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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Cold flow
improvers are polymers or co-polymers
additive which prevent the formation of crystals in fuel and lubricating oil
which can clog the filters and feed lines at low temperature and cause engine
shutdown. They are generally used in fuel and lubricating oil to lowers fuel’s
pour point (gel point), cloud point, and cold filter plugging point (CFPP) to
improve its cold flow properties.
The cold flow
improvers market has been segmented based on type, application, end-use, and
region. The market size is projected to grow from USD 605 million in 2018 to
USD 806 million by 2023, at a CAGR of 5.9% between 2018 and 2023. The growth of
the market can be attributed to the increasing consumption of cold flow
improvers from the automotive industry.
However, increasing demand for alternative
fuel vehicles such as electric vehicles and CNG vehicles act as a restraint to
the growth of the cold flow improvers market.
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.
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, favourable
government policies, and low labor cost are further strengthening the cold flow
improvers market in APAC.
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.
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