As per the recent study, the global automotive coolant market size in 2021 is registered at USD 4642.3 million and is estimated to exhibit a significant CAGR of 5% with a market size of USD 6404.28 million during the forecast period 2023–2027.
Automotive coolants are used to cool the motor parts in the vehicles and forestall over warming during usage, mainly in chilly environments, and also to forestall the erosion of the vehicle’s metal hardware. This coolant is used in almost all significant automobiles from small motor engine bicycles to heavy-duty commercial vehicles. It protects the motor from overheating and greases up the moving parts that come into contact with that forestalls harm to the water pump, the cylinder, head gasket, and piston timings. The heat transfer rate is highly dependent upon the temperature difference between coolants, outside air, and the flow rate of the coolant. The freezing point of a coolant in an ideal condition remains -200 F while the boiling point does not exceed 2340 F.
Rising popularity for vehicles and automakers, and persistent interest in R D for improving the climate cordial, cost-effective, and low poisonous products with high durability are driving the growth of the market. Simple and huge accessibility of different materials like glycerin, ethylene glycol, and propylene glycol in developed countries helps in developing such new products is accelerating the market growth around the world. Rising demand for fuel-efficient vehicles leads to the replacement of traditional lubricants with synthetic lubricants. The bio-based lubricants minimize the harmful environmental effects which is the current trend that fuels the market growth.
The automotive coolant market opportunities are rising in the automotive sector by improving the socio-economic status, exploding population, growing e-commerce sector, developing infrastructure, and the rise in the vehicle fleet are boosting the market growth.
Market Segmentation
The automotive coolant market is classified into four segments based on the technology, product, vehicle type, and end-user.
Technology Segmentation: The automotive coolant market technologies are trifurcated into inorganic additive technology (IAT), organic additive technology (OAT), and hybrid organic acid technology (HOAT).
Product Segmentation: Based on the product, the automotive coolant market is sectioned into ethylene glycol, propylene glycol, glycerin, and others.
Vehicle Type Segmentation: By vehicle type, the automotive coolant market is partitioned into passenger cars, heavy commercial vehicles, light commercial vehicles, and others.
End-User Segmentation: The automotive coolant market by end-user is bifurcated into original equipment manufacturer (OEM), and automotive aftermarket.
Regional Analysis
Based on the recent research, the global automotive coolant market based on region is divided into four major regions such as Asia-Pacific, Europe, North America, and the Middle East Africa. Out of these regions, Asia-Pacific is dominating the highest market share due to the rapid industrialization to improve the infrastructure and rising number of small medium enterprises which enhances the demand for heavy-duty trucks and light passenger vehicles.
The automotive coolant market industry players are Exxon Mobil Corporation (US), Total (France), Valvolone LLC (US), Arteco (Belgium), Royal Dutch Shell plc (the Netherlands), and others.
Industry News
According to the latest updates, the global automotive coolant market forecast states that this market is going to reach immense growth in the forecast period due to the adoption of new strategies like divesture, expansion, product launches, collaborations, etc. The e-fluids are launched for hybrid and electric passenger cars. Its product eLEC Coolant cools the batteries in electric vehicles and keeps them cool even in severe heat conditions.
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