The fuel additives market size is estimated to be USD 6.0 billion in 2021 and is projected to reach USD 7.1 billion by 2026, at a CAGR of 3.4% between 2021 and 2026. Factor such as stringent regulatory environment will drive the fuel additives market. Growth in demand for hybrid vehicles and increasing battery price parity is the major restraints. However, increasing demand for ultra-low sulfur diesel (ULSD) will act as an opportunity for the market.
Deposit control additives is estimated to be the largest type of fuel additives market in 2020
Deposit control additives are majorly used to prevent low accumulation for engines to be more efficient and produce low emissions, hence, improving the performance of the engine. Currently, the use of deposit control additives in gasoline is a major contributor to rising additives consumption because of the demand for more efficient fuel for modern engines. Gasoline Direct Injection (GDI) systems have become the standard in new high-performance vehicles with internal combustion engines. In contrast to traditional port injection fuel delivery systems, GDI engines have injectors placed directly inside the combustion chamber, which provides improved combustion, better fuel mileage, enhanced performance, and lower vehicle emissions. However, GDI engines are prone to carbon deposit build-up on intake valves because the gasoline is directly injected into the cylinder. This requires the use of higher amounts of deposit control additives.
Diesel was the second largest application for fuel additives market in 2020”
The fuel additives market size for diesel applications accounted for the largest share of global fuel additives, in terms of value, in 2020 this was led by the demand from the automotives industry.
The market for diesel fuel additives has been driven by the developing economies of APAC. North America and Europe are embarking 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 is likely to increase to meet stringent environmental norms.
“APAC is estimated to be the largest fuel additives market in 2020, in terms of volume.”
APAC is one of the most crucial markets of fuel additives. This is basically led by the demand of fuel additives from various end use industries in China, Japan, India, South Korea and Australia. These countries have major companies related to automotive, power generation, construction, in this region. China dominates the fuel additives market in APAC. The growing automotive industry in the major economies is the main driver for the fuel additives market.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted.
A breakdown of the profiles of the primary interviewees are as follows:
- By Company Type: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%
- By Designation: C-Level - 21%, Director Level - 23%, and Others - 56%
- By Region: North America - 41%, Europe - 30%, APAC - 18%, Middle East & Africa - 7%, and South America - 4%
The key market players profiled in the report include Afton Chemical Corporation (US), The Lubrizol Corporation (US), Innospec Inc. (US), BASF SE (Germany), Evonik Industries AG (Germany), LANXESS AG, Chevron Oronite Company LLC (US), Dorf Ketal Chemicals (US), Infineum International Limited (UK), Cummins Inc.(US), Total SA (France), Baker Hughes (US), Clariant AG(Switzerland), Croda International PLC (UK), ENI SPA (Italy), Chempoint Solutions Company (US), Solvay S.A.(Belgium), Huntsman Corporation(US), The Dow Chemical Corporation (US), Eastman Chemical Corporation (US), Petroleum Logistics(US), Iftex Oil & Chemicals Ltd.(India), Eastern Petroleum(India), Lucas Oil Products Inc.(US) and Lubricant Engineers (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 mergers & acquisition 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 fuel additives market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities 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
- Impact of COVID-19 on fuel additives market