“Stringent governmental regulations are expected to drive the fuel additives market.”
The fuel additives market is projected to reach USD 8.7 billion by 2023, at a CAGR of 3.1% between 2018 and 2023. The fuel additives market is largely driven by stringent government regulations in developed countries. Governments all over the world are imposing stringent environmental regulations to address growing concerns about the harmful effects of greenhouse gas (GHG) emissions. On the other hand, the rise in demand for alternate fuels is restraining the market.
“The lubricity improvers segment is expected to be the fastest-growing type of fuel additives, in terms of value, between 2018 and 2023.”
The lubricity improvers segment is expected to witness the highest growth, in terms of value, during the forecast period. The increasing government regulations regarding fuel emissions are mandating manufacturers to reduce sulfur levels in fuel. Due to the reduced sulfur content, the lubricity of fuel decreases. This, in turn, is driving the consumption of lubricity improvers. Moreover, there is an increase in the use of lubricity improvers for the longevity of engine life and better fuel efficiency.
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“Diesel is estimated to account for the largest share of the overall fuel additives market, in terms of value, between 2018 and 2023.”
The market for diesel fuel additives has been driven by the developing economies of APAC. North America, and Europe that are now focusing on the use of ULSD, which has higher dosing of additives than normal diesel.
The global diesel consumption is expected to increase during the forecast period, and the quantity of additives used is likely to increase to meet stringent environmental norms. This is expected to drive the market between 2018 and 2023.
“APAC is expected to be the fastest-growing fuel additives market during the forecast period.”
The APAC fuel additives market is estimated to witness considerable growth during the forecast period. The fuel additives market in APAC is projected to register the highest CAGR, in terms of volume, during the forecast period. The rising awareness regarding the advantages of fuel additives plays a key role in the growth of the market in the region. The increasing emission norms in developing countries, including China and India are expected to drive the fuel additives market during the forecast period.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted. :
- By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
- By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%
- By Region: North America - 33%, Europe - 27%, APAC - 27%, South America - 7%, Middle East & Africa - 6%,
The key players profiled in the report include Afton Chemical Corporation (US), Innospec Inc. (US), The Lubrizol Corporation (US), BASF SE (Germany), Infinieum Limited (UK), Evonik Industries AG (Germany), Chevron Oronite Company LLC (US), Lanxess (Germany), Dorf Ketal Chemicals (India), Cummins Inc. (US), and Cerion LLC (US).
This report segments the market for fuel additives on the basis of type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and acquisitions associated with the market for fuel additives.
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This research report is focused on various levels of analysis ? industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the fuel additives market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on fuel additives offered by top players in the global market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the fuel additives market
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for fuel additives across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global fuel additives market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the fuel additives market