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 cold flow improvers market is segmented on the basis of application as diesel fuel, aviation fuel, lubricating oil, and others. The global cold flow market is mainly driven by the high demand from automotive & transportation and industrial sectors in China and India, among others.
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.
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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.
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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