Automobiles Coolant Market Sales to Top US$ 10.7 billion by 2027

Automobiles Coolant Market

the global automobiles coolant market was valued at USD 7.6 billion in 2020 and is expected to reach US$ 10.7 billion by 2027, growing at a CAGR of 5.1% during the forecast period of 2021-2027.

The market growth is primarily driven by the increasing production of vehicles and rising demand for electric vehicles globally. Additionally, the growing awareness about the need to maintain engine temperature and the increasing trend of using advanced coolants in vehicles are also expected to contribute to market growth. The Asia Pacific region is expected to dominate the global market owing to the significant presence of key market players in the region and the increasing production of vehicles.

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The automotive coolant is a heat-transfer fluid that helps regulate the temperature of the engine by dissipating heat generated during the combustion process. Coolant helps prevent engine overheating, lubricates the engine parts, and prevents corrosion. The coolant is essential to maintain the efficiency and longevity of the engine, and hence, the demand for coolant is high in the automobile industry.

Market Dynamics:

The increasing production of vehicles and the rising demand for electric vehicles are the primary drivers of the global automobiles coolant market. The growing awareness about the need to maintain engine temperature and the increasing trend of using advanced coolants in vehicles are also expected to contribute to market growth. The automotive industry is witnessing significant growth due to the increasing demand for personal vehicles, rising disposable income, and urbanization. The increasing number of electric vehicles is also expected to drive the market, as electric vehicles require a coolant to maintain the temperature of the battery.

However, the availability of substitutes, such as water-based coolants, can hinder market growth. Additionally, the disposal of used coolant poses environmental risks and requires proper disposal methods, which can be a challenge.

Key Companies- 

• Total S.A.
• Castrol Limited.
• Cummins Filtration
• Motul S.A.
• China National BlueStar (Group) Co. Ltd.
• Valvoline International Inc.
• Exxon Mobil Corp.
• Sinopec Corp.
• Shandong Yuean Chemical Industry Co. Ltd.

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The global automobiles coolant market is segmented into product type, vehicle type, and geography.

Based on product type, the market is segmented into ethylene glycol, propylene glycol, and others. The ethylene glycol segment is expected to dominate the market due to its superior properties, such as high boiling point, low freezing point, and excellent heat transfer capabilities.

Based on vehicle type, the market is segmented into passenger cars, commercial vehicles, and electric vehicles.

Geographical Analysis:

The global automobiles coolant market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is expected to dominate the market owing to the significant presence of key market players in the region and the increasing production of vehicles. China, Japan, and India are the major contributors to the growth of the market in the region. Europe is also expected to witness significant growth due to the increasing production of electric vehicles and the growing awareness about the importance of engine temperature maintenance.

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Conclusion:

The global automobiles coolant market is expected to witness significant growth during the forecast period. The increasing production of vehicles, rising demand for electric vehicles, and growing awareness about the need to maintain engine temperature are the primary drivers of market growth. The Asia Pacific region is expected to dominate the market owing to the significant presence of key market players and the increasing production of vehicles. However, the availability of substitutes and the disposal of used coolant pose environmental risks and can hinder market growth. The major players in the market are investing in research and development to develop advanced coolants with improved performance and properties.

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