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

Global Automotive Coolant Market size was valued at USD 7.30 Billion in 2021 and is poised to grow from USD 7.61 Billion in 2022 to USD 10.66 Billion by 2030, at a CAGR of 4.3% during the forecast period (2023-2030).

Concerns about potential closures and declines hit the automotive cooling market. Moreover, registration of new vehicles is limited because mandatory closures have limited the number of vehicles on the roads. But now the automobile industry is recovering from the losses and paving the way for the introduction of quality products to meet the growing demands of consumers across the globe. The automotive industry has achieved a significant increase in production by 2022 and is expected to rise further during the forecast period. With the increasing number of vehicles on the road, the demand for refrigerators is expected to grow significantly during the forecast period. In the medium term, the expansion of this market is driven by the growing automotive industry worldwide. In recent years, the demand for passenger cars has increased, which has helped to expand the market. Furthermore, end-user adoption of reusable refrigerators has increased due to stringent regulations on the safe disposal and recycling of antifreeze.

Major automakers are still offering diesel and petrol models which have increased the demand for engine cooling worldwide. Mainstream coolant manufacturers provide non-resistant chemicals in the coolant to prevent corrosion of engine components. Moreover, with expected increased adoption, thus maintaining vehicle mileage, refrigeration also plays an important role in increasing the demand of automobiles and automotive manufacturers and continued investment in R&D for product development low cost, environmentally friendly, low toxicity with high lifetime. The automotive coolant market is likely to grow during the forecast period. Furthermore, various products such as ethylene glycol, propylene easy availability, and abundance of glycol and glycerin in developed countries help new entrants to manufacture such products and drive the automotive coolant market.