Published On: Jul 06, 2017
As per the findings of a recent report by Transparency Market Research (TMR), the global fuel additives market is moderately consolidated in nature, with top three companies reserving 28.5% of the global shares in 2014. These three companies were Afton Chemical Corporation, The Lubrizol Corporation, and Innospec. Some of the other key vendors operating in the fuel additives market identified by the report are BASF, Clariant, Chevron Oronite, Infineum, and Nalco. While BASF is the leading fuel performance packages provider, Afton Chemical Corporation attains its superior position because of its offers of gasoline performance additives, lubricity, diesel fuel additives, and cold flow improvers.
As per the projections of the TMR report, the demand in the global fuel additives market will increment at a robust CAGR of 8.3% during the forecast period of 2015 to 2023, reaching a valuation of US$2.64 bn by the end of 2023, considerably up from its evaluated worth of US$1.62 bn in 2016. In the near future, the leading companies in this sector are expected to engage in research and development activities to develop new products that increase efficiency and gain advantage over their competitors. Strict regulatory pressure and heavy initial investment for R&D keeps the new players from entering this market.
Deposit Control Fuel Additives Profitable Product Segment
Product-wise, the report segments the global fuel additives market into antioxidants including amines and hindered phenols, cetane improvers, deposit control additives, lubricity improvers, corrosion inhibitors, stability improvers, cold flow improvers, and others such as dyes and markets, fuel dehazers, and metal deactivators. Among these, deposit control fuel additives continue to enjoy a strong preference by the automotive industry as they are used to cut down the excessive amount of overconsumption that takes place due to the formation of deposits on the injector nozzles. Deposit control fuel additives significantly improve the efficiency of the automotive engine and are a requirement as per government regulations in various countries, owning to the measures taken by them to control fossil fuel consumption.
North America Leads Demand among All Regions
Application-wise, the TMR report studies the global fuel additives market in the categories of gasoline, diesel, aviation fuel, and others such as heating oils. Geographically, the report takes stock of the potential of fuel additives market in the regions of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Currently, North America serves substantially larger demand for fuel additives than other regions, which is a reflection of high awareness levels among the consumers regarding the benefits of fuel additives and stringent government regulations and standards. The growing consumption of ultra-low-sulfur diesel, which gives out very low emissions, is another trend favoring the increasing demand for fuel additives from the region of North America.
Benefits of Ultra-low-sulfur Diesel Driving Demand
Stringent environment regulations, depleting quality of crude oil, prosperity of the automotive industry, and growing demand for clean and efficient fuel are some of the key factors driving the global fuel additives market. On the other hand, advent of alternate fuels, huge investment required for research and development of latest technology, lack of awareness among the end users, and stagnant demand for high-end gasoline are a few factors challenging the fuel additives market from attaining its true potential. Nevertheless, increasing preference of ultra-low-sulfur diesel and rapid urbanization in Asia Pacific is expected to open new revenue opportunities for the vendors of this market.
The information presented in this review is based on a Transparency Market Research report, titled, “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.”
Key Segments of the Global Fuel Additives Market
Global Fuel Additives Market, by Product
- Deposit control additives
- Cetane improvers
- 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.)
Global Fuel Additives Market, by Application
- Aviation fuel
- Others (Including heating oils, etc.)
Global Fuel Additives Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453