The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Cold Flow Improvers Market.
It was estimated prior to this unanticipated outbreak that the Cold Flow Improvers Market was expected to grow at a CAGR of 5.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Cold flow improvers are the additives that prevent the conversion of liquid fuel into crystal or semi-liquid form due to the decrease in temperature.
Generally, cold flow improvers are used in fuel and lubricating oil. This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the polymer type, the market is segmented as ethylene vinyl acetate, polyalpha olefin, polyalkyl methacrylate, and others. The polyalkyl methacrylate segment is likely to witness the highest CAGR during the forecast period, driven by its use in finished fuel and lubricating oil industries.
Based on the application type, the cold flow improvers market is segmented as diesel fuel, lubricating oil, aviation fuel, and others. The diesel fuel application segment held the largest share of the market in 2019, mainly driven by its high demand from the automotive industry.
Based on the end-use industry type, the cold flow improvers market is segmented as automotive, aerospace & defense, and others. The automotive industry is not only the largest but also the fastest-growing end-use industry in the cold flow improvers market due to the strict environmental regulations and the rising demand for finished fuel.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing cold flow improvers market during the forecast period, driven by its strong economic growth and the increasing capacity for finished fuel.
Some of the major players in the cold flow improvers market are-
Afton Chemical Corporation
Akzo Nobel N.V
Baker Hughes, a GE Company LLC
Chevron Oronite SA
Evonik Industries AG
Infineum International Limited
The Lubrizol Corporation.