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The automotive coolant market share is expected to increase by 38.31 million gallons from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.24%.
This automotive coolant market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive coolant market segmentations by application (passenger cars, M and HCV, and LCV) and geography (APAC, Europe, North America, MEA, and South America). The automotive coolant market report also offers information on several market vendors, including BP Plc, Chevron Corp., China Petrochemical Corp., Cummins Inc., Exxon Mobil Corp., Indian Oil Corp. Ltd., MOTUL SA, Royal Dutch Shell Plc, Total SA, and Valvoline Inc. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The heavy dependence on IC engines for mobility in emerging countries is notably driving the automotive coolant market growth, although factors such as rise in demand for battery electric vehicles poses a threat for automotive coolants may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive coolant industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Coolant Market Driver
The heavy dependence on IC engines for mobility in emerging countries is a major factor driving the global automotive coolant market share growth. Emerging countries such as India and China are witnessing an increase in the preference for mobility through roadways. In the commercial vehicle segment, there is hardly any vehicle that runs on battery or on alternate fuels. Therefore, the reliance on IC engines for transportation is high. All IC engines require engine coolants to dissipate the excess heat from the engine compartment. Even the coolant capacity in the M&HCVs is higher than in other vehicles. In India, road transportation is widely preferred for container transport because of the high pricing of railway freight services, poor last-mile connectivity of railways, delay in railway freight services, and lack of availability of freight trains. Road transport in the EU-28 covered as much as four times the share of freight transported by rail in 2018. Therefore, IC engines provide easy mobility for transporting cargo, which will drive the demand for automotive coolants.
Key Automotive Coolant Market Trend
The increase in the adoption of electric coolant pump to regulate the flow of coolant is another factor supporting the global automotive coolant market growth. Recently, equipment manufacturers have implemented electric coolant pumps in their vehicles for the proper circulation of the coolant in the engine cooling system. The major reason for the increased inclusion of electric coolant pumps is to increase the fuel economy benefits and to reduce carbon emissions. The electric coolant pump has many advantages. It manages the IC engine proactively and ensures that optimal coolant is supplied whether the engine is on or off. Therefore, it does the work of thermal management accurately. Mechanically driven belts are being replaced by the electric coolant pump because of several advantages of the electric coolant pump over the mechanically driven belts. The major advantage of the electric coolant pump over the mechanically driven belt is its capacity to provide the required coolant in every situation. It does not rely on the speed of the engine, unlike a mechanically driven belt. It is useful in reducing the time required for engine warm-up. All these factors have led to the adoption of electric coolant pumps.
Key Automotive Coolant Market Challenge
The rise in demand for batteries in electric vehicles poses a threat to automotive coolant market share growth during the forecast period. These regulations are making potential private car buyers shift their preference to other means of transport. The Indian government is planning to implement a law for allowing new car registration only if the car purchaser produces valid evidence of car parking space. The government aims to decongest public areas and roads by imposing this rule. This is projected to affect the number of car purchases in India. All these factors will pose a challenge to market growth.
This automotive coolant market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive coolant market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive coolant market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive coolant market encompasses successful business strategies deployed by the key vendors. The automotive coolant market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive coolant market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive coolant market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global specialty chemicals market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
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