Global Fuel Additives Market is estimated to reach USD 9.7 Billion by 2027 at a CAGR of 3.2 %.
FUEL ADDITIVES MARKET: Summary
The Global Fuel Additives Market is estimated to reach USD 9.7 Billion by 2027 at a CAGR of 3.2 %.
Fuel additives are compounds formulated to enhance the efficiency and quality of fuel used in vehicles. They are largely associated with additives to oil-based fuels and gasoline which helps in environmental protection, increasing mileage, and curbing emission. Fuel additives are added to fuels in the various application helps to improve the fuel properties, while engines without fuel additives would struggle to withstand the stresses and strains of modern engines and may even cause them irreparable damage. Additionally, weak acceleration, rough idling, stalling, and stumbling problems can be avoided by using fuel additives.
FUEL ADDITIVES MARKET: Drivers & Restraints
Market Drivers:
- Stringent Government Regulation
According to the Environmental Protection Agency, the transportation sector generates a 29% share of total U.S. greenhouse emissions which primarily comes from the burning of fossil fuel for vehicles. Fuel additives increase the efficiency of the combustion process and allowing soot to burn at a lower temperature which leads increase in fuel efficiency thus as a result in reducing the CO2 emissions. Governments across the globe are imposing stringent regulations for reducing the emission of greenhouse gasses. For instance, the Environmental Protection Agency has published a set of norms for fuel and fuel additives in order to reduce the emission. Additionally, the European Union’s Directive 2009/30/EC to use metallic additive in fuel for a purpose to reduce the emission. Thus, growing stringent government regulations to reduce GHG emissions has expected to boost the growth of the market during the forecasted period.
- Increasing demand from Automotive Industry
According to OICA, in 2018 the global sales of automotive vehicles were 95 million units and are expected to increase in the coming years owing to infrastructure development across the globe. The automotive industry is one of the major sectors consuming fuels. Fuel additives in the automotive industry are used for increasing fuel efficiency, increase mileage and other properties of the vehicles playing an important role in automotive vehicles. With an increase in automotive sales, the demand for fuel additive will increase boosting the demand for the market during the forecasted period.
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Market Restraint:
- Huge Investment in Research & Development Activities
Innovation is an ongoing process for fuel additives which is driven by the legislation which changes the specification of fuels or demand for use of higher quality of fuel. For instance, the reduction of Sulfur content in middle distillate fuel has led the need to develop lubricity additives to protect diesel injector pumps. However, the development of new fuel additives to satisfy the current and future demand incurs significant cost. While developing fuel additives, expensive engine testing or vehicle demonstration trials are often needed. Additionally, a considerable number of a laboratory test is required to support the new development, and carrying these processes has is associated with a huge cost. Thus, huge costs incurred in research and development of new products may hinder the growth of the product market.
FUEL ADDITIVES Market: Key segments
- Based on Type: Oxygenates, Ethers, Antiknock Agents, Fuel Dyes, Corrosion Inhibitors, and Others
- Based on Application: Gasoline, Diesel, Marine Fuel, Aviation Fuel, and Others
- Key Regions Covered: North America, Asia-Pacific, Europe, Middle East & Africa and South America, with individual country-level analysis.
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FUEL ADDITIVES Market: Report SCOPE
The report on the fuel additives market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features
Specifics
Historical/Estimated/Forecasted Market Size Years
2019–2027
Base Year for Market Calculation
2019
Forecasted Period
2020–2027 (2020 estimated year, forecasted up to 2027)
Measured Units
Value (USD Million), Volume (Kiloton)
Segments Included
Type and Application
Regional Coverage
North America, Asia-Pacific, Europe, Middle East & Africa, and South America
KEY Companies Covered
- Exxon Mobil Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- BASF SE
- Evonik Industries AG
- Chevron Corporation.
- The Lubrizol Corporation
- Afton Chemical
- Innospec
- Dow
- Royal Dutch Shell
- Dorf Ketal Chemicals (I) Pvt. Ltd.
- LANXESS
- Othser Key Companies
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FUEL ADDITIVES Market: report segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Fuel Additives Market, by Type
- Oxygenates
- Ethers
- Antiknock Agents
- Fuel Dyes
- Corrosion Inhibitors
- Others
Fuel Additives Market, by Application
- Gasoline
- Diesel
- Aviation Fuel
- Marine Fuel
- Others
Fuel Additives Market, by Region
- North America
- US
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Content
1 Introduction
2 Research Design & Scope
3 Executive Summary
4 Market Dynamics
5 Industry Trends — Porters Five Forces Analysis
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