Zion Market Research, the market research group announced the analysis report titled 'Automotive Coolant & Lubricant Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024'
Global Automotive Coolant & Lubricant Market: Overview
People have become more selective while purchasing a vehicle, as there are many options available in the market. Many companies are focusing on bringing advanced features in the passenger cars; hence, owing to this, a capability of the consumers has increased. These cars need to be kept cool and lubricated for maximum output. A fluid that flows through the device in order to prevent the device from overheating or transferring heat from one device part to other which may either use or dissipate it is known as an automotive coolant. However, a substance that reduces friction between two mutual contact surfaces is known as a lubricant. It ultimately minimizes heat generated when the surfaces move.
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Global Automotive Coolant & Lubricant Market: Growth Factors
Escalating demand for light passenger cars and heavy-duty vehicles along with HVAC systems is the major driving factor of the global automotive coolant and lubricant market. In addition, rising average lifespan of the vehicle and vehicle parc in operation are propelling the global demand for automotive coolant and lubricant in future. Increasing production and sale of the passenger cars have created ample opportunities for coolant and lubricant manufacturers. Rising consumer awareness about engine efficiency and automobile maintenance is an influential factor for industry growth.
Global Automotive Coolant & Lubricant Market: Segmentation
The global automotive coolant & lubricant market is fragmented based on the application as transmission lubricant, engine coolant, brake lubricant, HVAC coolant, and engine lubricant. Based on types, the global market is categorized as a light commercial vehicle, passenger car, and heavy commercial vehicle. Of these, the passenger car is the dominating type segment across the world, which accounted for the maximum share. Further, the global market is bifurcated based on geography as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Global Automotive Coolant & Lubricant Market: Regional Analysis
Asia Pacific is anticipated to be the largest market for automotive coolant & lubricant and it is anticipated to grow at a higher rate in future. Additionally, emerging economies such as India, China, and Japan are major contributors to the growth of the automotive coolant & lubricant in Asia Pacific. North America contributed for the largest market chunk in the coming years due to increased production of vehicles. However, to cater to the huge demand for automotive coolant & lubricant in this region, many original equipment manufacturers are expanding their market boosting the global automotive coolant & lubricant market in a positive way.
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Global Automotive Coolant & Lubricant Market: Competitive Players
Major companies are operating in the global automotive coolant & lubricant markets are JX Nippon Oil & Energy Corporation, Sinopec Corporation, Conocophilips Lubricants, Royal Dutch Shell PLC, and Idemitsu Kosan Co. Ltd. Other players include Total S.A., Exxon Mobil Corporation, BP PLC, Petronas, Chevron Corporation, and Lukoil Company.
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