Increased Understanding of Fossil Fuel Resources Scarcity and Environmental Concerns Has Contributed to the Discovery of Viable, Environmentally Sustainable Fuels Such as Biodiesel Which Is Driving the Growth of the Market.
Hyderabad, India - July 14, 2021 /MarketersMedia/ —
Cold Flow Improvers Market is forecast to reach $874.2 million by 2026, after growing at a CAGR of 5.4% during 2021-2026. The ability of cold flow improvers to prevent intermixing of fuel components is one of the driving forces behind the market's expansion. Another aspect that is estimated to fuel the market's growth is the use of cold flow improvers to increase the efficiency of fuel engines that work at low temperatures.
Cold flow improvers also increases biofuels, petroleum fuels, crude oils, and residual oil’s low-temperature handling properties, boosting the refinery's gross margins. Furthermore, rise in demand for electric cars and governments encouraging electric car adoption is projected to create hurdles for the cold flow improvers industry to expand during the predicted period.
Covid-19 Impact
The COVID-19 pandemic affected the sales of a large number of automotive and subsequently interrupted the manufacturing operation. Moreover the supply of cold flow improvers in import-dependent countries was also significantly affected due to the current trade disruptions.
Cold Flow Improvers Market Segment Analysis - By Type
Polyalkyl methacrylate segment held the largest share in the cold flow improvers market in 2020. Polyalkyl methacrylate is commonly used in the finished fuel and lubricating oil industries because it has wax deposition inhibition properties at low temperatures, which prevents wax crystal formation and deposition in heavy and light vehicle engines. Since, polyalkyl methacrylate are adaptable, it allows them to be blended with fuels like diesel and aviation fuel. Thus, due to which the demand for polyalkyl methacrylate is estimated to rise. With the growing usage of polyalkyl methacrylate, it is further estimated that the market will upsurge in the forecast period.
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Cold Flow Improvers Market Segment Analysis - By Application
Diesel fuel held the largest share in the cold flow improvers market in 2020. Increasing demand for diesel as a result of rapid economic growth in some countries has led to increased transportation and electricity requirements. Diesel is more effective, produces better results, and is safer than other combustible fuels. Its energy density is also higher than that of other liquid fuels. With such high demand, the pace at which vehicles are purchased is rapidly increasing.
Cold Flow Improvers Market Segment Analysis - By End Use Industry
The automotive sector held the largest share in the cold flow improvers market in 2020 and is projected to grow at a CAGR of 5% during the forecast period 2021-2026. The demand for cold flow improvers, which help lubrication additives meet low-temperature requirements for diesel fuels, has been directly influenced by the rise in automotive sales, that could lead to substantial growth in the cold flow improvers industry.
Cold Flow Improvers Market Segment Analysis - By Geography
Asia Pacific held the largest share with 40% in cold flow improvers market in 2020. The demand for cold flow improvers in this region is primarily driven by growth in end-use industries such as automotive and aerospace & defense, as well as increasing usage of polyalkyl methacrylate as cold flow improvers. Growing demand for automotive in the emerging economies, such as China, Japan, India, and South Korea is anticipated to drive the market in the upcoming years.
Cold Flow Improvers Market Drivers
Increasing Demand for Bio-based Diesel in Automotive Industry
Biodiesel increases the fuel's cetane number and boosts its lubricity. A higher cetane number indicates that the engine is easier to start and reduces ignition delay. To keep moving parts from wearing out prematurely, diesel engines depend on the lubricity of the fuel. Also, improved lubricity decreases friction between moving parts, resulting in less wear. Growing demand for bio-based diesel owing to the above mentioned properties would drive the demand for cold flow improvers in the upcoming years. Additionally, the main benefit of biodiesel is that it can increase the lubricity of the fuel even at 1% blend levels.
Growth from Aerospace and Defense Sector
The aviation industry makes extensive use of the cold flow improver since aircraft are often operating at sub-zero temperatures, where a fuel's flow properties cannot be maintained. As a result, additives and fuel are mixed together to preserve the fuel's flow properties at extremely low temperatures. Cold flow improvers (CFIs) operate by altering the crystallization of wax particles. Cold flow enhancers act as a nucleator and co-cristallizes through saturated hydrocarbon chains, when crystals grow, rearranging the wax crystal from plate-like to needle-like size and design.
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Cold Flow Improvers Market Challenges
Rising Demand for Electric Vehicles
Increasing demand for electric vehicles as an alternative fuel vehicle will act as a restraint for the growth of the cold flow improvers market. The rising demand for carbon emissions reduction and the production of more sophisticated and faster charging stations are expected to fuel the growth of electric vehicles and detain the use of fuel vehicles, affecting the demand for cold flow improvers.
Cold Flow Improvers Market Landscape
Major players in the cold improvers market are Chevron Oronite, Akzo Nobel N.V, Evonik Industries AG, Lubrizol Corporation, Clariant AG, BASF SE, Afton Chemicals, Innospec, Infineum International Limited, Baker Hughes, and among others.
Key Takeaways
The cold flow improvers market in Asia Pacific region was dominated by the flourishing automotive industry, which accelerated the demand for cold flow improvers in lubrication additives to improve proper ability to withstand low temperatures.
Increased understanding of fossil fuel resources scarcity and environmental concerns has contributed to the discovery of viable, environmentally sustainable fuels such as biodiesel which is driving the growth of the market.
Cold flow improvers are polymers or lubrication additives processed in pipelines and manufacturing units to manage wax formation. Thus owing to which they are commonly used in the lubrication and oil & gas end-use industries.
Related Reports :
A. Crude Oil Flow Improvers (COFI) Market
https://www.industryarc.com/Report/16488/crude-oil-flow-improvers-cofi-market.html
B. Cetane Improver Additives Market
https://www.industryarc.com/Report/18815/cetane-improver-additives-market
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Source URL: https://marketersmedia.com/cold-flow-improvers-market-forecast-to-reach-8742-million-by-2026/89036012
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Release ID: 89036012
