The global automotive coolant market to grow at a CAGR of 5.89% over the period 2014-2019.
The global automotive coolant market is segmented into three divisions on the basis of product: ethylene glycol, propylene glycol, and glycerol. The market is also segmented on the basis of technology: inorganic acid, organic acid, and hybrid organic acid. Technnavio's report, Global Automotive Coolant Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers APAC, the Americas, and EMEA; it also covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
The automotive sector in emerging markets such as India, China, and Mexico is growing at a steady rate, which in turn is increasing the demand for automotive coolants. Improvements in the economic conditions of emerging countries have changed the financial statuses of consumers, which in turn is increasing the demand for and production of automobiles, especially passenger cars in these countries. Also, the growing demand for LCVs in these countries is boosting the growth of the automotive coolant market.
According to the report, used antifreeze (also called waste antifreeze) contains heavy metals such as chromium, lead, and cadmium in high amounts, making it hazardous for humans, animals, and the environment. With increased environmental consciousness and rising health concerns, the demand for recycled automotive antifreeze is increasing. Recycling of automotive antifreeze benefits manufacturers and repair shops by providing cost-effective options and conserving natural resources such as natural gas and crude oil.
Further, the report states that constant fluctuations in the prices of crude oil used in the manufacture of automotive coolants such as ethylene glycol and propylene glycol are a major obstacle to the profits of coolant manufacturers.
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Sector: Automotive Parts
Source: GlobeNewswire
(November 30, 2015 - 6:33 AM EST)
