Heat exchange between the engine and its surroundings is a major concern for performance and efficiency of the engine. The rapid increase in the demand for passenger cars and commercial vehicles in developing countries has created demand for coolants. Coolants contribute up to 65% of the total automotive coolants and lubricants market. The global automotive coolants market is poised to grow at a CAGR of 6.40% and is expected to touch USD XX billion by the end of 2021. A coolant is a fluid that flows through a device to prevent it from over-heating. It transfers the heat produced to other devices, which either use it or dissipate it. Coolants are commonly used in the automotive HVAC applications. They help in preventing corrosion of components and provide a long lifespan.
Organic chemicals such as Ethylene Glycol, Di-Ethylene Glycol or Propylene Glycol can be used as coolants for automotive applications. Ethylene Glycol is the most preferred coolant. The Asia-Pacific (APAC) region accounts for a very large share of the global automotive coolants market. Europe stands second, followed by North America. In recent years, the sales of passenger cars and commercial vehicles have rapidly increased in the APAC region, leading to an increased demand for coolants in this region.
In the past few years, innovations in the automobile industry have increased the average lifespan of vehicles. This has led to an increase in the demand for coolants during maintenance and repair cycles. In addition, stringent emission norms imposed by the governments, an increase in the kilometers driven and increasing prices of conventional fuels have driven the market for automotive coolants.
The market has been segmented by the vehicle type (passenger cars, commercial vehicles, and others), organic chemical type (ethylene glycol, diethylene glycol, and propylene glycol) and geography (North America, South America, Europe, Middle East & Africa and Asia-Pacific).
Some of the key players in the market are:
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