As electric vehicles become more advanced, the need for cutting-edge coolant systems has skyrocketed. Demand is growing for improved EV battery coolants that offer superior heat dissipation and can keep up with today’s innovative technology. This shift in market demand looks set to shape future trends around vehicle cooling solutions
DUBAI, United Arab Emirates, Jan. 30, 2023 (GLOBE NEWSWIRE) — The global EV coolants market size is expected to be around US$ 297.2 million in 2023 and is expected to grow at a rate of 28.7% in the coming decade. A report on the EV coolants market predicts the overall valuation to reach up to US$ 3,704.9 million by the year 2033.
The EV sector had substantial growth in the preceding years, which is regarded to have raised the sales of EV coolants in recent times. Since pollution has become a concern for the urban centers, FMI predicts an upsurge in EV sales further strengthening the market. Furthermore, throughout the medium-term market predictions, tax incentives and phasing out of IC cars would drive the global EV coolants market further.
Compared to any conventional fuel car, a battery electric vehicle or hybrid electric vehicle, for instance, requires 2 to 3 times less coolant. An EV uses around 10-20 liters of coolants throughout its lifespan even though the demand for EV coolants for drivelines is comparable. However, water-glycol EV coolants are used in the many EVs currently on the road and give enough functionality making it the better-performing segment than others.
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Key Takeaways
- Germany is the leading producer of coolants for EVs in the world and captured a market share of 11.7% in the year 2022.
- The United States follows Germany in the production and consumption of EV coolants and is figured out to have contributed 9.3% of the overall market.
- In Europe, the United Kingdom is witnessing an upsurge in demand for EV coolants over the years. FMI predicts the annual growth rate for this country at 20.5% during the forecast period.
- In Asia Pacific, China is the leading producer of EV coolants and is also developing at a robust growth rate of 21.9% through 2033.
- India is projected to show a higher growth trend in demand for EV Coolants. As per the analysis report, this regional market is anticipated to register a CAGR of 29.6% over the forecast years.
- Based on the coolant type, glycol-based coolants are the dominating product in the market. As per the market report, it captures a market share of 73.2% of the total market size.
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Competitive Landscape
BASF SE, Dober Chemical Corporation, Shell plc, TotalEnergies SE, Valeo SA, Chevron Corp., Exxon Mobil Corp., Lukoil Petronas, Ashland Corporation, Sinclair Oil Corporation, Blue Star Lubrication Technology are some of the keyplayers in the global EV coolants market.
Due to the entry of the automotive coolants market players in this sector, the global EV coolants market can be considered fairly fragmented. The development of region-specific coolant products has been an exceptional strategy for most EV coolant companies to penetrate the market. For instance, the Shell Group introduced a new coolant for an electric motor in August 2022 that is appropriate for the EV coolant requirements on Indian roads
Recent Developments
- In November 2022, Glysantin, which is a subsidiary of BASF SE, introduced a newly created EV battery coolant first into the Chinese car marketplace. This EV coolant was created particularly for indirect cooling systems and offers increased dependability and stability. This ready-to-use coolant, sold under the trade name G22 E+TM, has a low conductivity and generates low and steady currents being exposed to a current source.
- In August 2022, Valvoline Cummins Company unveiled Valvoline Advanced Coolant, which is a glycol-based full-antifreeze coolant with OAT Technology. The use of this new technology extends the useful life of EV coolants and is expected to strengthen the market position of the enterprise.
Key Segments
By Vehicle Type:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
By Category:
- Coolants for Electric Passenger Cars
- Coolants for Electric Commercial Vehicles
- Coolants for Electric Two Wheelers
- Others
By Coolant Type:
- Ethylene Glycol
- Polypropylene Glycol
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
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Table of Content
1. Executive Summary | EV Coolants Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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