Market Research Future has recently published new research that provides detailed insights on the working dynamics of the global automotive coolant market 2020 over impact analysis on COVID-19. The global retail ready packaging market will reflect an average 5.33% CAGR, in terms of volume, during the forecast period (2018-2025), as stated by a recent report. The report estimates the market to surpass USD 1091.1 million in revenues that were gained in 2018.
Top Impacting Factors
Due to variables such as widespread vehicle usage and the consumption of automotive coolants based on the distance travelled by a vehicle, demand for automotive coolants is likely to increase over the assessment period. As a result of society's increasing reliance on automobiles, the automotive coolant industry is expected to grow in the future. In addition, increased vehicle manufacturing is a crucial element driving up the usage of automotive coolants at a rapid rate.
MRFR also finds that in support of significant growth in research activities in the chemical industry, engine coolants have changed the material composition. Various companies have successfully designed coolants following technologies—Organic Acid Technology (OAT), Inorganic Acid Technology (IAT), and Hybrid Organic Acid Technology (HOAT), which has created more opportunities to flourish in the market in the approaching years.
To add further, the study signs that automobile manufacturers are now actively occupied in bringing newer brands and products for presenting customized coolant and lubricant solutions for customers. This has resulted in expanding the automotive coolant industry share to a great extent. In the case of point, in the year 2019, Maruti Suzuki launched its Ecstar brand of coolants, car care, and lubricant products in India. The strategy enabled the company to offer a diversified range of products for its customers to compel sales and increase its market share.
On the other hand, the increased adoption of electric vehicles has the potential to pose a threat to the already booming automotive coolant market, as different coolants are used in electric vehicles, making it difficult to control the temperature of an electric vehicle's power train.
Segmentation of Market: Automotive Coolant
Product type, application, and end-use industry are all part of the automotive coolant market segmentation analysis.
Propylene glycol, ethylene glycol, and glycerine have all been used in the market, depending on the product type segment.
Depending on the technology segment, the market has been classified into organic acid, inorganic acid, and hybrid organic acid.
Depending on the application segment, the market has been categorized into OEMs and aftermarket.
The global automotive coolant filters, by region, has been segregated into Latin America, North America, Asia Pacific, Europe, and the Middle East Africa.
Asia-Pacific might be the largest regional market in the global automotive coolant market during the forecast period. The developing countries in this region, such as India, China, Taiwan, and Myanmar, are steadily adopting the latest versions of automobiles. Thus, a rise in the production of automotive coolant owing to high consumption is likely to propel the expansion of the automotive coolant market during the forecast period. As recorded in MRFR’s study, back in 2018, China manufactured 23.5 million units of passenger cars. As claimed by the China Association of Automobile Manufacturers, commercial vehicles augmented by 5.05% in the same year. Thus, these factors are accepted to boost the demand for automotive coolants in Asia-Pacific
On the next lane, the stringent regulations in the regions of Europe and North America have obligated the manufacturers to shift toward emerging economies, where they are provided with flexible policies and better manufacturing amenities, namely inexpensive labor and availability of raw materials at low costs. The existence of a high number of automotive industries in this region is an essential factor igniting the adoption of automotive coolant in the region.
North America is one more significant market after Europe in the global automotive coolant market. The utilization of automotive coolant in applications of after-market and high usage of rented vehicles motivates the demand for the product for the automotive coolant market during the review period.
In the last, Latin America and the Middle East Africa are also to register sensible growth in the automotive coolant market during the anticipated period owing to a rise in the number of automotive manufacturing plants. It is recorded that in 2018, the sales of passenger vehicles were surged by 3.4% in Brazil, and 2.4% in Argentina. This resulted in propelling the growth of the market substantially in the region.
Top Giant Players
The top players operating in the global automotive coolant market are listed as Total S.A (France), Valvoline LLC (US), Exxon Mobil Corp (US), Castrol Limited (UK), Sinopec Lubricant Company (China), Royal Dutch Shell plc (The Netherlands), Sinclair Oil Corporation (US), Ashland (US), and British Petroleum (UK).
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.
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