Market Size of Automotive Coolant Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.18 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
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 4.87 billion in the current year, and it is expected to reach USD 6.27 billion in the next five years, registering a CAGR of above 4.18% during the forecast period.
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. However, the automotive industry is now recovering from the losses and paving the way to introduce quality products to cater to the rising demand from consumers across the globe. The automotive industry witnessed significant growth in terms of production in 2022, and is further anticipated to grow during the forecast period. With th increasing vehicles on road, the demand for coolant is antiicpated to increase signfiicantly during the forecats period.
Over the medium term, 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.
Key automakers are still offering diesel and gasoline vehicles which have fueled up the engine coolant demand across the globe. Key coolant manufacturers are providing resistance-free chemicals inside the coolant which avoid the corrosion of engine components. In addition, coolant has also played the most crucial role in upbringing the vehicle mileage thus, anticipating a high adoption rate over the study period.
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.
