Fuel additives market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2019 to 2025.
Market Outline: Fuel Additives Market
The fuel additives enhance the performance of engine for flexible use of vehicles. In seasonal variations, problems of fuel freezing, anti-knocking, corrosion is observed in the vehicles. The need for the fuel additives increased the demand in the application industries. Fuel additives should be used in small concentrations only. It is available in small ppm and several thousand ppm. The additives used should not affect other fuel components and quality of fuel. Fuel additives functions as Anti freezing agents, Anti Knocking agents, Anti- Oxidants, biocides, Anti valve additives and so on.
Market Dynamics: Fuel Additives Market
Fuel additives aid in minimizing emissions and enhancing the performance of the vehicle. Environmental concerns related to depletion of resources are creating considerable demand for fuel additives. Subsequently, public health concerns and environmental effects of the additives also come into consideration. As a result, the US Environmental Protection Agency (EPA) enacted Clean Air Act, focusing on the impacts of the fuel additives (both gasoline and diesel), which mandates the registration of fuel additives used in the automotive industry. Governments across the globe are also currently focusing on enhancing fuel economy as per the Corporate Average Fuel Economy (CAFE) standards. Such a shift in focus has further increased the importance of fuel additives. However, growing development of hybrid engines, as well as plug-in electric vehicles in developed economies are acting as hurdles for the growth of the diesel fuel additives market.
Market Scope: Fuel Additives Market
Fuel additives market is segmented based on product type, application, and end user
Based on product type, market is segmented into the following:
- Deposit Control Additives
- Cetane Improvers
- Dyes & Markers
- Lubricity Improvers
- Cold flow Improvers
- Stability Improvers
- Corrosion Inhibitors
- Octane Improvers
Based on the application, market is segmented into the following:
Regional Analysis: Fuel Additives Market
Geographically, fuel additives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America region is growing at a healthy rate, owing to the increasing government regulations on emissions, along with increasing investments in the development of newer additives. Gasoline fuel additives have been one of the most dynamic segments of the industry in the past decade and will continue to offer opportunities, especially, for better performing products. Additionally, fuel ethanol is the most excessively used fuel additive in the United States. Growing demand for fuel additives, abundant availability of biomass feedstock used for production of biofuels and mandates issued by the US Environment Protection Agency (EPA) on biofuels consumption are anticipated to drive the demand for fuel additives in the United States.
Competition Assessment: Fuel Additives Market
Some of the players in the fuel additives market include:
- BASF SE
- Afton Chemical Corporation
- Chevron Corporation
- Evonik Industries
Notable Market Developments: Fuel Additives Market
- In November 2017 – Agreement between Eni SpA and major car manufacturer FCA to reduce CO2 emissions