Global Automotive Coolant Market is projected to be valued at over USD 9.7 Billion by 2025 and exhibit a moderate CAGR of over 4% during the forecast period.

The growth of the Global Automotive Coolant Market is primarily driven by the healthy growth of the automotive aftermarket industry, especially in Asia-Pacific and North America. The aftermarket is the part of the automotive industry comprising the automotive services and parts businesses. The service business (maintenance and repair of vehicles) generates about 45% of total aftermarket revenues, while the retail and wholesale of vehicle parts account for the remaining 55%. The aftermarket in Asia-Pacific is witnessing steady growth, with significant contributions from the Chinese, Japanese, and Indian markets.

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Additionally, the increasing sale of commercial vehicles in the Americas, Europe, and Asia-Pacific, which account for a combined of over 80% of the global market, is expected to fuel the demand for automotive coolants and drive the growth of the global market during the review period. Commercial vehicles is the dominant segment in the US automotive market. In 2018, the number of commercial vehicles sold was 12,397,822 (registering an 8% increase as compared to 2017). According to the American Trucking Associations (ATA), the trucking industry has experienced significant growth in recent years and is expected to follow the same trend over the next eight years. Similar to the trends in the Americas, the sale of commercial vehicles witnessed a significant rise in the Asian market, with India and China being the major contributors. The sale in the Indian market increased by 66% from 2014 to 2018. Similarly, the sale of commercial vehicles in China increased by over 15% during the same period.

The automobile production across the globe surpassed 100 million units in 2018; it grew by around 4% per year from 2015 to 2018. The demand for automotive coolant is expected to increase in the coming years owing to the expanding automotive industry.

However, fluctuating crude oil prices have affected the production of petrochemicals and, consequently, the production of ethylene glycol and propylene glycol. This is likely to restrain the growth of the global automotive coolant market.

Segment Analysis

Global Automotive Coolant Market has been segmented based on Technology, Product, Vehicle Type, and End User.

Based on Technology, the global market has been categorized into three segments, namely inorganic additive technology (IAT), organic additive technology (OAT), hybrid organic acid technology (HOAT). The inorganic additive technology (IAT) segment, in terms of value, was pegged at USD 5.4 billion in 2018 and is likely to register a 4.6% CAGR during the forecast period, 2019 to 2025. The silicate and phosphate composition of the IAT-based coolants protects aluminum and bare iron surfaces. Major ethylene glycol-based formulation is suitable for passenger cars, light trucks, and heavy-duty vehicles and can be designed for both gasoline and diesel engines.

Based on Product, the automotive coolant market has been categorized into ethylene glycol, propylene glycol, glycerin, and others. Ethylene glycol-based coolants offer the most significant cost-effective performance advantage. The ethylene glycol segment was valued at over USD 4.8 billion in 2018 and is projected to register a CAGR of around 4.5% during the forecast period. Low volatility, water solubility, and excellent freeze point depressant characteristics offered by ethylene glycol make it suitable for use as an automotive engine coolant. Ethylene glycol, coupled with proven corrosion and foam inhibitor, provides an excellent all-season coolant for automotive, offering boil-over protection in summer and freeze protection in winter.

Based on Vehicle Type, the global automotive coolant market has been segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. The heavy commercial vehicles segment comprises off-road construction equipment and heavy-duty trucks. Coolants have become extremely important as they provide major functions for any heavy-duty engines, such as efficient heat transfer to control critical metal temperatures, increase in the cooling index to help prevent boil-over and overheating failures, provision of freezing protection to prevent freeze-ups or non-starts in the lowest temperatures, and effective inhibition of corrosion for all cooling-system metals through a wide range of temperatures and operating conditions.

By End User, the global automotive coolant market has been categorized into original equipment manufacturer (OEM) and automotive aftermarket. The automotive aftermarket segment accounted for the largest share of the market and is expected to exhibit a CAGR of 4.5% during the forecast period. The aftermarket segment covers the demand (amount of coolants required) for coolants in the post-sales market, i.e., servicing (draining and/or flushing the vehicle's cooling system and then replacing the old coolant with fresh coolant).

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Key Players

MRFR has identified the following companies as the Key Players in the Global Automotive Coolant Market — Prestone Products Corporation (US), Valvoline LLC (US), Total (France), MOTUL (France), OLD WORLD INDUSTRIES, LLC (Italy), Chevron Corporation (US), Royal Dutch Shell plc (the Netherlands), Exxon Mobil Corporation (US), BASF SE (Germany), Arteco (Belgium), AMSOIL INC (US), and Recochem Corporation (Canada).