Automobile Coolant Market in India Projected to Grow at 5% CAGR during 2013-2018
India’s booming automobile sector and increasing crude oil production along with various government initiatives are driving the Indian Automobile coolant market…
Indian automobile sector had witnessed a strong growth during 2009 to 2012 and is the sixth largest passenger vehicle manufacturer and the second largest commercial vehicle manufacturer in the world. Increasing industrialisation and infrastructure, and especially rapidly increasing micro, small and medium enterprises (MSMEs) is fuelling the demand for light passenger vehicles and heavy duty trucks in the country.
Government measures like NATRiP, Auto Mission 2006-2016 etc. is also contributing significantly in the growth of India automotive sector. The growing automotive sector in the country is fuelling the demand for coolant in both OEM and Aftermarket segment.
According to a recently published report by TechSci Research, “India Automotive Coolant Market Forecast and opportunity, 2018”, automotive coolant market in India is anticipated to grow with a CAGR of approximately 5% during 2013 to 2018 as a result of growing automobile demand coupled with expanding oil sector of the country.
Indian PSU oil players like IOCL, HPCL, BPCL etc., along with private players like RIL, are continuously increasing their crude oil production capacity. As ethylene glycol is a crude oil by product, the increasing production and refining capacity of crude oil would increase the availability of ethylene glycol in India simultaneously boosting the domestic production of coolant in the country. The increasing domestic production of coolant would significantly help the coolant manufacturers to even the rising demand of coolant in the country.
“Majority of coolant demand in India is from the replacement market. However with the increasing developments in coolant formulation, the life time of coolant is witnessing a sharp increase and is therefore slowing the growth of coolant. It is anticipated that due to increasing automobile demands in the country the demand for coolant by OEMs fills would increase more sharply as compared with the demand for coolant in the aftermarket,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Automotive Coolant Market Forecast and Opportunities,2018” 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 tyre 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 analyses the emerging trends along with essential drivers, challenges and opportunities available in the automobile coolant industry.