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.
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.
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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.
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.
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.
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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 industry 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.
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