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As per the latest report by IMARC Group, titled “Automotive Coolant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global automotive coolant market size is expanding at a moderate rate. An automotive coolant, also known as antifreeze, is a bright yellow or green fluid that absorbs excess heat from the internal combustion engine and carries it to the radiator. It is manufactured using de-ionized water, chemical additives and ethylene or propylene glycol. An automotive coolant prevents major mechanical failures in vehicles caused by overheating in summers or freezing in winters. It also offers anti-rust properties, which help to enhance the effectiveness of the engine and protect it from pitting, oxidation, corrosion and scaling.
Global Automotive Coolant Market Trends:
The rising sales of vehicles across the globe represent one of the significant factors bolstering the growth of the automotive coolant market. Apart from this, as ethylene glycol is highly toxic and requires careful disposal, various international organizations are introducing coolants that are relatively less toxic. For instance, the American Society for Testing and Material (ASTM) published a standard D5216 in 2000, stating that propylene glycol is suitable for use as a coolant in cars and light commercial vehicles. Since then, automotive coolants have undergone a transformation in the material composition. The leading players have also developed long life coolants (LLC) by employing the carboxylate technology. These coolants provide superior protection to all the components of the modern cooling systems. Looking forward, the market is anticipated to grow at a CAGR of around 6% during 2019-2024.
Market Summary:
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