#FuelAdditivesMarket
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Fuel Additives Market May See a Big Move by 2028
The report on the Fuel Additives Market published by Stratview Research covers in depth details associated with the Fuel Additives Market.
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The Fuel Additives Market is likely to witness a CAGR of 8.8% during the forecast period. The prime factors that are driving the Fuel Additives Market is its superior thermal conductivity property leading to its wide usage in a wide array of industries.
Key Players
The following are the key players in the Fuel Additives Market:
Afton Chemical Corporation
Innospec Inc.
The Lubrizol Corporation
BASF SE
Infinieum Limited
Evonik Industries AG
Chevron Oronite Company LLC
Lanxess
Dorf Ketal Chemicals
Cummins Inc.
Cerion LLC.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Fuel Additives Market value and growth drivers over the trend period of 2022-27. According to the report -
Fuel Additives Market is likely to witness a modest CAGR of 3.4% during the forecast period. Mounting sales of automobiles worldwide, launch of improved products, increasing demand for performance products, growing awareness towards benefits of fuel additives, imposition of emission norms by governments are some of the key factors driving the market growth of the industry.
Segment Analysis:
Based on Additive Type:
Based on the additive type, the market is segmented as deposit control, dyes & markers, cetane improvers, lubricity improvers, cold flow improvers, octane improvers, corrosion inhibitors, stability improvers, anti-icing, and others. The deposit control segment held the largest share of the market in 2021, and is expected to register a moderate CAGR during the forecast period. The extensive use of deposit control additives in various applications is driving the growth of this segment.
Based on Region:
In terms of regions, North America is estimated to be the largest as well as fastest-growing fuel additives market during the forecast period, with the US being the largest fuel additive consumer in the region. The country is one of the matured markets for fuel additives. The high regulation of the Environmental Protection Agency (EPA) plays a major role in the commercialization of fuel additive products in the region.
Critical Questions Answered in the Report
What are the key trends in the Fuel Additives Market?
How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
What is the impact of COVID-19 on Fuel Additives Market?
What are the key strategies adopted by the major vendors to lead in the Fuel Additives Market?
What is the market share of the top vendors?
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Global Fuel Additives Market to Register a CAGR of 8.30% over 2015 to 2023 Owing to Growth Within Automotive Sector
The global fuel additives market exhibits a moderately consolidated competitive landscape wherein the top three companies held 28.50% of the total market share in 2014. Afton Chemical Corporation, Innospec, and The Lubrizol Corporation are these top three players, and they have established commendable reckon across the market. Other players who have established themselves in the market include BASF, Chevron Oronite, Nalco, Clariant, and Infineum. Amongst these, BASF has been the primary resort for customers who want to improve the fuel performance because the company offers additives that are supremely better than the products of other companies. Furthermore, Afton Chemical Corporation has specialized in providing products for lubrication, cold flow improvement, diesel fuel, and gasoline performance. Since the market is closely aligned with the fuel industry, the market players have to be wary of the requirements of petroleum and gas manufacturers. Moreover, in order to maintain a continuous flow of demand, the vendors shall have a high level of penetration into the fuel industry to captivate the buyers. The voluminous investment required to start a new venture has restricted the entry of new players.
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A report published by TMR foretells key figures with regards to the growth of the global market for fuel additives over the coming years. It is estimated that the market’s CAGR for the period between 2015 and 2023 would settle at a robust figure of 8.30%. The market value is projected to escalate from US$1.62 bn in 2016 to US$2.64 bn by the end of 2023. The market in North America has attained supremacy over other regional segments primarily due to the high awareness levels of the masses about the benefits of fuel additives.
Need for Fuel Efficiency to Expand Market
Optimizing the efficiency of fuel engines serves several benefits such as reduced costs, better running of vehicles and other machines, and increased life of the engine. Hence, the demand for fuel additives that can enhance the quality of the fuel is expected to escalate to unprecedented levels in the coming years. Fuel efficiency is one of the most major concerns of the automotive industry which is gradually becoming the largest propeller of market demand. The deposits along fuel lines often choke the injector nozzle and reduce the efficiency of the engine. To curb this, the government has imposed strict regulations on the automotive industry to prevent the formation of deposits along fuel lines. Hence, the market for fuel additives is expected to reap tremendous demand over the coming years.
Use of Ultra-Low Sulfate Diesel Escalates Demand
Ultra-low sulfur diesel has become very popular across the automotive industry, thus, increasing its usage by the consumers. ULTD is an extremely clean diesel fuel that is estimated to have 97% lower sulfur than the previous low-sulfur diesel (LSD) type. Since ULTD requires fuel additives in abundance to function properly, the market is expected to expand at a robust rate over the coming years. However, low demand for high-end gasoline and lack of awareness amongst customers is expected to hamper market growth. Furthermore, the heavy cost of research and development for fuel additives also poses a threat to market growth.
The review is based on a market research report by TMR titled, “Fuel Additives (Deposit Control Additives, Cetane Improvers, Antioxidants, Stability Improvers, Lubricity Improvers, Corrosion Inhibitors, Cold Flow Improvers, and Others) Market for Gasoline, Diesel, Aviation Fuels, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023”.
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Fuel Additives Market is Anticipated to Gain Moderate CAGR by 2027
Stratview Research delivers key insights on the global Fuel Additives Market. According to Stratview Research, the market is estimated to grow at a decent CAGR of 5.1% during the forecast period to reach a value of US$ 310 Million in 2027.
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The present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.
Key Players
The following are some of the key players in the Fuel Additives Market:
Afton Chemical Corporation
Innospec Inc.
The Lubrizol Corporation
BASF SE
Infinieum Limited
Evonik Industries AG
Chevron Oronite Company LLC
Lanxess
Dorf Ketal Chemicals
Cummins Inc.
Cerion LLC.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Fuel Additives Market value and growth drivers over the trend period of 2022-27. According to the report -
Fuel Additives Market is likely to witness a modest CAGR of 3.4% during the forecast period. Mounting sales of automobiles worldwide, launch of improved products, increasing demand for performance products, growing awareness towards benefits of fuel additives, imposition of emission norms by governments are some of the key factors driving the market growth of the industry.
Segment Analysis:
Based on Additive Type:
Based on the additive type, the market is segmented as deposit control, dyes & markers, cetane improvers, lubricity improvers, cold flow improvers, octane improvers, corrosion inhibitors, stability improvers, anti-icing, and others. The deposit control segment held the largest share of the market in 2021, and is expected to register a moderate CAGR during the forecast period. The extensive use of deposit control additives in various applications is driving the growth of this segment.
Based on Region:
In terms of regions, North America is estimated to be the largest as well as fastest-growing fuel additives market during the forecast period, with the US being the largest fuel additive consumer in the region. The country is one of the matured markets for fuel additives. The high regulation of the Environmental Protection Agency (EPA) plays a major role in the commercialization of fuel additive products in the region.
Know more about the report, click here
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
What is the global demand for Fuel Additives Market in terms of revenue?
Which are the prominent players in the market?
At what CAGR is the market projected to grow within the forecast period?
What are the driving factors fuelling the growth of the market?
Which region accounted for the largest share in the market?
How did the Covid19 impacted the market?
How long will it take to recover from the Covid impact?
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