Royal Dutch Shell Plc. (Netherlands) is also one of the leading players in the antifreeze/coolant market. The company retained its leadership position through its strong geographical presence and wide customer base across the world. The company adopted various strategies, including expansions, new product launch, and divesture, to sustain its leading position in the antifreeze/coolant market. In January 2019, Shell Chemical LP, a division of Royal Dutch Shell Plc, expanded its production of the fourth alpha olefins unit at the Louisiana, US manufacturing site. The expansion increased the company’s plant capacity by 425,000 tons per year. This strategy has enabled the company to expand its production capacity, strengthen the company’s customer base, and maintain a strong market position.
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