Future Market Insights’ published market report titled “Cold Flow Improvers Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018–2027” examines the cold flow improvers market and offers crucial market insights for the next ten years. According to Future Market Insights analysis, the global sales of cold flow improvers is estimated to be valued at US$ 980.8 Mn by the end of 2018 and is expected to register a 5.2% CAGR over the period of 2018–2027. This report divulges the demand for cold flow improvers and its break-up on the basis of different types, forms and end uses.
Cold Flow Improvers Market: Dynamics
Globally, automotive sales is gaining traction post the global slowdown. Increasing industrialization, urbanization and economic growth across the globe are boosting the demand for automobiles in the market, which in turn is accelerating the demand for cold flow improvers used in lubricant additives so as to enhance their ability to withstand low temperatures in European and American countries. The global automotive industry, in terms of automotive fleet on road (vehicle in use), is estimated to grow with a CAGR of 4.4% between 2017 and 2027. The market is expected to be pegged at 1,382 Mn units in 2017 and is expected to reach 2,133 Mn Units by 2027 end. Growth in automobiles is pegged to directly impact the global cold flow improver market in the near future.
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The expanding fleet size is also slated to drive the growth of the cold flow improvers market. The number of passengers has grown rapidly in Asia Pacific, owing to the liberalization of markets, growth in wealth and size of the middle class and a lack of alternative modes of transport. In recent decades, Asia has emerged as a major region in aviation traffic and is expected to remain resilient in the coming decade. The economic and income growth in large emerging markets such as China and India has been a primary driver for the global GDP growth as well as air travel. China has contributed significantly to world traffic growth for several years as the country’s passenger growth has been increasing at a significant rate. India’s emergence as a high-growth economy is expected to make the country one of the largest commercial aviation markets in the coming decade. As a result, the fleet size of airline owners, especially those following the low-cost business model, is expected to increase significantly and ultimately impact the aircraft fuel and additive related market and subsequently, contribute towards the growth of the cold flow improvers market.
Manufacturers of lubricants have been emphasizing on using raw materials such as vegetable oils and bio-based oils in the manufacturing of lubricants so as to reduce their environment footprint considerably. This, in turn, has been translating into reduced performance penalty at a competitive cost, which has been motivating lubricant manufacturers to enhance their production capacities so as to cater to the rising customer demand.
Cold Flow Improvers Market: Segmentation Analysis
The global cold flow improvers market is estimated to witness steady growth, owing to the rising demand from the increasing vehicle fleet, rapid industrialization and the aerospace industry.
As per the reports of OICA, global vehicle production was pegged to be 7.1% of the global vehicle fleet in 2017. Attributing to this, the demand for cold flow improvers is expected to remain high from the automotive segment during the forecast period.
Cold Flow Improvers Market: Regional Market Projections
From a regional perspective, the global cold flow improvers market is projected to be dominated by Europe throughout the forecast period. The Europe cold flow improvers market is expected to register a CAGR of around 5.1% during the forecast period. The North America market is anticipated to register a relatively higher CAGR during the forecast period. Europe, along with North America, is projected to register an attractive growth rate in the global cold flow improvers market during the assessment period. The MEA cold flow improvers market is at a mature stage and thus, is estimated to exhibit slow growth during the forecast period.
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Cold Flow Improvers Market: Competitive Landscape
Some of the players reported in this study on the global cold flow improvers 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.