Better Market Competition to Ensure Growth for the Automotive Coolant Industry

 Overview:

The global automotive coolant market is on a path of growth where it can produce a 4% CAGR in the years between 2019 and 2025 that can be considered as the forecast period, as per the claims made by a report published by Market Research Future (MRFR). The automotive coolant industry is witnessing this growth due to the constant influx of investment made by major market investors and surge in the sales of the automobiles.

Automotive coolant can be defined as a substance, which is necessary in the operation of an automobile to take out the extra heat generated in the engine that due to its function with liquid or gas. These coolants also play a significant role in taking reducing fuel consumption and increasing mileage owing to which a lot of market players are developing strategies on the basis of such advantages. The last few years have seen a constant rise in the demand for passenger cars owing to the hike in per capita income. This growth is also going to substantially trigger the need for automotive coolants. Factors like the impact on environment and stringent regulations regarding emission standards can trigger the market growth rate for the automotive coolant industry.

Segmentation:

The global market for automotive coolants is witnessing a surge, which requires a proper mapping and that can be done using effective segmentation as a major process. The report includes segmentation based on vehicle types, technology, product type, and end market.

By product type, the market for automotive coolants include propylene glycol, ethylene glycol, and glycerin.

By technology, the global automotive coolants segment includes organic acid, inorganic acid, and hybrid organic acid.

By vehicle type, the market for automotive coolants can be segmented into passenger vehicles and commercial vehicles. High per capita income is providing thrust to the sales of passenger vehicles significantly.

By end user, the market for automotive coolants includes OEMs and aftermarket. Both these segments are effectively contributing to the growth of the global market.

Regional Analysis:

The region-specific analysis of the global market reveals the Asia Pacific market as the largest one. The report published in 2016 corroborates the claim. In the region, markets like China, Japan, India, and others are expected to contribute sufficiently to the regional market growth. These countries are becoming major consumers of passenger vehicles and commercial vehicles, North America is one of the major consumers of the automotive, owing to which the regional market for automotive coolant is going to flourish. The regional market to find the US and Canada as major contributors. The regional market is also expected to benefit from high number of manufacturers of both automotive and coolants. Europe has a robust automotive industry with several global players coming out of the region as major market traction providers. High car owning capacity of the people from the region is also going to establish the regional market as a major contributor to the global market growth. The UK, France, Germany, and others are making moves to increase the impact the region already has on the market.

Competitive Landscape:

Prominent players taking part in the global automotive coolant market are Exxon Mobil Corp (US), Total S.A (France), Castrol Limited (UK), Sinopec Lubricant Company (China), Royal Dutch Shell plc (Netherlands), Sinclair Oil Corporation (US), Ashland (US), Chevron Corporation (US), Havoline (US), and British Petroleum (UK). MRFR included these names in the report on the automotive coolant to track their recent progress and gauge market trends that can notably take the global market forward.

In August 2019, BMW launched its new BMW 3 series in India. The market is expected to gain hike in the coming years and can provide high traction to the BMW coolant series as well.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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