The global EV coolants market is figured out 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.
Market Drivers:
Battery Thermal Management: Effective thermal management is critical for ensuring the optimal performance, efficiency, and lifespan of electric vehicle batteries, which are sensitive to temperature variations.
High-Power Components: Electric propulsion systems, including motors, inverters, and power electronics, generate heat during operation and require efficient cooling to maintain performance and reliability.
Range and Efficiency Optimization: Maintaining optimal operating temperatures helps maximize the energy efficiency and range of electric vehicles by minimizing energy losses associated with thermal inefficiencies.
Safety and Reliability: Overheating of EV components can lead to performance degradation, accelerated wear and tear, and potential safety hazards, underscoring the importance of reliable thermal management solutions.
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Market Challenges:
Material Compatibility: EV coolants must be compatible with a wide range of materials used in EV components, including battery chemistries, seals, hoses, and thermal management system components, to prevent corrosion, degradation, and compatibility issues.
Environmental Considerations: Meeting environmental regulations and sustainability goals requires the development of eco-friendly coolant formulations with minimal environmental impact during production, usage, and disposal.
Performance Requirements: EV coolants must meet stringent performance standards for thermal conductivity, viscosity, corrosion protection, and chemical stability to ensure reliable operation in diverse operating conditions and climates.
Temperature Extremes: EVs may operate in extreme temperature environments, from cold climates to hot desert conditions, necessitating coolant solutions that can maintain performance and stability across a wide temperature range.
Market Trends:
Advanced Formulations: Research and development efforts focus on developing advanced coolant formulations with enhanced thermal conductivity, improved viscosity-temperature characteristics, and superior corrosion protection properties.
Long-Life Coolants: Introduction of long-life coolant formulations with extended service intervals and durability, reducing the need for frequent coolant replacement and maintenance in electric vehicles.
Customized Solutions: Customized coolant solutions tailored to specific EV applications, such as high-performance sports cars, heavy-duty trucks, and electric buses, address unique thermal management requirements and performance specifications.
Smart Cooling Systems: Integration of smart cooling systems with active temperature monitoring, predictive analytics, and adaptive control algorithms optimize thermal management performance and energy efficiency in electric vehicles.
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Competitive Landscape for the EV Coolants Market
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 major players 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 a major 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 the EV Coolants Industry
- 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.
- Valvoline Cummins Company unveiled Valvoline Advanced Coolant in August 2022, 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)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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