The antifreeze market size was valued at US$ 6,322.39 million in 2022 and is projected to reach US$ 8,731.11 million by 2028. It is expected to grow at a CAGR of 5.5% from 2022 to 2028.

Antifreeze is mainly composed of either ethylene glycol or propylene glycol. Propylene glycol is a viscous, colorless, and nearly odorless liquid. It is the most common heat transfer fluid used in closed-loop solar heating systems that contain antifreeze. Propylene glycol is less toxic than ethylene glycol and may be labeled non-toxic antifreeze. Antifreeze may also contain different additives, which usually comprise less than 10% of the total solution. The global antifreeze market is mainly driven by the increasing vehicle production and aftermarket for antifreeze and engine coolants and the growing construction activities and sales of construction equipment. Further, the global antifreeze market trend includes investments in research and developments and various initiatives by the market players.

Market players in the antifreeze market are focusing on investing in research and developments to expand their product portfolio and attain a competitive edge. New product development, strategic alliances, and enhancement of the product landscape are the key initiatives in the antifreeze market. However, the volatility in the raw material prices is expected to restrain the global antifreeze market during the forecast period. Fluctuations in raw material prices can adversely impact the market. Prices of raw materials fluctuate due to various factors, such as demand and supply. Ethylene glycol prices have become unstable due to supply chain disruptions caused by the COVID-19 pandemic.

The global antifreeze market has been segmented based on coolant type into ethylene glycol, propylene glycol, and glycerin & others. The ethylene glycol segment held the largest share in the market in 2021. In automotive antifreeze and coolant, ethylene glycol is an important ingredient. It acts as a coolant to reduce overheating of car engines in the summer. Ethylene glycol also finds application as a heat transfer fluid used as industrial coolants for gas compressors, heating, ventilating, air-conditioning systems, and ice skating rinks.

Based on geography, the global antifreeze market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2021, Asia Pacific held the largest revenue share of the market. In Asia Pacific, the antifreeze market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The increasing use of antifreeze in the automotive industry is driving the market in the region. As per the India Brand Equity Foundation, in India, the automobile industry contributes almost 6.4% of the country's gross domestic product (GDP) and 35% of manufacturing GDP and is a leading employment provider. During the last few months, several automakers in India have started investing heavily in various segments of the industry to keep up with the growing demand.

Further, antifreeze is used in solar water heating systems as heat transfer fluid. In Asia Pacific, there is increasing use of solar energy. China is leading in renewable energy production figures. The country is currently the world's largest producer of solar energy. China's solar manufacturing association said in 2022 that the country is expected to add 75 to 90 gigawatts (GW) of solar power. According to the International Energy Agency, 36 % of the world's growth in solar energy in the next five years will come from China. All these factors positively influence the antifreeze market growth in Asia Pacific.

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 some of the major players operating in the global antifreeze market. Market players are constantly focusing on strategies, such as investments in research and development activities and new product launches. These market players are highly focused on the development of high-quality and innovative product offerings to fulfill the customer's requirements.

The overall global antifreeze market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the global antifreeze market.