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.
Browse 75 market data Tables and 44 Figures spread through 114 Pages and in-depth TOC on "Cold Flow Improvers Market by Type (Ethylene Vinyl Acetate, Polyalpha Olefin, Polyalkyl Methacrylate), Application (Diesel Fuel, Lubricating Oil, Aviation Fuel), End-Use Industry (Automotive, Aerospace & Defense) and Region - Global Forecast 2023"
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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.
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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The ethylene vinyl acetate segment is projected to account for the largest share during the forecast period.
The ethylene vinyl acetate segment is projected to account for the highest share of the overall cold flow improvers market 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.
Diesel fuel is estimated to be the largest application of cold flow improvers in 2018.
On the basis of application, diesel fuel is projected to be the largest as well as fastest-growing application 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.
The automotive end-use industry is projected to account for the largest share of the market.
Based on end-use, the automotive end-use industry led the demand for cold flow improvers, accounting for the largest share of 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 increasing demand for cold flow improvers as fuel additive and stricter fuel specification
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