The coolant recovery system is an
important part of the vehicle cooling system, which collects excessive
coolant discharge from the engine. Typically, the coolant recovery tank
is located near the radiator. The vehicle engine generates more heat and
hence, requires a cooling system. As the engine coolant heats up it
expands. Subsequently, the excessively heated coolant collects at the
top of the coolant reservoir tank. Generally, the coolant recovery tank
is made of plastic. Another important function of the reservoir tank,
apart from storing the coolant, is to remove air bubbles from the
cooling system.
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Increasing production of passenger
vehicles across the globe, especially in India and Brazil, is likely to
fuel the coolant reservoir tank market during the forecast period. Rapid
urbanization, availability of loan at lower interest, change in
consumer lifestyle, and availability of multiple vehicle models are
likely to propel the demand for passenger vehicles, which in turn is
anticipated to drive the coolant reservoir tank market during the
forecast period. Dual benefits of the reservoir tank, such removing air
bubbles from the cooling system and storage of excessive coolant, are
likely to propel the demand for reservoir tank during the forecast
period.
The global coolant reservoir tank market
for automotive can be segmented based on material, sales channel,
vehicle type, and region. Based on material, the coolant reservoir tank
market for automotive can be classified into plastic, metal, and others.
Majority of reservoir tanks are made of plastic, owing to the easy of
manufacturing plastic tanks and the increasing demand for lightweight
materials in the automotive industry in order to manufacture
fuel-efficient vehicles. Furthermore, environmental concerns along with
safety requirements in the automotive industry are prompting auto
manufacturers to utilize plastic to manufacture various components.
Therefore, the plastic segment is likely to expand significantly during
the forecast period.
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In terms of sales channel, the coolant
reservoir tank market for automotive can be segregated into OEM and
aftermarket. Production of passenger vehicles is increasing across the
globe, which in turn is likely to fuel the demand for reservoir tank
during the forecast period. Expansion of e-commerce and logistics
industries is likely to boost the demand for commercial vehicles, which
in turn is likely to propel the coolant reservoir tank market during the
forecast period.
In terms of vehicle, the coolant
reservoir tank market for automotive can be bifurcated into passenger
vehicle and commercial vehicle. The passenger vehicle segment can be
further sub-segmented into hatchback, sedan, and utility vehicle.
Increasing demand for SUVs owing to increase in per capita income,
change in preference, demand from youth population, and availability of
multiple options are driving the demand for utility vehicles. This, in
turn, is estimated to propel the passenger vehicle segment during the
forecast period.
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