India Automobile Coolant Market to Grow at 6% Till 2019
Growing Automobile Fleet and Increasing Oil Production and Refining Capacity to Boost Automobile Coolant Demand in India over Next Five Years
According to a recently published comprehensive research report by TechSci Research, “India Automobile Coolant Market Forecast and Opportunities, 2019”, the coolant market in India is anticipated to grow at a CAGR of around 6% during 2014-19 as a result of growing automobile fleet coupled with expanding oil sector in the country. Indian PSU oil players such as IOCL, HPCL, BPCL, etc. along with private players like RIL are increasing focusing on expanding their crude oil production capacity. As ethylene glycol is a crude oil byproduct, the growing production and refining capacity of crude oil is increasing availability of ethylene glycol in India, which is consequently boosting the coolant production in the country.
Indian automobile sector, the sixth largest passenger vehicle manufacturer and the second largest commercial vehicle manufacturer, globally, witnessed a strong growth during 2009-12. Growing industrialization and infrastructure coupled with robustly increasing micro, small and medium enterprises (MSMEs) sector is fueling the demand for light passenger vehicles and heavy duty trucks in the country. Government measures like NATRiP, Auto Mission 2006-2016, etc. are also significantly contributing to the growth in the country’s automotive sector, thereby augmenting the demand for coolants in both OEM and aftermarket segments.
“Majority of coolant demand in India emanates from the replacement market. With increasing R&D efforts on new coolant formulations, the lifetime of coolants is witnessing a continuing increase, which is affecting the demand for coolants. Consequently, it is anticipated that due to increasing automobile sales in the country, the demand for coolants by OEMs for first factory fills would increase more sharply as compared to the demand for coolants in the aftermarket over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Automobile Coolant Market Forecast and Opportunities, 2019” has evaluated the future growth potential of India automobile coolant industry and provides statistics and information on market structure, exports and future growth of the automobile coolant industry. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the automobile coolant industry in India.