Automotive Coolant Additives Market: Introduction
Automotive coolant additives are an integral part of the automobile industry. Automotive coolant additives are used to achieve maximum efficacy in case of coolants. Automotive coolants are primarily used in vehicles to inhibit excessive heating of components & parts. Coolants absorb excessive heat from parts & components and disperse it into the outer atmosphere with the help of different sources. Moreover, these coolants are used to decrease the temperature of engine components to improve their lifespan and drop down the exhaust emission. Automotive coolant additives impart several properties to coolants, such as anti-freezing properties, corrosion resistance and better fluidity, etc. In vehicles, engine’s operational temperature must be sustained in an optimal range to ensure the proper functioning of the engine. Excessive temperatures in engine lead to oxidization of the the engine oil. Automotive coolant additives facilitate coolant movement in the radiator in vehicle engines and help in picking up heat and throw it into the outside air. Automotive coolant additives enable better heat transfer as they help in maintaining the temperature between the outside air and coolant. In the commercial market place, automotive coolant additives are generally marketed in two forms i.e. powder & liquid.
Automotive coolant additives use three technologies i.e. Conventional or IAT (Inorganic Additive Technology), Hybrid and OAT (Organic Acid Technology). Automotive coolant additives based on IAT use chemicals, such as phosphates, silicates, nitrites, etc. Automotive coolant additives based on OAT use organic acid & azole and automotive coolant additives based on hybrid technology use both organic acid & commercial chemicals but use the organic acid as the primary functional material.
Automotive Coolant Additives Market: Market Dynamics
Demand for automotive coolants additives is estimated to increase over the forecast period due to growing usage of vehicles. Automotive coolant consumption is highly dependent on the distance travelled by the vehicle. Thus, high inclination & dependency of the society on vehicles for commutation is expected to give a boost to the automotive coolant additives market. Attributes, such as high boiling point & high absorption of heat, are expected to increase the consumption of automotive coolant additives in the long-term scenario. Likewise, increase in vehicle production is also expected to create demand space for automotive coolant additives. Also, individual preference towards the adoption of high-end coolants for better vehicle performance is also expected to fuel the growth of the automotive coolant additives market. However, growing electric vehicle industry is proving as a stumbling block in automotive coolant additives market limiting the scope of coolant additives to conventional vehicles with an average growth rate.
Automotive Coolant Additives Market: Segmentation
On the basis of form, the Automotive Coolant Additives Market can be segmented into:
On the basis of technology, the Automotive Coolant Additives Market can be segmented into:
Automotive Coolant Additives Market: Region Wise Trends
North America is one of the largest consumers of automotive coolant additives due to the presence of a huge number of vehicles. It is closely followed by Europe as the region is showing immense potential for high-end coolants with high amounts of automotive coolant additives. The growth of automotive coolant additives is expected to be highest in APAC, led by China as well as some other emerging countries, such as India and ASEAN countries. Developing surface transport structure in MEA is expected to create market opportunities for automotive coolant additives manufacturers. Increasing mobility in LA & EE is expected to create demand space for automotive coolant additives. Despite an extensive automotive vehicle infrastructure, Japan is expected to be the least growing country in the automotive coolant additives market.
Examples of some of the market participants identified across the value chain of the global Automotive Coolant Additives market include:
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