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Marine fuel additives are chemical treatment solutions added to a marine vessel’s existing fuel in order to improve its quality, efficiency, and performance. They are extensively employed due to their ability to enhance the life of marine engines as well as to reduce the cost of operating marine vessels. These two factors are key drivers of the marine fuel additives market. Furthermore, an emerging and strong factor for the increased usage of such additives is the need to curb environmental emissions of the marine industry.

However, the most important reason for the utilization of marine fuel additives is the variable quality of marine fuel itself. The quality of marine fuel depends largely on the location of purchase and the type of trader, i.e., an oil company or an independent supplier. In many cases, the marine fuel is a blend of different available stocks. In such cases, while the fuel may meet the vessel’s ISO specification, it is still unlikely to suit the requirement of the ship’s engine.

The modification of the chemical properties of marine fuels is the most commonly employed method of improving the quality of the marine fuel, and this modification is done by utilizing marine fuel additives. These additives can be segmented on the basis of type: Pre-combustion, combustion, and post-combustion. The pre-combustion marine fuel additives have been designed for residual fuel stabilization. These additives prevent asphaltene agglomeration that usually leads to sludge formation in tanks and fuel systems by allowing the blending of light and heavy components of the marine fuel. The combustion marine fuel additives primarily help in burning-up the available carbon in every fuel droplet in a shorter amount of time. They not only ensure a more complete combustion, but also reduce the buildup of sooty deposits. Post-combustion marine fuel additives primarily effect the ash material found in fuels, apart from also effecting the melting temperatures of various compounds created during combustion. They primarily prevent ash and other compounds from attaching themselves to the engine or the exhaust gas boiler.

In terms of fuel type, the marine fuel additives market can be segmented into diesel, gasoline, and others. Currently, gasoline is the most commonly employed marine fuel, especially HFO, i.e. heavy fuel oil. The diesel fuel segment held a limited share of the market. The others fuel type, which includes marine fuels such as marine gas oil (MGO), held a lesser share of the market as compared to the diesel fuel type segment. However, the market share held by the others marine fuel segment is estimated to increase during the forecast period, and hence along with it, the demand for marine fuel additives in the others fuel type segment is also likely to increase.

Based on the function of the marine fuel additives, its market can be segmented into deposit control, anti-oxidant, corrosion prevention, lubricity and CETANE improvers, and others. The most common function of the additives is to prevent deposition of unnecessary materials and compounds as well as to prevent corrosion. The usage of marine fuel additives as antioxidants is also very important and occupies a considerable share in the market.

In terms of region, the global marine fuel additives market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America and Europe have strict emissions and fuel cleanliness regulations in place, which drives the marine fuel additives market. Middle East & Africa witnesses a good shipping demand, thereby driving the marine fuel additives market. Comparatively, Asia Pacific and Latin America are relatively weak markets for marine fuel additives. However, given that these additives are an essential requirement in the marine industry, the global marine fuel additives market is expected to witness stable growth during the forecast period.

Key players orperating in the global marine fuel additives market include Biobor Fuel Additives, West Marine, Lubrizol Corporation, Innospec, BASF SE, Chevron Oronite Company LLC, Afton Chemical Corporation, Albemarle, Chemtura Corporation, Baker Hughes, The Dow Chemical Company, Evonik Industries, and NALCO Champion.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Marine Fuel Additives Market

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