The global market for antifreeze agents for oil and gas is expected to grow at a sturdy rate over the coming years, majorly due to the inflow of demand from multiple industries. Antifreeze agents enable the flow of heat in heat exchangers, automobiles, and oil and gas without being affected by cold weather conditions. They are also referred to as antifreeze coolants, and are mixed with a certain amount of water. Some of the chemicals commonly used as antifreeze agents for oil and gas are methanol, propylene glycol, glycerol, and ethylene glycol. These chemicals are high in toxicity and their key source of extraction is conventional fuels. Due to the deterioration caused by these chemicals, a number of researchers are working towards the possibility of synthesizing these chemicals from renewable sources or eco-friendly materials such as crops or corn. The global market for antifreeze agents for oil and gas is expected to attract tremendous demand from the automobile sector over the forthcoming years.
The global antifreeze agents for oil and gas market can be segmented based on the following parameters: type of product, application, end-use industry, and region.
In this blog, the research findings of the analysts at TMR have been encapsulated to extend a comprehensive overview of the global antifreeze agents for oil and gas market. The point of intersection between the demand and supply curves has also been explained in the following sections of the blog.
Which Product Type has attracted the Highest Demand?
Based on product type, several forms of antifreeze agents including ethylene glycol, glycerol, glycol, and methanol exist. However, the utility served by ethylene glycol has fortified the entire market for antifreeze agents for oil and gas. Natural gas pipelines have to be laid across several geographical landscapes including sea beds where the temperature is extremely low. Due to such severe conditions, the salt water often corrodes the pipelines, and hence, there is a need to use ethylene glycol that exhibits natural anti-freezing properties. Other sectors where ethylene glycol is extensively used include automotives, fabrics, packaging, and heat exchangers. Due to the progressive growth of the aforementioned sectors, the demand within the global antifreeze agents for oil and gas market is expected to surge ahead at a decent rate over the coming years.
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Which Factors could hamper Market Growth?
Despite the seemingly affluent growth of the global antifreeze agents market for oil and gas, the high cost of these agents is expected to alleviate demand over the coming years. Furthermore, electric vehicles are gaining popularity over fuel-intensive cars which could also be a threat to the growth of the global market.
Some of the leading players in the global antifreeze agents market for oil and gas are Chemiteq Limited, Royal Dutch Shell PLC, and BASF SE.