Automotive Coolant Market Size
| Study Period: | 2018 - 2028 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | Asia Pacific |
| CAGR: | > 5 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Coolant Market Analysis
The automotive coolant market was valued at USD 4642.3 million in 2021, and it is expected to reach USD 6404.28 million by 2027, registering a CAGR of above 5% during the forecast period 2022-2027.
The COVID-19 pandemic had a substantial impact on the global economic landscape. Concerns about potential business closures and recession hit the automotive coolant market. Moreover, registrations of new vehicles have been on a decline as lockdown orders have restricted the number of vehicles running on roads.
The market's expansion is being fueled by the automotive sector growing throughout the world. In recent years, there has been an increase in demand for passenger vehicles, which has aided market expansion. Furthermore, end user acceptance of reusable coolant types has been boosted by strict regulatory requirements for the safe disposal of antifreeze material and its recycling.
The rise in demand for vehicles and automakers and continuous investments in R&D for the development of cost-effective, environment-friendly, and less toxic products with a high life are likely to boost the automotive coolant market during the forecast period. Moreover, the easy and abundant availability of various materials, including ethylene glycol, propylene glycol, and glycerin, in developed countries helps new entrants develop such products and also drives the automotive coolant market.
Asia-Pacific held a leading share of the global automotive coolant market due to the higher volume of vehicles produced in major countries, including India, China, and Japan. Lower manufacturing and labor costs across the region are expected to drive market growth during the forecast period.
Automotive Coolant Industry Segmentation
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 engine in the long run. The scope of the report covers segmentation based on vehicle type, organic chemical type, and geography.
By vehicle type, the market is segmented into passenger cars and commercial vehicles.
By organic chemical type, the market is segmented into ethylene glycol and propylene glycol.
By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
| By Vehicle Type | |
| Passenger Car | |
| Commercial Vehicle |
| By Chemical Type | |
| Ethylene Glycol | |
| Propylene Glycol |
| By Geography | |||||||
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Automotive Coolant Market Trends
This section covers the major market trends shaping the Automotive Coolant Market according to our research experts:
Passenger Car Segment Likely to Dominate the Market
The passenger car segment is likely to hold a significant share of the market by the end of the forecast period owing to a rise in the demand for utility vehicles in highly populated countries such as China, India, and Brazil.
Automobile manufacturers are introducing newer brands and products to offer customized coolant and lubricant solutions for customers, expanding the automotive coolant market’s share. Several global OEMs are investing in the country through either joint ventures with established players or after FDI norms have been invested directly in setting up their production unit or enhancing their sales and dealership networks across the country. For instance,
· In December 2021, ExxonMobil announced that it had finalized corporate plans, which include increasing its spending to USD 15 billion on greenhouse gas emission-reduction projects over the next six years while maintaining disciplined capital investments in its industry-leading portfolio.
· In May 2021, Chevron Corporation and Noble Midstream Partners LP announced that they had completed the previously announced acquisition, which resulted in Noble Midstream becoming an indirect, wholly-owned subsidiary of Chevron.
Moreover, high demand for e-class, crossovers, SUVs, and hatchbacks is driving the passenger vehicle segment, which, in turn, is likely to boost the automotive coolant market. The rise in preferences for private transport and purchasing power of consumers is driving the passenger vehicle segment of the market.
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India Expected to Witness the Fastest Growth Rate in Asia-Pacific
Asia-Pacific held a leading share of the global automotive coolant market due to the higher volume of vehicles produced in major countries, including India, China, and Japan, and lower manufacturing and labor costs across the region. India is expected to witness prominent growth due to the rising demand for vehicles during the forecast period. Moreover, the availability of inexpensive labor and raw material in the region, coupled with the increasing number of local manufacturers, is likely to propel the market in Asia-Pacific during the forecast period.
India is presently the sixth-biggest passenger vehicle manufacturer globally and the second-leading commercial vehicle developer. Rapid industrialization has given way to improvements in the infrastructure, which is likely to 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.
Indian PSU oil players, like IOCL, HPCL, BPCL, etc., and private players like RIL are continuously increasing their crude oil production capacity. As ethylene glycol is a crude oil by-product, the increasing production and refining capacity of crude oil may increase the availability of ethylene glycol in India, simultaneously boosting the domestic production of coolants in the country.
The increasing domestic production of coolants may significantly help coolant manufacturers cater to the rising demand for coolants in the country. This is projected to fuel the automotive coolant market in the region over the next few years.
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Automotive Coolant Industry Overview
The automotive coolant market is consolidated with top manufacturers across the global market. The companies are focusing on geographic expansion for increasing their customer base and enhancing revenue generation. For instance,
· In April 2021, Valvoline expanded its company-owned Quick-Lube Network with the acquisition of 16 service centers in Texas.
Some prominent players in the automotive coolant market share include Chevron, Shell, Exxon Mobil, Valvoline Inc., and BP PLC (Castrol).
Automotive Coolant Market Leaders
ExxonMobil Corp.
Royal Dutch Shell PLC
Valvoline Inc.
BP PLC (Castrol)
Chevron Corporation
*Disclaimer: Major Players sorted in no particular order
Automotive Coolant Market News
· In August 2021, Valvoline Inc. launched new coolant technology specifically designed for modern engines, called Valvoline Antifreeze Coolant HT-12™ Green and Valvoline Antifreeze Coolant HT-12 Pink.
· In July 2021, Castrol launched the new Castrol ON e-thermal fluid, an advanced new ‘direct’ battery e-thermal fluid that will enable future generations of EVs to be charged more rapidly and offer increased performance, protection, and sustainability.
· In July 2021, Eurol Lubricants introduced the new Coolant -36°C GLX-AV, a coolant suited for modern cars from various Japanese and Korean car brands, including Honda, Hyundai, Kia, Mazda, and Mitsubishi. Based on P-OAT technology, this coolant is emphatically different from other coolants and is indispensable in the workplace. The Eurol Coolant -36°C GLX-AV (Asian Vehicles) contains the OAT Technology with phosphate compounds. This is also referred to as Phosphate Organic Additive Technology (P-OAT Technology). Due to its unique composition, this coolant offers optimum heat transfer with extra protection against corrosion without the formation of deposits.
· In February 2021, AMSOIL introduced a new Powersports Antifreeze & Coolant designed to cool high-revving, hot-running Powersports engines. Featuring an ethylene-glycol formulation that meets OEM recommendations, the coolant provides an extended five-year service life with excellent boil-over protection up to 226 F (108°C) and freeze protection down to -34°F (-37°C).
Automotive Coolant Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Passenger Car
5.1.2 Commercial Vehicle
5.2 By Chemical Type
5.2.1 Ethylene Glycol
5.2.2 Propylene Glycol
5.3 By Geography
5.3.1 North America
5.3.1.1 US
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 UK
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles *
6.2.1 BP PLC ( Castrol)
6.2.2 Chevron Corp.
6.2.3 ExxonMobil Corp.
6.2.4 Valvoline Inc.
6.2.5 Total SA
6.2.6 Royal Dutch Shell PLC
6.2.7 Indian Oil Corp. Ltd
6.2.8 JXTG Holdings Inc.
6.2.9 Prestone Products Corp.
6.2.10 Amsoil Inc.
6.2.11 Voltronic GmbH
6.2.12 American Mfg Co. (Rudson)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS **
Automotive Coolant Market Research FAQs
What is the study period of this market?
The Automotive Coolant Market is studied from 2018 - 2028.
What is the growth rate of Automotive Coolant Market?
The Automotive Coolant Market is growing at a CAGR of >5% over the next 5 years.
What is Automotive Coolant Market size in 2018?
The Automotive Coolant Market is valued at 4642 Million USD in 2018.
What is Automotive Coolant Market size in 2028?
The Automotive Coolant Market is valued at 6404 Million USD in 2028.
Which region has highest growth rate in Automotive Coolant Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Automotive Coolant Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Automotive Coolant Market?
ExxonMobil Corp., Royal Dutch Shell PLC, Valvoline Inc., BP PLC (Castrol), Chevron Corporation are the major companies operating in Automotive Coolant Market.
Automotive Coolant Industry Report
Statistics for the 2023 Automotive Coolant market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Coolant analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Automotive Coolant Report Snapshots
