CHICAGO, April 3, 2019 /PRNewswire/ -- According to the new research report "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", published by MarketsandMarkets, the Cold Flow Improvers Market is projected to grow from USD 605 million in 2018 to USD 806 million by 2023, at a CAGR of 5.9% during the forecast period. The growth of the market can be attributed to the increasing consumption of cold flow improvers in the automotive industry.
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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.
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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
APAC cold flow improvers market is projected to witness the highest CAGR during the forecast period.
APAC is estimated to be the leading cold flow improvers market in 2018. APAC is estimated to be followed by North America and Europe. The growth 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.
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 key players operating in the cold flow improvers market.
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