Global Automotive Coolant Market Industry Trends, Estimation & Forecast, 2018 - 2025

The global automotive coolant market’s growth depends on various factors, such as the overall economic growth of major countries, trends in the automotive industry, chemical industry, etc. Among these, the demand for IC engines continues to grow during the forecast period despite the demand for green vehicles. Due to the growth in research activities in the chemical industry, engine coolants have undergone changes in the material composition. Companies have successfully designed coolants following technologies, like, Inorganic Acid Technology (IAT), Organic Acid Technology (OAT), and Hybrid Organic Acid Technology (HOAT).

Ethylene glycol is the most preferred automotive coolant. But, ethylene glycol is highly toxic and requires careful disposal. Therefore, the coolant industry began manufacturing coolants that were less toxic. The American Society for Testing and Material (ASTM), an international standards organization, published a standard D5216 in 2000, stating that propylene glycol is suitable for use as an engine coolant in cars and light commercial vehicles. However, ethylene glycol coolants still hold major share in the market, as they have better properties, other than toxicity, compared to propylene glycol coolants.

High dependency of society on vehicles is likely to boost the automotive coolant market. Rising production of vehicles is another major factor fueling the consumption of automotive coolants at a significant pace. Rising adoption of electric vehicles is a possible threat to the currently used coolant into different kinds, as different coolants are employed in electric vehicles in order to manage the temperature of the powertrain of an electric vehicle.

The global automotive coolant market is expected to register a CAGR of 4.32%, during the forecast period, 2018-2025.

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Automotive coolant market share based on vehicle is segmented into PCV, LCV, and HCV. PCVs will account for a significant share in the market size. This can be attributed to the increasing vehicle sales across then globe. Additionally, the mandatory servicing and maintenance requirements of such vehicles for maintaining optimum performance and maintain the warranty of such vehicles are further expected to boost the segment share.

Asia Pacific is anticipated to hold a major share of the global automotive coolant market, as the region witnesses a significantly high number of vehicles on road and is still a prominent producer among all regions. A higher number of manufacturing facilities in Asia Pacific, due to the availability of basic resources such as labor and raw materials, has boosted the automotive industry in the region. Therefore, the region is likely to hold a leading share of the global automotive coolant market, followed by Europe. Europe is a significant market, after Asia Pacific, owing to the high production coupled with high application of vehicles in the region.

Players in the automotive coolant market share include Chevron, Shell, Exxon Mobil, Lukoil Patrons, Ashland Corporation, Sinclair Oil Corporation, and Blue Star Lubrication Technology. Industry players are focusing on geographic expansion for increasing its customer base and enhance revenue generation.

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This release was published on openPR.