Overview:
The global Automotive Coolant Market is on a path of growth where it can produce a 7.65% CAGR in the years between 2018 and 2023 that can be considered as the forecast period, as per the claims made by a report published by Market Research Future (MRFR). The automotive coolant industry is witnessing this growth due to the constant influx of investment made by major market investors and surge in the sales of the automobiles.
Automotive Coolant Market can be defined as a substance, which is necessary in the operation of an automobile to take out the extra heat generated in the engine that due to its function with liquid or gas. These coolants also play a significant role in taking reducing fuel consumption and increasing mileage owing to which a lot of market players are developing strategies on the basis of such advantages. The last few years have seen a constant rise in the demand for passenger cars owing to the hike in per capita income. This growth is also going to substantially trigger the need for automotive coolants. Factors like the impact on environment and stringent regulations regarding emission standards can trigger the market growth rate for the automotive coolants industry.
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Key Players
Prestone Products Corporation (US)
Total (France)
Valvoline LLC (US)
MOTUL (France)
Chevron Corporation (US)
OLD WORLD INDUSTRIES
LLC (Italy)
Royal Dutch Shell plc (the Netherlands)
Exxon Mobil Corporation (US)
Arteco (Belgium)
BASF SE (Germany)
Recochem Corporation (Canada)
and AMSOIL INC (US)
some eminent players in the global automotive coolant market that are profiled by MRFR.
Segmentation:
The global market for automotive coolants is witnessing a surge, which requires a proper mapping and that can be done using effective segmentation as a major process. The report includes segmentation based on vehicle types, technology, product type, and end market.
By product type, the market for automotive coolants include propylene glycol, ethylene glycol, and glycerin.
By technology, the global automotive coolants segment includes organic acid, inorganic acid, and hybrid organic acid.
By vehicle type, the market for automotive coolants can be segmented into passenger vehicles and commercial vehicles. High per capita income is providing thrust to the sales of passenger vehicles significantly.
By end user, the market for automotive coolants includes OEMs and aftermarket. Both these segments are effectively contributing to the growth of the global market.
Market Drivers and Restrains
The automotive coolant industry growth can be attributed to the availability of a robust automotive aftermarket solutions. The soaring sales of different types of commercial vehicles across the globe is observed to foster the need for automotive coolants, which in turn can favor the market rise.
In rise in the number of research activities to produce high quality automotive coolants and the constant technical innovations of composition materials can favor the market upsurge in the study period. The escalating need for coolants and the rise in the utility of modern technologies, such as; Hybrid Organic Acid Technology (HOAT), Organic Acid Technology (OAT), and Inorganic Acid Technology (IAT), to accelerate production of high quality coolant can benefit the automotive coolant market in the near future.
Turkey, Argentina, Brazil, and India are some countries that are observed to hold lucrative opportunities for new automobile industry players that can support expansion of the automotive coolant market. Rise in population, improvement in socio-economic status, expansion of e-commerce sector, rapid automobile infrastructure development due to rise in demand for vehicle fleet are other causes that can promote the automotive coolants market in the years to come.
Price volatility of crude oil can have a negative impact on the production and sales of petrochemicals products, which, in turn, can impact the production of ethylene glycol and propylene glycol. Thus, issues with prices of chief raw materials can pose significant challenge to the rise of automotive coolant market in the review tenure.
Regional Analysis:
The region-specific analysis of the global market reveals the Asia Pacific market as the largest one. The report published in 2016 corroborates the claim. In the region, markets like China, Japan, India, and others are expected to contribute sufficiently to the regional market growth. These countries are becoming major consumers of passenger vehicles and commercial vehicles, North America is one of the major consumers of the automotive, owing to which the regional market for automotive coolant is going to flourish. The regional market to find the US and Canada as major contributors. The regional market is also expected to benefit from high number of manufacturers of both automotive and coolants. Europe has a robust automotive industry with several global players coming out of the region as major market traction providers. High car owning capacity of the people from the region is also going to establish the regional market as a major contributor to the global market growth. The UK, France, Germany, and others are making moves to increase the impact the region already has on the market.
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In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.
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