COVID-19 Impact on Heating Oil Additives Market

  • The global impact of the coronavirus pandemic was completely unpredicted. It has put the world economy in major distress. Demand for heating oil additives has also been negatively impacted. Relaxation in lockdowns is likely to improve the demand for heating oil additives in the near future. Thus, the heating oil additives is gradually estimated to expand to normalcy during the forecast period.

Key Drivers of Global Heating Oil Additives Market

  • Increase in demand for eco-friendly combustion of fuels is propelling the heating oil additives market, as they help enhance fuel standards, increase operational efficiency, and promote clean fuel trends. Furthermore, increase in awareness about the usage of green fuel is expected to drive the market.
  • Enactment of stringent governmental regulation to reduce greenhouse gas and carbon emission is likely to propel the global heating oil additives market. Europe and North America are the leading regions to impose these stringent regulation. This trend is expected to continue in others region, thereby driving the demand for heating oil additives in the near future. Heating oil additives provide advantages such as fuel stabilization, reduced sludge and contaminants, lower soot deposits, and unpleasant odor.

Global Heating Oil Additives Market: Segmentation

  • The global heating oil additives market can be segmented in terms of type, fuel type, and end-user
  • Based on type, the global market can be segmented into water controller, line & oil gun cleaner, heating oil stabilizer, biocide, and others. Water controller and line & oil gun cleaner segments are expected to lead the global market between 2021 and 2031.
  • In terms of fuel type, the global heating oil additives market can be classified into diesel, petrol, LPG, biodiesel, and others. Diesel and petrol segments are projected to expand at the maximum CAGR during the forecast period.
  • Based on end-user, the global heating oil additives market can be segregated into residential, commercial, and industrial. Residential and commercial are expected to expand at a significant pace in terms of demand during the forecast period.

Global Heating Oil Additives Market: Regional Segmentation

  • Based on region, the global heating oil additives market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific held major share of the global heating oil additives market in 2020. The market in the region is expected to expand at a significant rate during the forecast period, as countries such as China, Japan, and India witness high demand for heating oil additives in the automobile industry due to implementation of stringent environmental norms regarding automobile industry pollution in the region. In terms of consumption, China holds the major share of the market in the region. 
  • The market in North America is expected to expand at a significant CAGR during the forecast period. The U.S. is anticipated to lead the heating oil additives market in North America during the forecast period.
  • Europe is also estimated to be a key region of the global heating oil additives market, as governments of various countries in the region are imposing stringent laws and regulations in order to reduce carbon and greenhouse gases emission

Key Players Operating in Global Market

  • PeakOil
  • Yorkshire Oils Ltd
  • Industrial Sustainability Group
  • HomeFuels Direct Ltd
  • CPS Fuels
  • Bell Performance, Inc.
  • Afton Chemical
  • ERC Emissions-Reduzierungs-Concepte GmbH

Global Heating Oil Additives Market: Research Scope

Global Heating Oil Additives Market, by Type

  • Water Controller
  • Line & Oil Gun Cleaner
  • Heating Oil Stabilizer
  • Biocide
  • Others

Global Heating Oil Additives Market, by Fuel Type

  • Diesel
  • Petrol
  • LPG
  • Biodiesel
  • Others

Global Heating Oil Additives Market, by End-user

  • Residential
  • Commercial
  • Industrial

Global Heating Oil Additives Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Heating Oil Additives: Introduction

  • Heating oil additives are designed to protect heating systems from fuel-related failures. They also help improve system cleanliness and efficiency.
  • The need for heating oil additives has been rising due the changes to fuel specifications including reduction of sulfur and carbon dioxide content. This has resulted in an increase in heating oil system operating issues. Heating oil additives play a vital role in resolving these issues. Therefore, many companies are investing more in R&D as well as production of heating oil additives.

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Heating Oil Additives Market