Automotive Coolant Market - Growth, Trends, and Forecast (2018 - 2023)

  • ID: 4663596
  • Report
  • 101 pages
  • Mordor Intelligence
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until Dec 31st 2018
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Automotive Coolant Market

The global automotive coolant market was valued at USD 3,891.20 million, and is projected to witness a CAGR of 4.71%, during the forecast period 2018-2023.
The global automotive coolant market’s growth depends on various factors, such as overall economic growth of major countries, trends in the automotive industry, chemical industry, etc. Among these, the major factor is the rising linear trend of IC engine vehicles despite the demand for green vehicles.

Increase in Average Age of Vehicles

The average age of vehicle refers to the average time of usage, after which it is determined whether the vehicle needs treatment for reuse or be replaced with a new one. The European Parliament and Council, together, issued Directive 2000/53/EC on the end-of-life vehicles (ELV Directive), stating the need to harmonize various measures adopted at country-level.

The ELV Directive requires the member states to come up with systems to ensure that the ELVs are treated within authorized facilities and progressively achieve higher reuse, recycling, and recovery targets. The objective of the ELV Directive is to reach recovery target of 97% by weight, in 2017. Hence, automakers are focusing on the design structure by reducing the usage of heavy metals in new vehicles, so that they can be recycled easily after the completion of their estimated standard life period.

The increase in the average life of vehicle has accelerated maintenance and repair activities, which include topping up the coolant at the required level, which further boosts the coolant market, especially, the aftermarket segment. Other factor, is the per capita income that varies from country to country, globally, and will have an influence on the average age of vehicles. Despite countries like the United States, China, and India, and some European Countries, like France, Germany etc., observing high per capita income in 2016, the average age of vehicles has been increasing and was approximated to 10 years for passenger cars and 14 years for commercial vehicles.

Post four to five years, after purchasing a new vehicle, the demand from aftermarket channel of automotive coolant gradually increases, because by then average number of miles covered by passenger cars and commercial vehicles would exceed 150,000 and 600,000 respectively, which is an indication of the expiry of factory-fitted coolant’s lifespan.

India Expected to Witness the Fastest Growth Rate in Asia-Pacific Region

India automotive coolant market is expected to witness the fastest growth rate of 6.18%, during the forecast period 2018-2023.

The automotive industry has grown rapidly in India, as the demand for both passenger and commercial vehicles has increased to 7.32% and 9.08% respectively over the last two years. This increase in the sales of vehicle has significantly increased the demand for coolants in the country.

Indian automobile sector, the sixth-largest passenger vehicle manufacturer and the second-largest commercial vehicle manufacturer, globally. Growing industrialization and infrastructure, coupled with the robustly increasing micro, small and medium enterprises (MSMEs) sector, are fueling the demand for light passenger vehicles and heavy-duty trucks in the country. Government measures, like NATRiP, Auto Mission 2006-2016, etc., are also significantly contributing to growth of the country’s automotive sector, thereby, augmenting the demand for coolants in both the OEM and aftermarket segments.

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 could increase the availability of ethylene glycol in India, simultaneously boosting the domestic production of coolant in the country. Maximum demand for coolant in India is from the replacement market. Though with the increasing developments in coolant formulation, the life time of coolant is recording a sharp increase, and is therefore, slowing the growth of the coolant market.

It is anticipated that due to increasing automobile demand in the country, the demand for coolant by OEMs could increase more sharply compared to the demand for coolant in the aftermarket.

Key Developments in the Market
  • March 2018: Valvoline announced opening of new quick-lube center in Greater Boston area
  • January 2018: Valvoline introduced new modern engine full synthetic motor oil
  • October 2017: Prestone announced partnership with the Petersen automotive museum
  • March 2017: Chevron starts production at Mafumeira Sul offshore Angola
Competitive Landscape

ExxonMobil ranked first in the global automotive coolants market in 2017, as its products were majorly consumed by commercial vehicles, such as Mercedes-Benz trucks, Sinotruck, Foton Trucks, etc. Among cars, all Ford vehicles are factory filled with Mobil lubricants and coolants. It also caters to the coolant aftermarket demand across the globe.

Other coolant players include large number of local players (such as Haertol, Voltronics, Duran-Fosser, Durand Production, etc.), other international players (Kennol, Rudson, Valvoline, Amsoil Inc., Prestone, etc.), and other third party manufacturers who produce coolants for OEMs with their respective brand names in the market; they have accounted to nearly 58% of the global automotive coolants market in 2017.

Reasons to Purchase This Report
  • Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis
  • Detailed analysis on the segment that is expected to register the highest growth rate
  • Study on the country that is expected to dominate the market
  • Identifying the latest developments, market shares and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate Sheet (in Excel)
Customization of the Report

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1. INTRODUCTION
1.1 Scope of the Market
1.2 Study Assumptions

2. RESEARCH METHODOLOGY
2.1 Research Phases
2.2 Study Deliverables

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW AND TRENDS
4.1 Current Market Scenario
4.2 Technological Trends
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Degree of Competition

5. MARKET DYNAMICS
5.1 Driver
5.1.1 Increase in Average Age of Vehicles
5.2 Restraint
5.2.1 Extended Coolant Life Dampens Purchase Timeframe
5.3 Opportunity
5.3.1 Demand from Electric Vehicles

6. GLOBAL AUTOMOTIVE COOLANT MARKET – SEGMENTED BY VEHICLE TYPE
6.1 Passenger Car
6.2 Commercial Vehicle

7. GLOBAL AUTOMOTIVE COOLANT MARKET – SEGMENTED BY ORGANIC CHEMICAL TYPE
7.1 Ethylene Glycol
7.2 Propylene Glycol

8. GLOBAL AUTOMOTIVE COOLANTS MARKET – SEGMENTED BY GEOGRAPHY
8.1 North America
8.1.1 United States
8.1.2 Canada
8.1.3 Rest of North America
8.2 Asia-Pacific
8.2.1 China
8.2.2 Japan
8.2.3 India
8.2.4 Rest of Asia-Pacific
8.3 Europe
8.3.1 Germany
8.3.2 United Kingdom
8.3.3 France
8.3.4 Rest of Europe
8.4 Rest of the World
8.4.1 Brazil
8.4.2 South Africa
8.4.3 Other Countries

9. COMPETITIVE LANDSCAPE
9.1 Introduction
9.2 Market Share Analysis

10. COMPANY PROFILES
10.1 BP PLC (Castrol)
10.2 Chevron Corp.
10.3 ExxonMobil Corp.
10.4 Valvoline Inc.
10.5 Total SA
10.6 Royal Dutch Shell PLC
10.7 Indian Oil Corp. Ltd
10.8 JXTG Holdings Inc.
10.9 Prestone Products Corp.
10.10 Amsoil Inc.
10.11 Voltronic GmbH
10.12 American Mfg Co. (Rudson)

11. FUTURE OF THE MARKET

12. DISCLAIMER
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