全球汽車用冷卻液市場 - 成長，趨勢，預測(2018年∼2023年)
Automotive Coolant Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The automotive coolant market was valued at USD 4,464 million in 2020, and it is expected to reach USD 6157 million by 2026, registering a CAGR of above 4% during the forecast period (2021 - 2026).
The COVID-19 outbreak had a substantial impact on the global economic landscape. Concerns about potential business closures and recession are hitting the automotive coolant market. Moreover, registrations of new vehicles are on the decline as lockdown orders have restricted the number of vehicles running on roads.
However, the market is expected to witness optimistic growth as automotive coolant manufacturers focus on optimizing promotional and marketing strategies to mitigate losses during the crisis. For instance, Castrol has unveiled a new program to provide free coolant to consumers in the industrial sector as a COVID-19 strategy.
The rise in demand for vehicles and automakers and continuous investments in R&D for the development of cost-effective, environment-friendly, and low 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 to develop such products, also drives the automotive coolant market.
Asia Pacific held a leading share of the global automotive coolant market due to the higher volume of vehicles produced in prominent countries, including India, China, and Japan, and lower manufacturing and labor cost across the region to drive market growth during the forecast period.
The passenger vehicle segment is likely to hold a significant share of the market by the end of the forecast period. This is attributed to a rise in the demand for utility vehicles in highly populated countries such as China, India, and Brazil.
Automobile manufacturers are introducing newer brands and products to offer customized coolant and lubricant solutions for their customers, thereby, expanding the automotive coolant market share. Several global OEMs are investing in the country with either joint venture with established players or after the FDI norms relaxations investing directly in setting up their production unit or enhancing the sales and dealership network across the country. For instance,
Moreover, high demand for e-class, crossovers, SUVs, and hatchbacks is driving the passenger vehicle segment, which, in turn, is likely to boost the automotive coolant market. The rise in preference for private transport and buying power of consumers is driving the passenger vehicle segment of the market.
Asia-Pacific held a leading share of the global automotive coolant market due to the higher volume of vehicles produced in prominent countries, including India, China, and Japan, and lower manufacturing and labor cost across the region. India is to witness prominent growth due to the rising demand for vehicles during the forecast period. Moreover, the availability of inexpensive labor and raw material in the region, coupled with the increasing number of local manufacturers, is likely to propel the market in Asia Pacific during the forecast period.
India is presently the sixth-biggest passenger vehicle manufacturer and the second-leading commercial vehicle developer, globally. Rapid industrialization gives way to improvements in the infrastructure, which is likely to benefit the regional market's progress. The swelling number of small and medium enterprises has elevated the demand for light passenger vehicles and heavy-duty trucks.
Indian PSU oil players, like IOCL, HPCL, BPCL, etc., along with private players, like RIL, are continuously increasing their crude oil production capacity. As ethylene glycol is a crude oil by-product, the increasing production and refining capacity of crude oil may increase the availability of ethylene glycol in India, simultaneously boosting the domestic production of coolant in the country.
The increasing domestic production of coolant may significantly help the coolant manufacturers to even the rising demand for coolant in the country. This is projected to fuel the automotive coolant market in the region in the next few years.
The global automotive coolant market is consolidated with top manufacturers across the global market. The companies are focusing on geographic expansion for increasing their customer base and enhancing revenue generation. For instance,
Some prominent players in the automotive coolant market share include Chevron, Shell, Exxon Mobil, Valvoline Inc., and BP PLC (Castrol).