Rising demand of cold flow improvers in oil, gas and automotive industry and its leading share in the market is contributing to the growth.
DUBAI, UAE / ACCESSWIRE / October 7, 2020 / Future Market Insights: Advancement in technology and urbanization is positively affecting the demand for cold flow improvers market which will expand the market at a CAGR of 5.2% over the forecast period. The demand for cold flow improvers is to witness a considerable growth due to rising demand for industrial lubricants and improving economic conditions. Rising demand and consumption leads to a proper segmentation on the basis of application and types.
According to the FMI Analyst,
"Markets in North America will vision a proper growth in demand for cold flow improvers which will strengthen the position. Demand for industrial lubricants will dominate the market, covering almost half the market share. Rising disposable income, rapid urbanization and improved production capacity will lead to a better growth"
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Cold Flow Improvers Market - Key Highlights
- Market is anticipated to grow at a CAGR of 5.2% through the forecast period.
- On the basis of end-use, oil & gas, automotive industries accounts for maximum revenue.
- On the basis of region, North America dominates in consumption and production and might witness significant growth in the future.
- Asia-Pacific region excluding Japan, expected to show an expansion in production over the forecast period.
Cold Flow Improvers Market - Driving Factors
- Development of economies and advancement in technologies, urbanization, rising automotive sales are few of the major factors which drives the market.
- Competitive cost is driving the use of industrial lubricants which is thereby driving the demand for cold flow improvers.
- Trends of changing demand, rising disposable income and improved production capacity is helping the market grow in a positive manner.
Cold Flow Improvers Market - Key restraints
- Blockage of pipelines due to mismanagement can cause severe problems, resulting in reduced demand.
- Increased competition can restricted entry might hinder the growth of new players in the market.
Expected Impact on Market by Coronavirus Outbreak
The Covid-19 outbreak is expected to pose challenges to players but the demand for cold flow improvers will not be greatly impacted. Though it may take time to reach to pre-pandemic levels due to social distancing norms yet these sectors might not experience much of a loss. Oil and gas or automobile industry is a platform where demand and supply will not be affected in an adverse way.
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Competition Landscape
Some of the key players in the market include BASF SE, Clariant AG, Evonik Industries AG., AkzoNobel N.V., Baker Hughes Inc., Afton Chemical, Bell Performance, Inc., The Lubrizol Corporation, Chevron Corporation, Infineum International Limited and Ecolab. The market is experiencing expansion because manufacturers are pushing the products with unique strategies like collaborating with other key players. Exploring the untouched sides of this sector and inventing various ways is contributing in the surge.
Manufacturers are channelling effort and improving distributions throughout. Intense competition is driving the market in a very effective manner.
More on the Report
The report gives an insight into major macro-economic factors and a region-wise analysis of the market (North America, Europe, India, China etc.). Key manufacturers are segmented into categories of Tier 1, Tier 2, and Tier 3. The report sheds light on the pre-dominant factors and key strategies adopted by the players across the globe.
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SOURCE: Future Market Insights
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