Automotive Coolants Market Size, Share, Growth Analysis, By Vehicle Type(passenger cars and commercial vehicles), By Chemical Type(ethylene glycol and propylene glycol) - Industry Forecast 2024-2031

North America has the largest market share. The North American market accounts for 30% of the total. Thanks to non-road capacity and climate change, the region has seen an increase in automotive production and demand for large-engine vehicles and important regional companies are investing heavily in manufacturing, factory infrastructure innovation, and research and development. The aftermarket of automotive refrigerants is growing rapidly in North America, with major manufacturers such as BASF investing heavily in local manufacturing facilities such as BASF’s Cincinnati plant that manufactures refrigerants for both on-road and off-road vehicles. BASF has also partnered with Old World Industries (OWI), a refrigeration supplier in North America, to increase its market share by increasing its distribution channels.

Asia-Pacific is the most important shareholder of the global automotive coolant market and is expected to grow at a CAGR of 5.3% during the forecast period Asia-Pacific owing to the volume of vehicles manufactured in major countries such as India, China, and Japan, operations with lower prices and labor costs across the region. It led the automotive cooling market globally and is expected to witness significant growth owing to increasing automotive demand in India during the launch period. Furthermore, the availability of cheap labor and raw materials in the region, coupled with the expanding number of local workers is currently expected to fuel the growth of the Asia-Pacific market during the forecast period. India is the world’s sixth largest producer of passenger cars and the second largest manufacturer of commercial vehicles. Furthermore, rapidly advancing technologies have led to improved product development, which is expected to fuel the growth of the segment market. The growth of the small and medium-sized industries has increased the demand for light vehicles and heavy vehicles. Shell Lubricants said in August 2022 that it will sell electric car battery coolers in India. Shell Lubricants India has increased the capacity of its lubricating oil blending plant in Taloja, Maharashtra, and now expects to further expand a few more products related to India and South Asia. If refrigerant production is increased in the area, it can greatly help the refrigeration manufacturers to meet the growing demand of the country. This is expected to boost the vehicle refrigeration industry in the region in the coming years.