Automotive end-use industry is likely to be the fastest-growing end-use industry of cold flow improver market
The global cold
flow improvers market is estimated to be USD 605 million in 2018 to USD 806 million by 2023, at a CAGR of 5.9% during the forecast period. The
cold flow improvers market is segmented on the basis of end-use industry as automotive,
aerospace & defense, and others.
Stricter fuel specification
and growth in the automotive sector play a key role in driving the demand for
high-performance fuel, which in turn, boosted the demand for cold flow improvers. The global cold flow market is mainly driven by the high demand
from automotive & transportation and industrial sectors in China and India,
among others.
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Among the different types of cold flow
improvers, the ethylene vinyl acetate segment is projected to enjoy the highest
market share, in terms of value, during the forecast period. Ethylene vinyl
acetate is widely used in the oil industry as they offer properties such as wax
deposition inhibition at low temperature
which inhibits the formation and deposition of wax crystal in heavy & light
vehicles engines.
On the basis of
application, the diesel fuel segment is projected to be the largest as well as
the fastest-growing application of cold
flow improvers
during the forecast period. This is due to the increasing demand for high-performance
fuel from the automotive industry and the adoption
of biofuel mandates by various countries to reduce the consumption of petroleum
products.
On the basis of
end-use industry, the automotive end-use
industry led the demand for cold flow improvers, accounting for the largest share in the overall market. The
segment is also projected to be the fastest-growing end-use industry of cold
flow improver during the forecast period due to stricter fuel specification and
increasing demand for cold flow improvers as fuel
additive.
APAC is
estimated to be the leading cold flow improvers market in 2018. APAC is
followed by North America and Europe in the global market. The market in the
APAC region can be attributed to the rapidly increasing refining capacities in
countries such as China and India.
Apart from the expansion of crude oil distillation and refining capacity, the
region is also witnessing increasing demand for high-performance fuel due to
rapid growth in the automotive &
transportation industry. The region’s strong industrial base, favorable
government policies, and low labor cost are further strengthening the cold flow
improvers market in APAC.
The growth in various industries
such as automotive and aerospace & defense is driving the demand for cold
flow improvers. Cold flow improvers help
in preventing wax crystals formation. The continuous expansion of the automotive
industry is continuously fueling the demand.
Emerging economies such as China and India are putting more emphasis on
adopting the latest technologies and manufacturing processes in various industries
such as the automotive & defense
industry. This, in turn, is expected to drive the market for cold flow
improvers during the forecast period.
Lubrizol Corporation (US), Chevron Oronite
(US), Clariant AG (Switzerland), Afton Chemicals (US), BASF SE (Germany),
Innospec (US), Evonik Industries AG
(Germany), Infineum International Limited (UK), and Baker Hughes (US) are the leading cold flow improvers manufacturers, globally. These companies adopted expansion and partnership as their major
business strategy between January 2015 and August 2018 to stay competitive in
the cold flow improvers market.
Lubrizol Corporation (US) is
one of the leading players in the cold flow improvers market. The company has been focusing on both organic and inorganic strategies
to maintain its leading position in the market. For example, in March 2017, the
company entered into a 50-50 joint venture with India
Oil Corporation and formed Lubrizol India Private Limited (LIPL).
LIPL
manufactures and markets additive systems for automotive and industrial
lubricants. This expansion helped the company to expand its
reach in the untapped APAC market and strengthen its position in the cold flow
improvers market.
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Infineum International Limited (UK) is another major player in the
cold flow improvers market. In January 2017, the company announced the establishment of its first wholly-owned
enterprise, Infineum India Additives Private Limited (IIAPL) in Mumbai, India.
This focuses on the marketing and business development of the company in India
and to expand its reach in the untapped
market.
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