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Global Automotive Coolant Market 2017-2021: Top Drivers and Forecasts by Technavio




LONDON–(BUSINESS WIRE)–Technavio
market research analysts forecast the global
automotive coolant market
to grow at a CAGR of close to 5%
during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
global automotive
coolant
market for 2017-2021. The report also
lists passenger cars, M&HCVs and LCVs as the three major application
segments, of which the passenger cars segment dominated the market with
close to 63% of the market share in 2016.

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global automotive coolant market:

  • Heavy dependence on IC engines for mobility in emerging countries
  • Increasing sales of passenger cars is driving demand for automotive
    coolant
  • Growing stringent norms to enhance fuel economy

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Heavy dependence on IC engines for mobility in emerging countries

Emerging countries such as India and China are witnessing an increase in
the preference for mobility through roadways. In 2016, IC engines held a
market share of more than 95% of the total vehicles sold globally.
Therefore, these vehicles played a crucial role in mobility. In the
commercial vehicle segment, there is hardly any vehicle that runs on
battery or on alternate fuels. Therefore, the reliance on ICEs 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 more than other vehicles. In APAC, on an
average, the coolant capacity is 29L, whereas, in the Americas and
Europe, the coolant capacity is 42L and 38L respectively for heavy-duty
trucks.

According to Amey Vikram, a lead analyst at Technavio for automotive
components
research, “The lack of sufficient rail
services for logistics is leading companies to choose roadways as a
reliable mode of transportation for their products. IC engines are the
backbone for providing easy mobility and for transporting cargo. The
high requirement for IC engines will drive the demand for automotive
coolants.”

Increasing sales of passenger cars is driving demand for automotive
coolant

The sale of passenger cars is highly correlated with the growth of the
global automotive coolant market. The market for automotive coolant in
the passenger cars segment accounted for close to 63% of the global
automotive coolant market in 2016. The global car sales increased in all
the regions in 2016 where SUVs and crossovers registered the highest
sales growth in the China and the European passenger cars market.

OEMs such as Toyota have plans for increasing their production of
passenger cars. Toyota is planning to relocate its auto production to
Mexico by 2019 to meet the increased demand for SUVs and crossovers in
Canada and the US. The increase in the sales of passenger cars will
drive the demand for automotive coolants as all IC passenger cars are
equipped with coolants to dissipate excess heat.

Growing stringent norms to enhance fuel economy

All economies either developed or developing are trying to enhance fuel
economy and restrict carbon emissions emitted by the automotive
industry. Therefore, OEMs are focusing on enhancing the engine cooling
system to limit the emission levels. Advances, such as increased use of
nanofluids, increase in adoption of electric coolant pump, and increased
use of propylene glycol in coolants, are being adopted to enhance the
engine cooling system to enhance fuel economy.

“In Europe, there is a tax regulation based on fuel consumption and
carbon emission. Therefore, OEMs are keen on improving fuel efficiency
and reducing carbon emissions to meet the stringent government
regulations and reduce the cost burden to be paid as tax. Therefore, the
increasing focus on enhancing the fuel economy will drive the demand for
automotive coolant
,” says Amey.

The European Commission marks the new vehicles sold in Europe with
various emissions labels displaying the vehicle’s mileage and emissions
to help drivers in choosing a fuel-efficient vehicle. In the Americas,
the EPA has mandated new CAFE regulations that aim at nearly doubling
the current fuel economy requirements. CAFE standards will undergo
another amendment by 2018 for raising the stringency of the fuel
economies of commercial vehicles, including MCVs such as school buses,
garbage trucks, and others that are mainly used for intracity transport.
All these regulations augur well for the growth of the automotive
coolant market during the forecast period.

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