London, 29 May 2015: Technavio, the independent tech-focused global research firm, has published a report on the global automotive coolant market 2015-2019, which is expected to grow at a CAGR of 5.89% during the forecast period of 2014-2019.
The demand for automotive coolant is positioned to increase at a steady pace over the next five years. The market is primarily driven by the growing demand for recycled coolants and antifreeze as it is less toxic than virgin coolants and antifreeze. The use of recycled coolants and antifreeze offers advantages such as cost-effectiveness and conservation of natural resources. Also, the growing demand for commercial vehicles in developing countries is expected to boost the demand for automotive coolant.
“The demand for eco-friendly coolants or refrigerants has increased due to growing pressure from different governments to use eco-friendly coolants and awareness of the harmful effects of the coolants that are currently being used,” says Faisal Ghaus, Vice President of Technavio.
“Automobile manufacturers have now started using propylene glycol as an engine coolant as it is less toxic and harmful to humans and animals.”
Key Market Drivers
- Growing demand for recycled antifreeze
- Increase in average age of vehicles
- Improved performance in adverse weather conditions
Key Market Trends
- Escalating growth from emerging markets
- Increase in usage of eco-friendly coolants
- Increased focus on innovation
Key Market Vendors
- Castrol Ltd.
- Chevron Corp.
- Exxon Mobil Corp.
- Royal Dutch Shell plc
- Sinopec Corp.
- Total SA
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
