Transparent Market Research (TMR) report illustrates the competitive and distributed market, with major players scattered across the global aftermarket fuel additives market. These players include Chevron Corporation, Evonik Company, Afton Chemical Corporation, Lubrizol Corporation, and Total SA. These noteworthy players are at forefront to deliver improvised quality products to end consumers owing to deliver an efficient performance of vehicles. They are expected introduce nano technology to produce improved products in global aftermarket fuel additives and compete to capture the competitive market.
The Global aftermarket fuel additives market is expected to be fuelled by the regulations limiting vehicular emission. Increased vehicular traffic and rising emission has led the government to take this regulatory step, driving the market to push towards substantial growth during the forecast period. This can act as a boon for the environment in the automotive and fuel market. The global aftermarket fuel additives market is gearing up to witness the growth rate at CAGR of 7.2% during the forecast period 2018 to 2026. Furthermore, if the expected figure holds true, the global aftermarket fuel additives market shall become worth US$1,167million during the forecast period 2018 to 2026. The global aftermarket fuel additive market held a market share worth US$628.64 million in 2016.
The global aftermarket fuel additive is segmented into types of commercial vehicles such as heavy and light vehicles. In terms of region, North America and Europe held a major share on the global aftermarket fuel additives market in 2016. During the forecast period Asia pacific is projected to witness a robust growth owing to ongoing fast paced economic development. The market in this region will also expand due to increasing regulations to control emissions.
Improved Engine Performance to Nudge the Growth
Aftermarket fuel additives offer an array of benefits to automotive and oil and gas sector. The global aftermarket fuel additives is a multifunctional in nature. Therefore, there’s an ample potential for this market to witness astounding growth during the forecast period.
Increased performances including gasoline and diesel fuel drives the global aftermarket fuel additive market. This shall undoubtedly improve the engine performance and address issues such as poor drivability, lost fuel economy. Excessive emission from vehicles are also taken care of when the engine performs efficiently. Better engine provides better mileage for vehicles. This in turn provides value additions to the vehicles in automotive sector, and expand in the global aftermarket fuel additives market.
Biofuel Demand to Drive Growth
Demand for fuel additives are continuously growing due to the number of benefits they offer. Increased demand for biofuel owing to reduced cost of maintenance will thrust the market growth. These aftermarket fuel additives shall be made available in giant automotive stores, ecommerce platforms, and gas refilling stations. Biofuel also improves the life span of a vehicle as well. There’s expected to be an ever growing demand world-wide during the forecast period
Stringent regulations on safeguarding the environment and need for sustainable methods to control the global warming due to emission will push the global aftermarket fuel additive market
The only obstacle that is projected for the global aftermarket for fuel additive is non availability of these to retail outlets and poor awareness amongst the larger audience. However, rising demand in automotive and oil and gas industry will inflate the global aftermarket fuel additives market during the forecast period 2018 to 2016 to new levels.
The above review is based on a TMR report, titled, (Product Type - Octane Booster, Cetane Improver, Corrosion Inhibitor, Antioxidants, Deposit Control, Cold Flow Improver, Combustion Improver, Anti-icing, Dehazer/Demulsifier, and Biocide; Fuel Type - Gasoline and Diesel; End-user - Automotive (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) and Oil & Gas) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026
The global aftermarket fuel additives market is segmented as follows:
- Octane Booster
- Cetane Improver
- Corrosion Inhibitor
- Deposit Control
- Cold Flow Improver
- Combustion Improver
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Oil & Gas
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Rest of South America
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