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.
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Key Drivers of 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.
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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.
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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.
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