DUBLIN, Sept. 11, 2023 /PRNewswire/ — The “Automotive Coolant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global automotive coolant market, valued at US$ 4.8 billion in 2022, is poised for significant growth in the coming years, with projections indicating a rise to US$ 6.6 billion by 2028.
This impressive growth is expected to be driven by several key factors and trends in the automotive industry.
Automotive coolant, commonly known as antifreeze, is a crucial component used to regulate a vehicle’s temperature within a specific range.
It is primarily composed of ethylene glycol or propylene glycol mixed with water and contains additives such as corrosion inhibitors and antifoam agents, enhancing engine performance. The primary function of coolants is to prevent automobile radiators from overheating during summer and freezing in winter, thus averting potential breakdowns.
Key Growth Drivers:
- Thriving Automotive Industry: The global automotive industry’s robust performance is a primary catalyst behind the market’s growth. There has been a notable increase in the demand for passenger vehicles in recent years, significantly contributing to the market’s expansion.
- Stringent Regulatory Policies: Regulatory policies governing the safe disposal and recycling of antifreeze materials have driven the adoption of reusable coolant variants. Awareness among consumers about proper disposal practices has also increased, as used coolants can contain toxic heavy metals harmful to the environment and soil.
- Technological Advancements: Manufacturers are formulating advanced coolants using technologies such as Inorganic Acid Technology (IAT), Hybrid Organic Acid Technology (HOAT), and Organic Acid Technology (OAT). These innovations result in the creation of silica- and phosphate-free products, further boosting market growth.
- Increased Vehicle Lifespan: Improvements in the average lifespan of vehicles have led to a higher demand for quality automotive coolants. Longer vehicle lifespans necessitate effective coolant solutions for prolonged performance.
- Environment-Friendly Coolants: The introduction of environment-friendly coolant options aligns with growing sustainability efforts and environmental awareness.
- Rising Disposable Incomes: The disposable incomes of consumers have been on the rise, contributing to increased spending on automotive maintenance and coolant products.
The report offers a detailed analysis of key trends within various segments of the global automotive coolant market. The market is segmented based on product, type, application, and end-user.
- Ethylene Glycol
- Propylene Glycol
- Inorganic Acid
- Organic Acid
- Hybrid Organic Acid
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
The report provides an in-depth analysis of the competitive landscape within the global automotive coolant market. Key players in the industry include Total S.A. (Total), ExxonMobil, Castrol Limited, The British Petroleum Plc, Cummins Inc., Royal Dutch Shell Plc, BASF SE, Chevron Corporation, The PJSC LUKOIL, Motul S.A., and China Petrochemical Corporation (Sinopec Group), among others.
Key Questions Addressed:
- How has the global automotive coolant market performed, and what is its growth outlook?
- What impact has COVID-19 had on the automotive coolant industry?
- Which regional markets offer promising opportunities in the automotive coolant sector?
- What are the key product, type, application, and end-user segments driving market growth?
- What factors and challenges are shaping the automotive coolant industry?
- Who are the major players in the global automotive coolant market, and what does the competitive landscape look like?
- How are sustainability initiatives and recycling practices influencing the industry?
For more information about this report visit https://www.researchandmarkets.com/r/sk7x3v
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SOURCE Research and Markets