Automotive Coolant Market size is projected to grow rapidly during the projected timeframe propelled by rising vehicle sales along with increasing requirements for maintenance and servicing of automobiles. The requirement for periodic annual vehicle servicing for optimum performance along with maintaining of appropriate thermal management of engines are further expected to boost the business share. The efficient mixture of propylene glycol, ethylene and water along with the ability to remove impurities from the engine cooling systems are further expanding the industry share over the study timeframe.
Automobile manufacturers are engaged in introducing newer brands and products for offering customized coolant and lubricant solutions for its customers, thereby expanding the automotive coolant market share. For instance, in 2018, Maruti Suzuki launched its Ecstar brand of coolants, lubricants and car care products in India. This strategy enabled the company to offer a diversified range of products for its customers to drive sales and increase its market share.
Technological advancements in automotive coolants are expected to boost the automotive coolant market share significantly over the study timeframe. The increasing adoption of Organic Acid Technology (OAT), based on neutralized organic azoles and acids are expanding the market share over the study timeframe. Moreover, these chemicals reduce the probabilities of corrosion and material degradation significantly. The OAT also contributes towards increasing the engine service life and offer high temperature aluminum protection, thereby expanding the industry size.
Stringent regulatory norms and standards are expected to positively influence the market share over the projected timeframe. Regulatory bodies including the ASTM International offers multiple standards and regulations, that offers standard test methods and procedures for the measurement of effects of automobile engine fluids on fuel economy for spark ignition engines. This also enables industry players to significantly invest in technologies and R&D for producing coolants with a focus on improving engine performance and longevity.
The automotive coolant market share based on vehicle is segmented into PCV, LCV, and HCV. PCVs will account for a significant share in the market size. This can be attributed to the increasing vehicles sales across then globe. Additionally, the mandatory servicing and maintenance requirements of such vehicles for maintaining optimum performance and maintain warranty of such vehicles are further expected to boost the segment share.
The automotive coolant market share based on type can be segmented into synthetic, organic, and hybrid coolant. The synthetic coolant accounts for a significant share in the market size. This can be attributed to the benefits offered by such coolants including improved cooling ability, lubrication properties, enhanced corrosion protection along with convenient cleaning and maintenance operations. These coolants are also ideal for performance and high-end vehicles, thereby expanding the segment share over the study period.
Based on chemical composition, the automotive coolant market share can be classified into ethylene glycol and propylene glycol. The ethylene glycol will account for a significant share in the market. This can be attributed to the superior heat dispersion capabilities offered by the chemical. However, the requirement for appropriate disposal capabilities owing to highly toxic nature may limit the segment growth over the study timeframe.
Based on distribution channel, the market share can be classified into OEM and aftermarket. Aftermarket will showcase significant growth rate on account of increasing requirements for periodic vehicle services. Additionally, the availability of a wide grades of coolants from multiple manufacturers give customers a wide range of alternatives, thereby expanding the segment share over the forecast timeframe.
Asia Pacific will account for a significant share in the automotive coolant market. This can be credited to the increasing vehicles sales across the region. Moreover, automobile manufacturers offer attractive annual maintenance packages and extended warranties, that cover the vehicle maintenance and servicing for a certain period, thereby expanding the regional share over the projected timeframe.
Few of the prominent players in the automotive coolant market share include Chevron, Shell, Exxon Mobil, Lukoil Petrons, Ashland Corporation, Sinclair Oil Corporation and Blue Star Lubrication Technology. Industry players are focusing on geographic expansion for increasing its customer base and enhance revenue generation. For instance, in February 2013, BASF launched its Glysantin brand of engine coolants for the Indian aftermarket.