Market Research Future (MFRF) analyzed the global automotive coolant market 2021 in the review period. According to MRFR study, the automotive coolant market is expected to rise at 4% CAGR in the forecast period (2019 to 2025). By 2025, the automotive coolant market value is likely to touch USD 9.7 Bn.
Market Drivers and Restraints
The automotive coolant market 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.
Segment Analysis
The segment study of the global automotive coolant market is based on product, technology, end user, and vehicle type.
The technology-based segments of the global automobile coolant market are Hybrid organic acid technology (HOAT), organic additive technology (OAT), and inorganic additive technology (IAT). The inorganic additive technology (IAT) segment is likely to earn over USD 5.4 Bn by 2025. MRFR data reveals that the global automobile coolant market is likely to register 4.6% CAGR in the analysis period by 2025.
By product, the market of automotive coolant is studied by glycerin, ethylene glycol, and propylene glycol among others. The ethylene glycol segment can surge at around 4.5% CAGR to value over USD 4.8 billion by 2025.
The Vehicle Type-based segments of the global automotive coolant market are light commercial vehicles, heavy commercial vehicles, and passenger cars among others. The heavy commercial vehicles segment can garner high profit.
The End User-based segments of the global automotive coolant market are automotive aftermarket and original equipment manufacturer (OEM). The automotive aftermarket segment is likely to exhibit 4.5% CAGR in the review period.
Regional Analysis
In Asia Pacific, the automobile coolant market can hold share of around 45% of the global market. The automobile coolant market in the Asia Pacific region can value around USD 3.4 Bn. The thriving automotive industry in India as it is known to be one of the big passenger vehicle producers can benefit the worldwide market. The rise in demand for second-leading commercial vehicle developer can favor the world in the years to come. Rapid industrialization and the availability of robust infrastructure setup and the rise in number of medium and small enterprises that are creating the demand for heavy-duty trucks as well as light passenger vehicles are forces that can prompt the market rise in the years to come. In North America, the increasing demand for auto coolants and the availability of numerous OEM can benefit the regional market. The introduction of new vehicles by reputed automakers in the US, such a; General Motors, Detroit Diesel, Ford Motor Company, and Cummins can prompt the auto regional market upsurge. In Europe, the availability of coolant equipment and rise in consumer awareness about sustainable solutions are other causes that can favor the market upsurge.
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) are some eminent players in the global automotive coolant market that are profiled by MRFR.
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