The global electric vehicle (EV) battery coolant market, valued at USD 2,071.50 million in 2024, is projected to grow at a compound annual growth rate (CAGR) of 3.4%, reaching USD 2,891.37 million by 2034, according to Polaris Market Research.
Market Dynamics
The increasing adoption of electric vehicles, particularly in urban areas, is fueling demand for advanced battery coolant systems. These systems are essential for maintaining battery performance, safety, and longevity. Liquid cooling, utilizing substances like ethylene glycol, is a key technology for thermal management in EVs, effectively regulating temperatures and ensuring optimal battery efficiency.
Regional Insights
Asia Pacific dominated the market in 2024, driven by rapid EV adoption in China and government initiatives supporting electric mobility. The region’s strong manufacturing base and investments in charging infrastructure further solidified its leadership.
North America is anticipated to witness significant growth over the forecast period, supported by stringent emission regulations, advancements in hybrid electric vehicles (HEVs), and a robust automotive infrastructure.
Key Drivers
- Urbanization: Increased stop-and-go traffic in cities leads to higher battery heat generation, necessitating efficient cooling systems.
- Technological Innovations: Advances in battery and coolant technologies are enabling larger, high-capacity battery systems, particularly for commercial and high-performance EVs.
Recent Developments
- February 2024: DuPont introduced Amberlite EV2X resin, a high-performing glycol-purification solution designed to extend EV coolant lifespan and enhance heat stability.
- April 2023: Arteco launched Freecor EV Multi 10, a multipurpose coolant tailored for e-motors, power electronics, and batteries in EVs and HEVs.
Segmentation Highlights
The market is segmented based on:
- Battery Type: Lead-acid, lithium-ion, and others.
- Coolant Type: Glycol-based and water-based.
- Vehicle Type: Battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs).
Major players, including BASF, Valvoline, Exxon Mobil Corporation, and Shell plc, are investing heavily in R&D to innovate and expand their product portfolios.
As the global EV market continues to grow, the demand for advanced thermal management solutions is expected to accelerate, making the EV battery coolant market a critical component of sustainable transportation.
