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.
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.
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.
In terms of region, the coolant reservoir tank market for automotive can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Presence of several vehicle manufactures in Asia Pacific is anticipated drive the demand for coolant reservoir during the forecast period. Consequently, Asia Pacific is likely to dominate the global coolant reservoir tank market for automotive during the forecast period.
Key players operating in the coolant reservoir tank market for automotive include Kyoraku Co., Ltd., Gemini Group, Inc., Dayco Australia Pty Ltd., and MANN+HUMMEL GMBH.
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