Industrial Coolants Market is expected to promise high growth owing to increasing growth in the production of electric vehicles in recent years. Increasing demand from applications including power generation, oil & gas, automotive, chemicals, electronics, and others is expected to drive the growth of the market.
Coolants are used for transferring heat from any device to prevent overheating. The coolant flow is passed around or through devices for heat dissipation, which is produced by the device into the exterior environment. Industrial coolants absorb heat from machines or engines and dissipate it by means of a radiator. Industrial coolants are commonly known as antifreeze liquids. This coolant is made by a mixture of propylene or ethylene glycol with water in different proportions. Industrial coolants possess many properties, such as low viscosity, high thermal capacity, non-toxicity, low-cost, and chemical inertness. Water is the most common coolant. The main advantage of water as a coolant is its high heat-absorbing capacity and low cost. It is commonly used with additives such as corrosion inhibitors and antifreeze.
The global industrial coolants market has been classified on the basis of type, product, grade, and application. Based on type, the industrial coolant market has been segmented into green anti-freeze coolants, HOAT anti-freeze coolants, and OAT anti-freeze coolants. Green anti-freeze coolants are mostly used in industries due to their protection to bare iron surfaces and aluminum parts of the machinery. Green anti-freeze coolants contain phosphate and silicate additives. HOAT anti-freeze coolants are hybrid OAT. HOAT anti-freeze coolants contain organic acids. This type of coolant is used for all types of vehicles. OAT stands for Organic Acid Technology. This coolant contains 2-EHA, sebacate, and other various organic acids and has wide applications across verticals.
The global industrial coolants market is expected to witness high demand due to applications of industrial coolants in various industries such as power generation, oil & gas, automotive, chemicals, electronics, and aerospace & defense. The market for industrial coolants in the Asia Pacific is estimated to expand at a high pace due to rapid industrialization and expansion of the economy in the region.
Key Factors Impacting Market Growth:
- Growth of the automotive aftermarket
- Rise in industrialization
- Increase in cost of raw materials
- Growth in production of electric vehicles
On the basis of the region, the industrial coolants market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. North America and Western Europe are some of the major markets that are also traditional suppliers of chemicals such as specialty chemicals, bulk chemicals, and so on. Major companies in this market are headquartered in North America and Western Europe. This region has been witnessing a number of transitions in terms of productions of chemicals and respective applications by end-use industries. The preference towards bio-based feedstock has been instrumental in the development of the green alternatives in these regions. Moreover, regulatory authorities have imposed strict guidelines with regard to environmental concerns and potential health hazards due to exposures. This has been more instrumental in the Western Europe region competitively. Some of the major economies in these regions include the US, Germany, UK, France, Canada, Italy, Spain, and so on.
The Asia Pacific and the Middle East are expected to register substantial growth in the industrial coolants market during the forecast period. This demand is with regard to the growth of major applications such as power generation, oil & gas, automotive, chemicals, electronics, and others. Major countries in the Asia Pacific region include China, South Korea, Japan, India, Australia, and so on. Middle East includes the UAE, Saudi Arabia, Iran, Israel, Egypt, and so on. Eastern Europe has been largely dominated by Russia and Turkey with operations of major chemical giants in the region. Rest the World that includes South America and Africa has a strong potential for the industrial coolants market. There has been an increasing number of investments by global companies in these regions to strengthen their presence and tap the potential market. Major economies in these regions for the industrial coolants market include Brazil, South Africa, Nigeria, Argentina, Colombia, and others.
Companies Covered: Huntsman Corporation, Exxon Mobil Corporation, Cummins Filtration, Chem Arrow Corporation, The Dow Chemical Company, Commonwealth Oil Corporation Company, and Total Oil