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.
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Among the different types of cold flow improvers, the ethylene vinyl acetate segment is projected to enjoy the highest market share, in terms of value, 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.
On the basis of application, the diesel fuel segment is projected to be the largest as well as the fastest-growing application of cold flow improvers 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.
On the basis of end-use industry, the automotive end-use industry led the demand for cold flow improvers, accounting for the largest share in 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 stricter fuel specification and increasing demand for cold flow improvers as fuel additive.
APAC is estimated to be the leading cold flow improvers market in 2018. APAC is followed by North America and Europe in the global market. The market 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.
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