The global automotive radiators market is evaluated at US$9.202 billion for the year 2019. Automotive radiators are a type of heat exchanger that is used in vehicles to cool the engine and the main purpose is to prevent the engine overheating. The radiator is of two types namely copper and brass, and aluminum. The automotive industry is witnessing an increase in the production of passenger vehicles as well as commercial vehicles, which is causing the demand for radiators to rise, and thereby contributing to the market growth. Moreover, the stringent norms and regulations regarding engine emissions are encouraging manufacturers to produce good quality radiators which are also contributing to the market growth. Recently, it was found that nanofluid can be used for motor cooling. Now research is being conducted to enhance the efficiency of the radiators used in automobiles. For this Titanium Dioxide water nanofluid was used as a cooling fluid at concentration 2% and it was found out that the effectiveness increased by 10%. Therefore, by optimizing the materials used in radiators and enhancing the cooling fluid the market holds good growth opportunities.
Furthermore, the increasing investments and participation of market players in research and development to improve these radiators and make them lighter and efficient to bolster the market growth over the forecast period.
The automotive radiators market has been segmented based on material type, vehicle type, end-user, and geography. By material type, the market has been classified as copper and brass and aluminum. By vehicle type, the market is segmented as a passenger vehicle, light commercial vehicle and heavy commercial vehicle. By end-user, the market has been segmented into OEM’s and aftermarket.
Aluminum to hold a significant market share
By material type, Aluminium is expected to hold a significant share in the automotive radiators market, which is attributable to the fact that the mass production of aluminum radiators is cheaper for the manufacturers than copper and brass radiators. One additional advantage is that it is lighter in weight as compared to copper and brass radiators.
Passenger Vehicles segment will continue to account for major demand
By vehicle type, passenger vehicle is expected to hold a significant share in the market owing to the rising production of passenger vehicles coupled with rising demand for these vehicles due to increasing purchasing power of people facilitated by the increase in their disposable income.
OEM’s dominate the automotive radiators market
Radiator is a very important component in the vehicle as they easily aid in the removal of heat from the engine, thus helping it cool down faster without causing any complications. By end-user, OEM’s are expected to hold a significant amount of share in the market owing to the fact that the vehicles which are produced by the automakers come fitted with either copper and brass or aluminum radiators.
Asia Pacific will witness fastest regional market growth
By geography, Asia Pacific is expected to hold a significant amount of share in the market, which is attributed to increasing production of vehicles in countries of this region like India and China and the increase in demand of passenger vehicles from some countries of this region, which is facilitated by the increasing disposable income of people. According to Maruti Suzuki India Limited, they sold around 133,296 vehicles which included domestic sales and export sales increasing from 128,338 vehicles in 2018, which was an increase of 3.9%. On 29 November, the BMW Group, one the largest automaker in the world and Great Wall Motor are planning to invest around 650 million Euro for the construction of a new vehicle production plant in China with a capacity of 160,000 vehicles per year under the joint venture Spotlight Automotive Limited. The planned phase of construction is from the year 2020 to 2022.
Some of the major companies included as a part of this report are MAHLE GmbH, DENSO CORPORATION, and Delphi Automotive.