Automotive coolants are used in vehicles to prevent the overheating of vehicle parts or components. Coolants absorb heat from the heated component and dissipate it into the atmosphere through different sources. Moreover, coolants are utilized to reduce the temperature of engine parts in order to enhance their lifespan, improve the vehicle’s fuel efficiency, and lower exhaust emission. Coolants in electric vehicles are employed to maintain the temperature of the battery, as it is the heart of an electric vehicle and tends to get hot, while supplying energy to the powertrain. Automotive coolants themselves act as an anti-refrigerant, anticorrosive fluid, thus protecting the auto parts from corrosion.
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Demand for automotive coolants is anticipated to increase during the forecast period owing to the extensive usage of vehicles and the consumption of automotive coolants depends on the distance travelled by the vehicle. Thus, high dependency of society on vehicles is likely to boost the automotive coolant market. Rising production of vehicles is another major factor fueling the consumption of automotive coolants at significant pace. Rising adoption of electric vehicles is possible threat to the currently used coolant into different kind, as different coolants are employed in electric vehicles in order to manage the temperature of the powertrain of an electric vehicle.
The global automotive coolant market can be segmented based on coolant type, sales channel, vehicle, and region. Based on coolant type, organic acid technology is anticipated to be a leading segment, owing to its high service life as compared to the other segments. The organic acid technology segment is anticipated to expand significantly during the forecast period.
Based on sales channel, aftermarket segment is anticipated to be a leading segment owing to the replacement of coolant oil throughout the life of the vehicle. Automotive coolants are changed after several miles travelled by the vehicle, the distance travelled factor varies according to the type of coolant used in the vehicle.
Based on vehicle, the passenger vehicle segment is expected to hold a major share of the market owing to the high number of on-road passenger vehicles as compared to commercial vehicles. However, the commercial vehicle segment holds a significant share of the market owing to continuous application of commercial vehicles coupled with the high consumption of coolants by commercial vehicles.
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In terms of region, Asia Pacific is anticipated to hold a major share of the global automotive coolant market, as the region witnesses a significantly high number of vehicles on road and is still a prominent producer among all regions. Higher number of manufacturing facilities in Asia Pacific, due to availability of the basic resources such as labor and raw materials, has boosted the automotive industry in the region. Therefore, the region is likely to hold a leading share of the global automotive coolant market, followed by Europe. Europe is a significant market, after Asia Pacific, owing to the high production coupled with high application of vehicles in the region.
Key players operating in the global automotive coolant market include BlueStar Lubrication Technology, Exxon Mobil, Amsoil Inc., Castrol, Valvoline,Royal Dutch Shell, Chevron Corporation, and Total S.A.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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