Published: Jul, 2016
With emission regulations becoming increasingly strict worldwide and consumers recognizing the need for proper maintenance of vehicles, the consumption of fuel additives has substantially risen in the global market over the past few years. Transparency Market Research states that the global market for fuel additives will hugely benefit from this trend and exhibit a healthy 8.3% CAGR from 2015 through 2023. Expanding at this pace, the global fuel additives market, which was pegged at US$ 5.41 bn in 2014, is expected to rise to a valuation of US$ 11.09 bn by 2023.
Browse the full 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 report at https://www.transparencymarketresearch.com/fuel-additives.html
Implementation of major regulations, strictly monitoring the quality or specification of fuels, in the past few years has provided a major thrust to the growth prospects of the research and development intensive fuel additives market. Vendors in the market are increasingly focusing on the development of additives capable of boosting performance features of new-generation varieties of fuels such as ultra-low-sulfur diesel (ULSD). The rising global consumption of such fuels presents major growth opportunities for companies continuously striving to gain an edge in the highly competitive global fuel additives market.
Some of the market’s prominent players are Petroliam Nasional Berhad (PETRONAS), Afton Chemical Corporation, Evonik Industries AG, Akzo Nobel N.V., The Dow Chemical Company, Innospec, Baker Hughes Incorporated, Chemtura Corporation, and BASF SE.
TMR notes that of the various fuel additives available in the market presently (corrosion inhibitors, deposit control additives, cold flow improvers, cetane improvers, stability improvers, and lubricity improvers), deposit control additives hold the largest share of the market in 2014. Deposit control additives have remained one of the most commonly used fuel additives for several years owing to their effectiveness in keeping the engine clean and reducing CO2 emission and fuel consumption.
However, owing to the rising consumption of ULSD, the demand for cetane improvers and lubricity improvers has also significantly increased in the past few years. ULSD features low cetane numbers, imparting the fuel a poor starting characteristic. The low cetane numbers in ULSD also lead to vast exhaust and white smoke emissions, high level of noise, and increased fuel consumption. Nevertheless, owing to the low sulfur content and many other desirable features, the demand for ULSD is expected to expand at a noticeable pace over the next few years, and consequently, the demand for cetane improvers is expected to witness immense rise.
Application-wise, gasoline exhibited the largest demand, accounting for a dominant volume of share of 40% in the global fuel additives market in 2014. The rising consumption of gasoline in the automotive industry, for vehicle types such as domestic vehicles, two wheelers, and light duty transport options are the major factors driving the increased usage of fuel additives in gasoline. Over the period between 2015 and 2023, aviation fuel is expected to be the fastest growing application segment in the global fuel additives market. The flourishing aviation industry will aid the demand for a variety of fuel additives in the aviation industry.
Geographically, North America emerged as the most lucrative regional market for fuel additives in 2014 owing to the strict environmental regulations and high consumption of transportation fuel. Asia Pacific was the second-leading regional market for fuel additives in 2014, owing to the high and rising demand for transportation fuel in response to increased consumption of domestic vehicles in countries such as India, China, Japan, and South Korea.
This review is based on a market research report published by Transparency Market Research, titled “Fuel Additives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
Fuel Additives Market – Product Analysis
- 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.)
Fuel Additives Market – Application Analysis
- Aviation fuel
- Others (Including heating oils, etc.)
Fuel Additives Market – Regional Analysis
- 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
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