Plant Antifreeze Market Expected to Reach $3.0 Billion by 2031—Allied Market Research

The global plant antifreeze market sizewas valued at $1.9 billion in 2021, and is projected to reach $3.0 billion by 2031, growing at a CAGR of 5.0% from 2022 to 2031.

Plant antifreeze are the chemicals which are used to reduce the freezing point of water inside the tissues of a plant in extreme cold temperature. In addition, plant antifreeze chemicals include ethylene glycol, propylene, glycerin, and other chemicals   stimulates plants to produce plant antifreeze proteins. These proteins enhance the plant productivity during subzero temperatures. It has wide range of applications in sectors such as cereal, horticulture, cash crops, agriculture, and others.

The rise in population, and increase in disposable income has enhanced the purchasing power of people for high end products that includes ornamental crops, cash crops, and others. In addition, expansion of agricultural industry and horticulture industry has led the adoption of plant antifreeze chemicals across the globe owing to its ability of enhancing plant productivity and photosynthesis activity during subzero temperatures. These factors are predicted to enhance the growth of the plant antifreeze market during forecast period.

However, fluctuations in the prices of raw material impedes the growth of the plant antifreeze market. In addition, plant antifreeze products are not required in tropical regions owing to high temperature all over the year. These factors together may hamper the growth of the plant antifreeze market during the forecast period.

On the contrary, plant antifreeze chemical reduces the financial losses caused due to freezing temperatures and it enhances the ability of plants for photosynthesis, thereby improving yields. This factor is predicted to create remunerative opportunities for expansion of the plant antifreeze market in the future.

The plant antifreeze market forecast is segmented on the basis of product, application, and region. By product, the market is segregated into ethylene glycol, propylene glycol, glycerin, and methanol. The propylene glycol segment dominated the global market, in terms of revenue in 2021, and accounted for 46% of the total share. This is attributed to the fact that propylene glycol helps in preventing the crops from frost in subzero temperature that enhances the plant productivity and stimulates plants to secrets plants antifreeze chemicals in extreme cold weathers.

By application, the market is divided into cereals, horticulture crops, cash crops, turfs and ornamental crops, and others. The cereals segment dominated the global market in terms of revenue in 2021, with 46% of the total share. The cereals and grains market is witnessing high growth as they are a rich source of vitamins and minerals, and are used in large amounts in animal feed. Owing to these factors manufacturers have put more emphasis on the production of plant antifreeze chemicals. It will help in cereal production during subzero temperature.

Region-wise, the plant antifreeze market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America plant antifreeze market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major 46% of market share in 2021, owing to rise in awareness about plant antifreeze chemicals especially in the developing economies are the major key market trends fostering the growth of the plant antifreeze market in the North America region.

Key players operating in the global plant antifreeze market analysis include BASF SE, ADAMA, Bayer AG, Chevron Phillips Chemical Company LLC, DuPont, ExxonMobil Corporation, Gharda Chemicals Ltd, Nufarm, Sumitomo Chemical Co., Ltd., and Syngenta.

Key findings of the study

• By type, the propylene glycol segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.5% from 2022 to 2031.
• By application, the cereals segment is anticipated to register the highest CAGR of 5.3% during the forecast period.
• By region, North America garnered the highest plant antifreeze market share of 46% in 2021, in terms of revenue, growing at a CAGR of 5.1%.