Global Automotive Coolant Market - Growth, Trends, and Forecast (2018 - 2023)
The global automotive coolant market is expected to register a CAGR of 6.40% during the forecast period, 2018 to 2023. 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 automotive coolant. But, ethylene glycol is highly toxic and requires careful disposal. Therefore, the coolant industries began manufacturing coolants that were less toxic. This trend culminated in the rise of propylene glycol coolants in the 2000s. The American Society for Testing and Material (ASTM), an international standard organization, published a standard D5216 in 2000, stating that propylene glycol is suitable for use as the engine coolant in cars and light commercial vehicles. However, ethylene glycol coolants still hold the major share in the market, as they have better properties, other than toxicity when compared to that of propylene glycol coolants. 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 Asia-Pacific (APAC) region accounts for a very large share of the automotive coolant 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.
Innovations in automotive coolants, especially for growing electric vehicles, is likely to be successful in the German market. It has been observed that some of the German scientists have developed Cryosolplus coolant that uses different chemicals, including, antifreeze, for cooling batteries in electric vehicles. Such inventions are expected to drive the growth of automotive antifreeze coolant products.
Key Developments in the Market
March 2018: Valvoline announced opening of new quick-lube center in Greater Boston area
January 2018: Valvoline introduced new modern engine full synthetic motor oil
October 2017: Prestone announced partnership with the Petersen automotive museum
March 2017: Chevron starts production at Mafumeira Sul offshore Angola
Major Players: RUDSON, AMSOIL,BLUESTAR LUBRICATION TECHNOLOGY, CASTROL, CHEVRON CORPORATION, EXXON MOBIL, VALVOLINE, VOLTRONIC, TOTAL SA, PRESTONE, ROYAL DUTCH SHELL, amongst others.
Reasons to Purchase this Report
The report analyses how the volatility in crude oil prices will impact the automotive coolant market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The coolant type that is expected to dominate the market
The regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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