Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — Global Automotive Coolant Market Overview:
Market Research Future (MRFR) Estimates that the Automotive Coolant Market to obtain a valuation of more than USD 9.7 Billion by 2025. The market size is anticipated to skyrocket at 4% CAGR during the Forecast period (2019 to 2025).
Liquid coolants are consumed to handle the heat in automotive internal combustion engines. The coolant prevents the cooling system’s corrosion by taking away the engine’s excess heat and limiting damage to the engines in the long-run. The COVID-19 scourge has had a strong impact on the automotive coolant industry because of the temporary shutdown of production facilities and waning demand. However, the automotive coolant industry has picked up significant traction due to the automotive aftermarket sector’s healthy growth in the broader sense before 2020. The mounting sales of numerous commercial vehicles in distinct regional markets, which form more than 80% globally, could further foster automotive coolants’ demand in the forecast period.
Since the growth in research activities within the chemical industry, automotive coolants are exposed to technical innovations in material makeup. This also improves the automotive coolant market size due to the swelling demand. The volatile or unpredictable crude oil prices negatively impact the production of petrochemicals, which ultimately affects ethylene glycol and propylene glycol production. Thus, the shifting prices of critical raw materials could emerge as a fundamental challenge in the global market over the forecast period. However, contenders are moving past the lull created by the pandemic and undertaking strategic decisions such as BorgWarner, an American auto component and parts supplier, revealed that the company is arranging to unveil state-of-the-art coolant heaters in 2021 on the next generation of passenger cars fabricated by global O.E.M.s. The company has been selected as a dealer for cabin heating and battery conditioning solutions for quite a few high-volume vehicle programs.
On closer inspection of the automotive coolant market, the market segments are reporting positive cues that can lift the overall market development in the future. The product-wise segment will develop favorably due to the two most in-demand products in the market that are ethylene glycol and propylene glycol. These two segments are likely to lead the segment, which is highly used in several heavy-duty or automotive functions. Ethylene glycol-based coolants are extremely lucrative, while propylene glycol-based coolants are expended in locations with low toxicity products. The end user-based segments of the automotive aftermarket segment reported a 65% share in 2018. The incidence of a massive number of commercial vehicles and passenger cars presently in use globally, most of them need after-sales servicing for maintenance purposes. Depending on vehicle type, the passenger cars segment should be one of the fastest emerging industry segments. In contrast, the heavy commercial vehicles segment can seize the global market’s chief share. The inorganic additive technology segment supports more than a 55% share in the worldwide market and is also likely to acquire the highest growth rate
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The Road Ahead
The APAC market is also set to capture the fastest growth rate of around 5% in the ensuing years, thanks to the thriving automotive industry, especially in India. The Asia Pacific market share in 2018 touched almost USD 3.4 billion in earnings. India is presently the sixth-biggest passenger vehicle manufacturer and the second-leading commercial vehicle developer globally. Rapid industrialization gives way to improvements in the infrastructure, which will benefit the regional market’s progress. The swelling number of small and medium enterprises has elevated the demand for light passenger vehicles and heavy-duty trucks. Government strategies have also contributed appreciably to India’s automotive sector’s development, which has ultimately fostered auto coolants’ requirement in O.E.M. and aftermarket segments. The availability of certified auto coolant equipment and stringent standards concerning recycled antifreeze is further estimated to augment the region’s automotive coolant market. North America is an essential automotive coolant market for several market players with local production; their presence will be a differentiator for customers in the regional and global markets. This factor has been favorable for the North American market because of the rising consumer awareness level about the advantages of recycled resources and sustainability. For instance, H.I.G. Capital, a top global alternative investment firm with USD 42 billion of equity capital under supervision, has stated its portfolio concern, Recochem, an international leader in manufacturing, distributing, and marketing automotive aftermarket and household fluids, have attained KOST USA Inc. The procurement of KOST is tactically vital for Recochem, extensively increasing its presence in the United States. The joint business is a top manufacturer and provider and one of the few scaled companies in automotive aftermarket consumable fluids throughout the North American automotive coolant market.
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Key Players Locking Horns:
Affluent vendors in the Global Automotive Coolant Market are:
- Valvoline L.L.C. (U.S.)
- MOTUL (France)
- AMSOIL INC (U.S.)
- OLD WORLD INDUSTRIES
- L.L.C. (Italy)
- Chevron Corporation (U.S.)
- Royal Dutch Shell plc (the Netherlands)
- BASF SE (Germany)
- Prestone Products Corporation (U.S.)
- Total (France)
- Exxon Mobil Corporation (U.S.), Arteco (Belgium)
- Recochem Corporation (Canada)
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Strong Development Foreseen Due to Government Support
The backing received by governments in expanding the production facilities of the market players and the presence of favorable guidelines will drive the overall development of the global automotive coolant market in the forthcoming period. This is evident in the actions of the market players such as T.I. Fluid Systems, a prominent global dealer of automotive fluid systems technology, declared that it would deliver thermal coolant fluid-carrying loops for a huge family of Kia, Hyundai, and Genesis brand vehicles, starting with the N.E. T.I will provide E.V., a new battery-electric compact crossover built on the futuristic “45” concept vehicle beginning in January. Fluid Systems across eight diverse Hyundai battery electric vehicle platforms will all be manufactured in South Korea.
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