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Published Date: 2016-03-18Number of Pages: 271

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

Global Fuel Additives Market: Snapshot

A large number of consumers today are aware of the benefits of fuel additives, especially in North America and Europe. This has spurred the demand for fuel additives in these regions. In an earlier report by ATC Europe, over 95% of the fuel made available in the EU-28 region is usually treated with fuel additives. A similarly high proportion of fuel additives is also used by the North American refineries in order to meet the stringent emission standards.

In comparison, Latin America and Asia Pacific hold much more lenient regulatory action against higher emissions and the necessity to treat fuel. This is expected to change in the coming years, as emission standards are being consolidated due to climate control issues and the reduction in air quality. As a result, the penetration of fuel additives manufacturers in these regions over the coming years will prove to be highly beneficial to this market.

Apart from the lack of regulatory pressure, other problems that fuel additive manufacturers are facing currently include the high price of the additives. This will especially continue to be a problem in developing economies where price sensitivity is higher for more consumers. At the same time, there are multiple alternative fuels available that can completely negate the need for the current lineup of fuel additives.

Overall, the global market for fuel additives is expected to reach US$2.64 bn by the end of 2023. It is expected reach US$1.62 bn by the end of 2016 and progress at a CAGR of 8.3% from 2015 to 2023.

Low Global Penetration of Fuel Additives Outside North America Put This Region in Lead

North America holds a substantial lead in the consumption rate of fuel additives when compared to other key regions. By the end of 2023, North America is expected to accrue US$3.93 bn in fuel additives. The two key reasons facilitating this high consumption rate are the higher level of awareness and extremely stringent emission standards and regulations. One of the key reasons spurring an increase in the demand for fuel additives is the growing consumption of ultra-low-sulfur diesel. This diesel variant gives out very low emissions but requires a larger proportion of fuel additives to function as desired.

While the consumption levels of fuel additives in Europe and Asia Pacific have been relatively equal, Asia Pacific is expected to overtake Europe owing to a much higher demand surge that will occur in this region. With emission standards being taken more seriously in this region, a higher market penetration is possible for the manufacturers of fuel additives.

Deposit Control Additives Leading in Consumption

Reducing the rate of deposits formed along the fuel lines of vehicles is one of the more efficient ways to curb overconsumption of fuel. These deposits can end up choking the injector nozzles, thereby reducing the efficiency with which the engine uses fuel. The automotive industry considers this as a core problem in fuel consumption rates and has been followed up by government bodies. As a result of the strict regulatory pressure to reduce the formation of deposits, deposit control fuel additives are used in a much higher quantity. By the end of 2023, the revenue generated through fuel additives is expected to reach US$1.20 bn.

The key producers of fuel additives in the world currently include Innospec, Afton Chemical Corporation, The Lubrizol Corporation, BASF SE, and Evonik Industries AG.

The report analyzes and forecasts the fuel additives market on the global and regional level. The study provides historical data for 2014 along with the forecast from 2015 to 2023 based on volume (kilo tons) and revenue (US$ Mn). The report provides a decisive view of the fuel additives market by segmenting it in terms of product, application, and region. 

This report provides detailed industry analysis of the fuel additives market. Industry analysis includes product information and applications that it serves along with its function. Fuel emission standards in some key regions and countries are also included to help understand the market dynamics. We have included detailed value chain analysis of the fuel additives market to provide a comprehensive view of the fuel additives market. The analysis of value chain includes information such as integration in the market, distribution channels, and end-user industries. The study also comprises drivers and restraints of the fuel additives market and their impact on demand during the forecast period. The report also analyzes the opportunities in the fuel additives market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through qualitative and quantitative information. These factors have been verified through primary and secondary resources. 

The report includes Porter’s Five Forces Analysis that describes the competitiveness in the fuel additives market. The study comprises market attractiveness analysis, which has been benchmarked based on market size, compound annual growth rate (CAGR), general attractiveness, and company market share. We have also incorporated company market share analysis to provide detailed analysis of the market. 

The study provides a decisive view of the fuel additives market by segmenting it on the basis of product and application. Product and application segments have been analyzed based on current and future trends, and the market has been estimated from 2015 to 2023 in terms of volume (kilo tons) and revenue (US$ Mn). Regional segmentation includes current and forecast demand for fuel additives in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. It also includes demand for individual products and applications in major countries in the respective regions. 

The report provides detailed competitive outlook that includes profiles of Afton Chemical Corporation, Akzo Nobel N.V., Baker Hughes Incorporated, BASF SE, Chemtura Corporation, Evonik Industries AG, Huntsman Corporation LLC, Innospec, Petroliam Nasional Berhad (PETRONAS), The Dow Chemical Company, The Lubrizol Corporation, and Total S.A. Company profiles include attributes such as company overview, brand/product portfolio, financial overview, business strategy, and key/recent developments related to the market. 

Constant currency rates have been considered while forecasting the market. Prices of fuel additives by product vary in each region. Hence, a similar volume-to-revenue ratio does not follow for each individual region. Regional average price has been considered while breaking down the market by product segment and application in each region. Models and estimates have been used to produce comprehensive datasets where hard data was not available. We have used the bottom-up approach by considering product and application segments, and integrating them to arrive at the global market. Products and applications have been further divided using the top-down approach to derive the consumption of fuel additives in the regional market. 

We conducted in-depth interviews and discussions with a wide range of key industry participants and opinion leaders to compile this research report. Primary research represented the bulk of research efforts, supplemented by an extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities. 

The global fuel additives market has been segmented into:

Fuel Additives Market – Product Analysis

  • Deposit control additives
  • Cetane improvers
  • Antioxidants
    • Amines
    • Hindered phenols
    • Others (mixture of alkyl phenols and aromatic diamines)
  • Stability improvers
  • Lubricity improvers
  • Corrosion inhibitors
  • Cold flow improvers
  • Others (Including dyes and markers, metal deactivators, fuel dehazers, etc.)

Fuel Additives Market – Application Analysis

  • Gasoline
  • Diesel
  • Aviation fuel
  • Others (Including heating oils, etc.)

Fuel Additives Market – Regional Analysis

  • North America
    • U.S.
    • Rest of North America
  • Europe
    • U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of Middle East & Africa


 
 
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