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 |
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.
Automotive Coolant Industry Segmentation
Automotive coolants are liquid coolants that are consumed to handle the heat in automotive internal combustion engines. The coolant prevents the cooling system's corrosion by taking away the engine's excess heat and limiting damage to the engine in the long run.
The scope of the report covers segmentation based on vehicle type, chemical type, and geography.
By vehicle type, the market is segmented into passenger cars and commercial vehicles.
By chemical type, the market is segmented into ethylene glycol and propylene glycol.
By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
For each segment, the market sizing and forecast have been done based on the value (USD).
| By Vehicle Type | |
| Passenger Car | |
| Commercial Vehicle |
| By Chemical Type | |
| Ethylene Glycol | |
| Propylene Glycol |
| By Geography | ||||||||
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Automotive Coolant Market Size Summary
The automotive coolant market is poised for significant growth over the forecast period, driven by the recovery of the automotive industry post-COVID-19 and the increasing demand for vehicles worldwide. The market is experiencing a resurgence as vehicle production ramps up, leading to a heightened need for coolants to support engine performance and longevity. The shift towards reusable coolant types, spurred by stringent regulatory requirements, is further propelling market expansion. Key players in the industry are innovating to offer advanced coolant solutions that enhance vehicle mileage and prevent engine component corrosion, thereby meeting the evolving demands of consumers and automakers alike.
The Asia-Pacific region is expected to dominate the automotive coolant market, fueled by the high volume of vehicle production in countries like China, India, and Japan. The region's growth is supported by the availability of cost-effective raw materials and a burgeoning local manufacturing base. India, in particular, is witnessing robust growth due to its position as a leading passenger and commercial vehicle manufacturer. The market is also benefiting from strategic expansions and partnerships among major players, who are focusing on geographic expansion and product innovation to capture a larger share of the market. As the demand for passenger vehicles, including SUVs and crossovers, continues to rise, the automotive coolant market is set to experience substantial growth in the coming years.
Automotive Coolant Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 By Vehicle Type
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2.1.1 Passenger Car
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2.1.2 Commercial Vehicle
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2.2 By Chemical Type
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2.2.1 Ethylene Glycol
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2.2.2 Propylene Glycol
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 South America
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2.3.4.2 Middle-East and Africa
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Automotive Coolant Market Size FAQs
What is the current Automotive Coolant Market size?
The Automotive Coolant Market is projected to register a CAGR of 4.18% during the forecast period (2024-2029)
Who are the key players in Automotive Coolant Market?
ExxonMobil Corp., Royal Dutch Shell PLC, Chevron Corporation, TotalEnergies SE and Saudi Aramco Group are the major companies operating in the Automotive Coolant Market.
