The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Cold flow improvers are mostly sought after for their ability to avoid wax formation in process units and pipelines when fuel temperature lowers, especially in industries that depend on lubricants and oil & gas sectors. According to a new report on global cold flow improvers market published by Persistence Market Research (PMR), the market is estimated to witness a year on year (Y-o-Y) revenue growth of 4.6%, projecting to attain one billion dollar mark in 2019. The global consumption of cold flow improvers has been envisaged to surpass 300,000 tons in terms of volume by 2019-end.
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North America to Represent Higher Y-o-Y Growth than Europe in Cold Flow Improvers Market
While Europe continues to maintain its dominance in the cold flow improvers market with an estimated volume of over 116,000 tons by 2019-end, North America is anticipated to record a higher year on year value growth of more than 5% each year following 2019.
Europe’s strong automotive industry, which is projected to cross a value of US$ 260 million in 2019, may directly impact the growth of cold flow improvers market in the region. Moreover, Europe is anticipated to account for 40% share of cold flow improvers market in the automotive segment over the forecast period.
Among end-use industries, automotive sector is likely to contribute a revenue of more than US$ 260 million to the cold flow improvers market. Increasing automotive production and sales worldwide has been accelerating the demand for lubricant additives, which is subsequently pushing the growth of cold flow improvers market. Global sales of cold flow improvers is likely to gain speedy momentum in the coming years, with consumer shift toward premium quality lubricant additives for better engine performance.
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Cold Flow Improvers Market Players Eye China as Highly Lucrative Country
China, the world’s leading automobile producer, is anticipated to present lucrative opportunities for key players operating in the cold flow improvers market who are focusing on improving their foothold in the emerging economies. Growing net vehicle parc and expanding fleet size are likely to be the demand driving determinants of cold flow improvers in China. Growth of China cold flow improvers market can also be attributed to significant economic growth along with robust development in the aviation infrastructure.
Besides automotive sector, aviation industry is drastically thriving in China on the account of most favored low-cost business model which may be highly impactful to growth of various markets associated with airline fuels and lubricant additives including cold flow improvers market.
Polyacrylate to Reign Supreme in the Cold Flow Improvers Market
Accounting for over 31% revenue share of cold flow improvers market by product type, polyacrylate is expected to maintain its supremacy throughout the forecast period. In terms of volume, total consumption of polyacrylate in Europe is foreseen to cross 38,000 tons in 2019, while North America takes the second position with consumption of more than 30,000 tons in the same year.
Regional Players to Hold Significant Revenue Share in Cold Flow Improvers Market
Nature of the global cold flow improvers market is projected to be moderately consolidated, with regional or local players collectively accounting for value share ranging from 40 to 45%. This is followed by the leading companies operating in the manufacturing of cold flow improvers which are anticipated to register collective market revenue share within the range of 30-35%. Owing to their strong regional presence, local players will account for relatively high share compared to leading players in the global cold flow improvers market.
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- 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
- ADCO Global Inc.
- AICELLO CHEMICAL CO. LTD
- ACE Geosynthetics Enterprise Co., Ltd.
- International Fuel Technology, Inc.
- Chemtura Corporation
- Cerion Energy Inc.