Market Overview:
Global Electric Vehicle Coolants Market Size Was Valued at USD 2.01 Billion In 2022 And Is Projected to Reach USD 2.65 Billion By 2030, Growing at A CAGR of 4% From 2023 To 2030.
The purpose of the battery system coolant is to effectively cool high-voltage batteries found in electric cars, including hybrids. Its primary function is to regulate the heat generated by these batteries, and it is specifically designed for this purpose. Unlike engine coolant, battery system coolant offers superior electric insulation, successfully passing electrical insulation tests. It has also undergone testing to ensure it can withstand battery cell fires. Furthermore, it possesses exceptional cold start capabilities, remaining functional in temperatures as low as -36°C. The battery system coolant outperforms other metallic objects in terms of anti-corrosion properties within the battery system. However, the cooling requirements for electric vehicles differ significantly from those of traditional internal combustion engines in passenger cars. Electric cars have a lower liquid flow rate of approximately 500 L/h during low coolant temperatures, while internal combustion engines can reach flow rates of up to 5,000 L/h at high coolant temperatures.
Top Key Players Covered in The Electric Vehicle Coolants Market:
- BASF (Germany)
- Dober (US)
- Shell (Netherlands)
- Total Energies (France)
- Valeo (France)
- Chevron (US)
- Exxon Mobil (US)
- Lukoil (Russia)
- Petrons (Philippines)
- Ashland Corporation (US)
- Sinclair Oil Corporation (US)
- Blue Star Lubrication Technology (India) and other key players.
Market Dynamics and Factors:
The rising demand for electric vehicles (EVs) is driving the growth of the global electric vehicle coolants market. As more consumers and governments recognize the environmental benefits and cost savings associated with EVs, the demand for these vehicles is increasing significantly. This surge in EV adoption directly impacts the market for electric vehicle coolants. the rising demand for electric vehicles is driving the global electric vehicle coolants market by creating a need for efficient cooling solutions for high-voltage batteries and other components. The market is expected to continue growing as the adoption of electric vehicles expands worldwide.
The high growth opportunity in the commercial vehicle sector is fueling the expansion of the global electric vehicle coolants market. While the initial focus of the electric vehicle market was primarily on passenger cars, the commercial vehicle sector, including trucks, buses, and vans, is now experiencing a rapid transition toward electric power. the high growth opportunity in the commercial vehicle sector is driving the global electric vehicle coolants market by necessitating efficient cooling solutions for batteries and components in commercial electric vehicles. With the increasing adoption of electric commercial vehicles worldwide, the demand for electric vehicle coolants is expected to witness substantial growth in the coming years.
The Electric Vehicle Coolants Market Report Highlight:
- By Coolant Type, the Ethylene glycol segment is anticipated to lead the growth of the Electric Vehicle Coolants market in the forecasted timeframe. Due to their excellent heat transfer properties and affordability, they have also become the primary choice for electric vehicle coolants.
- By Vehicle Type, the Passenger Car segment is expected to have the highest share of the Electric Vehicle Coolants market over the projected period. Passenger cars have been at the forefront of the electric vehicle revolution, with numerous automakers offering electric models to meet the growing demand for eco-friendly transportation options.
- The Asia Pacific region is expected to have the highest share of the Electric Vehicle Coolants market over the projected period. Countries like China, Japan, and South Korea are leading the way in electric vehicle adoption, supported by government initiatives, incentives, and investments in charging infrastructure.
Key Industry Development:
- In July 2023, BASF announced the launch of a cutting-edge coolant. This innovative coolant boasts an extended lifespan and superior heat transfer capabilities, aiming to reduce maintenance frequency while simultaneously improving the overall efficiency of electric vehicles.
- In March 2023, Dow Chemical introduced a groundbreaking development in the electric vehicle (EV) industry with the introduction of a new EV coolant. Formulated with a sophisticated blend of glycols and advanced additives, this coolant stands out for its exceptional thermal conductivity and robust corrosion protection.
Electric Vehicle Coolants Market Segmentation:
By Coolant Type
- Ethylene glycol
- Polypropylene glycol
- Others
By Vehicle Type
- 2 & 3-Wheeler
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Others
For this report, Introspective Market Research has segmented the Electric Vehicle Coolants Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
- Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
• Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
• Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
• South America
- Brazil
- Argentina
- Rest of SA
