Engine coolant, sometimes referred to as antifreeze or automotive coolant, is a coloured liquid. When used with antifreeze, it helps regulate the engine of the car in extremely cold weather. It prevents overheating of the engine. Furthermore, when automotive coolant comes into contact with the head gasket, water pump, cylinder, and piston timing, it lubricates and protects the moving parts of the car from damage.
According to SPER Market Research, ‘United States Automotive Coolant Market Size – By Vehicle Type, Chemical Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the United States Automotive Coolant Market is estimated to reach USD 2,489.98 million by 2033 with a CAGR of 8.11%.
Drivers:
The market for automotive coolants is anticipated to be driven by the expanding demand for ethylene glycol in the automotive sector. Due to its significantly lower melting point than water, ethylene glycol serves as a coolant in the summer and prevents freezing in ethylene engines during the winter. Moreover, cars use ethylene glycol to absorb combustion heat, which is expected to generate lucrative opportunities for the global automotive coolant market. In addition, growing automobile production and sales in developing nations, along with a global automotive industry in boom, will open up a number of new markets that will fuel the growth of the automotive coolant market over the forecast period.
Restraints:
The demand for coolant solutions may decrease as more people transition to electric and hybrid vehicles, which do not require the same engine cooling systems as combustion engines. This could have long-term implications for the market for coolant products and services. Furthermore, vehicle coolants are made from ethylene glycol, propylene glycol, or glycerine. These chemicals are the byproducts of crude oil processing. Crude oil prices fluctuate drastically, having a considerable impact on the cost of these vital liquids. The average price of crude oil changes significantly. Automotive coolant prices are influenced by crude oil fluctuations because ethylene, propylene, and glycerine are all byproducts of crude oil. This has a significant impact on the US automotive coolant sector and associated services.
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Impact of COVID-19 on United States Automotive Coolant Market
The emergence of Covid-19 had a negative impact on the automobile coolant market. The severe disruptions in many industrial processes and supply chain operations have had a substantial influence on market growth. Several precautionary lockdowns implemented by governments to avoid disease transmission resulted in considerable financial losses for the market. Furthermore, customers are increasingly focused on cutting non-essential expenses from their budgets, resulting in lower demand for vehicle coolant. Furthermore, with the progressive lifting of the lockdown and the new coronavirus under control, the global automotive coolant market may expand in the next years.
United States Automotive Coolant Market Key Players:
The key players of this market are Royal Dutch Shell, ExxonMobil Corporation, Chevron Philips Corporation, Sinopec, Total S.A., Kost USA, Motul, and Others.
United States Automotive Coolant Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, United States Automotive Coolant Market is segmented as; Passenger Car, Commercial Vehicle.
By Chemical Type: Based on the Chemical Type, United States Automotive Coolant Market is segmented as; Ethylene Glycol, Propylene Glycol.
By Region: This research also includes data for Northeast, South, Midwest, West.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
US Automotive Coolant Market Revenue
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