Market Overview
Global Automotive Coolant Market is expected to register moderate growth at a CAGR of over 4% to register USD 9.8 Billion by 2025. Automotive coolants are used to safeguard the automotive engine from freezing while defending components against corrosion. It is used to control the operating temperature band to remove the excess heat. Coolants are usually used by automobile manufacturers for the initial filling of the cooling systems of the vehicles. Coolants are also classified based on additive content. Additives are chemicals added to the product to enhance properties, such as resistance to corrosion, cavitation, and scale.
The global automotive coolant market is expected to register healthy growth during the review period owing to the increase in the number of commercial and light passenger vehicles in transit in the markets worldwide. The key factors fuelling the growth of the global market are rising vehicle build quality & standards, growth of the organized used car market, and growing emphasis and awareness regarding car maintenance. However, the accelerating crude oil prices have affected the production of petrochemicals and, consequently, the manufacturing of ethylene glycol and propylene glycol. Therefore, the volatile raw material prices are estimated to hamper the growth of the global automotive coolant market during the review period.
Market Segmentation
Global Automotive Coolant has been classified into Technology, Product, Vehicle Type, and End User.
Based on Technology type, the global market has been classified into three segments, namely, inorganic additive technology (IAT), organic additive technology (OAT), hybrid organic acid technology (HOAT).
In terms of product category, the automotive coolant market has been divided into ethylene glycol, propylene glycol, glycerine, and others.
In terms of Vehicle Type, the automotive coolant market has been categorized into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. The heavy commercial vehicles segment is estimated to contribute the highest share in the global market.
The End User segment bifurcates the global automotive coolant into original equipment manufacturer (OEM) and automotive aftermarket.
Regional Analysis
Geographically the Global Automotive Coolant Market has been divided into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The regional market of Asia-Pacific held the largest market share of over 45% in 2018, with a market value of around USD 3.4 billion. The regional market is projected to register the highest CAGR of around 5% during the forecast period owing to the positive outlook of the automotive industry in the emerging economies of the region.
North America and Europe are expected to register the other major markets for automotive coolant and accounted for the second-largest and third-largest market shares, respectively, of the global market in 2018.
Major Players
The Prominent Players in the Global Automotive Coolant Market are Valvoline LLC (US), Royal Dutch Shell plc (the Netherlands), OLD WORLD INDUSTRIES, LLC (Italy), Exxon Mobil Corporation (US), BASF SE (Germany), Total (France), Chevron Corporation (US), Prestone Products Corporation (US), Arteco (Belgium), AMSOIL INC (US), Recochem Corporation (Canada), and MOTUL (France).
COVID 19 Impacts
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