An automotive engine coolant is a fluid which is used to prevent the engine from overheating. The automotive engine coolant absorbs heat from the engine and dissipates it through the radiator. The engine coolant is a mixture of ethylene or propylene glycol and water in a fixed proportion. The engine coolant also removes impurities from the cooling system.
Numerous metal components of the engine of a vehicle tend to overheat due to contamination by impurities and excessive usage, which can lead to the failure of the engine. The engine coolant provides several advantages such as enhancing the life of the vehicle and reducing the number of repairs and maintenance which the vehicle has to undergo. These advantages provided by the automotive engine coolant are expected to boost the automotive engine coolant market during the forecast period.
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The automotive engine coolant is highly essential for the smooth functioning of the engine and for the efficient overall performance of the vehicle. However, the conventional engine coolant faces the threat of internal substitution by organic engine coolant owing to the numerous benefits offered by the organic engine coolant such as longer life and the absence of silicates or phosphates, contained in it, which are hazardous to the environment. This is expected restrain the conventional engine coolant segment to some extent during the forecast period.
Based on function, the automotive engine coolant market can be segmented into cooling, heating, and corrosion prevention. The heating segment is expected to expand at a significant growth rate during the forecast period since most components of the engine tend to heat up either due to overuse or due to contamination by impurities.
Based on material used for cooling, the automotive engine coolant market is divided into air coolant, oil coolant and liquid coolant. The liquid coolant segment is expected to witness a significant growth in the automotive engine coolant market during the forecast period owing to it’s added advantages such as highly stable performance, ability to enable the vehicle to maintain high speeds for longer time and longer shelf life over oil coolant.
Based on type, the automotive engine coolant market can be divided into synthetic coolant, organic engine coolant, and hybrid engine coolant. Currently, the synthetic coolant segment has a major share of the automotive engine coolant market owing to it’s widespread use in high performance vehicles. The hybrid engine coolant segment is anticipated to expand at a rapid pace during the forecast period. This is primarily attributed to the fact that apart from the benefits provided by organic engine coolants, hybrid engine coolants provide added advantages such as corrosion prevention and the ability to repair surface erosion caused by cavitation in the water pump.
Based on vehicle type, the automotive engine coolant market can be classified into passenger vehicles and commercial vehicles. The commercial vehicles segment is estimated to expand at a notable growth rate during the forecast period. This is mainly ascribed to the fact that heavy commercial vehicles consume more engine coolant compared to passenger vehicles.
Based on engine type, the automotive engine coolant market can be segregated into diesel engine and gasoline engine. The diesel engine segment is anticipated to expand at a significant growth rate during the forecast period since commercial vehicles consume more engine coolant than passenger vehicles and commercial vehicles are diesel engine based vehicles.
Based on sales channel, the automotive engine coolant market can be classified as OEM (original equipment manufacturer) and aftermarket. The aftermarket segment is anticipated to expand at a significant growth rate during the forecast period owing to the need for the engine of the vehicle to be serviced periodically with the help of automotive engine coolants in order to maintain the overall effectiveness of the engine and the vehicle.
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Based on geographical region, the automotive engine coolant market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the automotive engine coolant market during the forecast period owing to the increased production volumes of vehicles since the last few years and the strong presence of key vehicle manufacturers in some countries of Asia Pacific such as China, Japan, and South Korea. Asia Pacific is expected to be followed by Europe, since several manufacturers in the region are shifting their focus from conventional engine coolants to hybrid engine coolants.
Key players operating in the global automotive engine coolant market include Castrol, Chevron Corporation, Exxon Mobil, Valvoline, Royal Dutch Shell, BlueStar Lubrication Technology, AMSOIL, and Total SA.
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