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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