- Car coolant, also known as antifreeze, protects the engine from overheating. Coolant also lubricates the moving parts it comes into contact with, which prevents damage to the water pump, head gasket, the cylinder, and piston timings.
- Automotive coolant is used in almost all major automobiles ranging from engine motor bikes to heavy duty commercial vehicles. Coolants are primarily utilized to cool the engine parts and prevent over heating during use, especially in cold climates, and to prevent corrosion of the metal machinery of automobiles. The rate of heat transfer rate depends largely on the temperature difference between coolants and outside air and the flow rate of the coolant. In an ideal condition, the freezing point of a coolant remains -20 degree Fahrenheit, while the boiling point normally does not exceed 234 degree Fahrenheit.
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Key Drivers of Global Automotive Coolant Market:
- Demand for fuel-efficient vehicles has led to the replacement of traditional lubricants with synthetic lubricants. The adoption of biobased lubricants, which are expected to reduce harmful environment effects, is the current trend. Furthermore, these lubricants are projected to propel the automotive lubricant market during the forecast period.
- Easy and abundant availability of various materials, including ethylene glycol, propylene glycol, and glycerin in developed countries that helps new entrants to develop such products, also drives the automotive coolant market across the globe
- Rise in demand for vehicles and automakers and continuous investments in research & development for the development of cost-effective, environment-friendly, and low toxic products with a high life are likely to boost the global automotive coolant market during the forecast period
- The trend of urbanization is growing at an exponential rate, which is leading to increase in the average income of urban population, enabling them to enhance their lifestyles. Furthermore, a rise in the demand for passenger cars is prompting manufacturers to increase production of commercial vehicles. This, in turn, is driving the automotive coolant market across the globe.
- In the view of the rising number of research activities within the chemical industry, automotive coolants are constantly subjected to technical innovations, in terms of material composition. This also fuels the automotive coolant market across the globe.
Passenger vehicle segment to Offer Attractive Opportunities:
- The passenger vehicle segment is likely to hold a significant share of the market by end of the forecast period. This is attributed to a rise in the demand for utility vehicles in highly populated countries such as China, India, and Brazil.
- 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. Rise in preference for private transport and buying power of consumers is driving the passenger vehicle segment of the market.
- Coolants are also known as antifreeze agents, which are increasingly being utilized to substitute water and other cooling agents, owing to their superior heat absorption and corrosion inhibiting properties. The recent trend of substituting toxic, ethylene glycol with safer, organic-based coolants is anticipated to offer significant opportunities to the market during the forecast period.
COVID–19 Pandemic to hamper market:
- The COVID-19 crisis is affecting economies and industries in various countries due to lockdowns, travel bans, and business lockdowns. The global chemicals and materials industry is suffering serious disruptions such as supply chain breaks, office shutdowns, and others. For instance, China is a global manufacturing hub and raw material supplier of various industries; and it is also one of the worst affected countries. The lockdown of various plants and factories in China is restricting the global supply chains and disrupting manufacturing, delivery schedules, and various chemicals and material sales. Various companies announced possible delays in product deliveries and slump in future sales of their products. All these factors are anticipated to hamper the global automotive coolant market across the globe.
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Asia Pacific to Hold Significant Share of Global Automotive Coolant Market:
- Asia Pacific comprises rapidly expanding economies, including India, which are likely to witness higher demand for vehicles and consequently, boost the automotive coolant market during the forecast period
- Asia Pacific held a leading share of the global automotive coolant market due to higher volume of vehicles produced in prominent countries, including China and Japan, and lower manufacturing and labor cost across the region. Moreover, availability of inexpensive labor and raw material in the region coupled with increasing number of local manufacturers is likely to propel the market in Asia Pacific during the forecast period.
Key Players Operating in Global Market:
The global automotive coolant market is highly fragmented with top manufacturers across global market. A few of the key players operating and potential in the global automotive coolant market are:
- Castrol Limited.
- Cummins Filtration
- Motul S.A.
- China National BlueStar (Group) Co. Ltd.
- Valvoline International Inc.
- Exxon Mobil Corporation
- Sinopec Corporation
- Shandong Yuean Chemical Industry Co. Ltd.
- Total S.A.
- Chevron Corporation
- Royal Dutch Shell Plc
- BP Plc
- BASF SE
- OLD WORLD INDUSTRIES LLC
- Prestone Products Corporation
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