NEW YORK, Sept. 21, 2016 /PRNewswire/ -- The U.S. automotive coolant market is expected to reach USD 1.23 billion by 2024, according to a new report by Grand View Research, Inc. Increasing passenger car sales as a result of increased consumer confidence and high disposable income in recent years has impacted industry growth to a large extent.
The U.S. Department of Environmental Quality (DEQ) has decreed antifreeze recycling standards under the 'Best Management Practices' in the industry, leading to greater consumption of recycled coolants with low toxin content. Growing consumer awareness regarding recyclable & sustainable materials is further likely to impact industry growth positively over the forecast period.
Propylene glycol emerged as the leading product segment and accounted for over 55% of total demand in 2015 on account of its growing demand as a substitute for conventional ethylene glycol coolants. It is also expected to witness the highest growth over the forecast period. High growth of propylene glycol can be attributed to the product's non-toxicity & greater freeze point depression properties.
Further key findings from the study suggest:
The U.S. automotive coolant market demand was 61.7 million gallons in 2015 and is expected to reach 118.0 million gallons by 2024, growing at a CAGR of 7.9% from 2016 to 2024
High consumer awareness regarding the ethylene glycol based coolants advantageous characteristics such as convective heat transfer properties is expected to foster its application as an antifreeze & corrosion inhibitor in automobiles.
Coolants based on the organic acid technology (OAT) dominated the industry owing to their phosphate-free nature
OAT segment is anticipated to grow at a rapid pace owing to its ability to provide superior protection to the automotive cooling system, while maintaining compatibility with exotic materials such as aluminum & magnesium
The OEM distribution segment is anticipated to lose importance to the automotive aftermarket, since most automobile manufacturers refrain from assuming the responsibility of coolant refilling
Commercial vehicles segment is expected to be the dominant end-use segment with its growth projected at over 8% from 2016 to 2024
Increasing trade activities post revival of the U.S. economy has stimulated the demand for commercial heavy-duty vehicles leading to high coolant demand in the region
Major industry participants include Lukoil, Total S.A., KOST USA, Motul, Ashland Incorporation, British Petroleum PLC, Royal Dutch Shell, Exxon Mobil Corporation, Chevron Phillips Corporation, and Sinopec among several others.
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