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Global Fuel Additives Market size is to reach USD 8.84 billion in 2028
The Global Fuel Additives Market is projected to reach USD 8.84 billion by 2028, growing at a CAGR of 4.1% during the forecast period. This growth of the market can be attributed to the increased use of Fuel Additives in the construction industry, along with an elevated demand in the Asia Pacific region. Innospec Inc., Chevron Oronite Company Llc, The Lubrizol Corporation, Afton Chemical Corporation, Evonik Industries AG, BASF SE, Lanxess, DorfKetal Chemicals, Infineum International Limited, Cummins Inc., CerionLlc are some key competitors in the Fuel Additives market.
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What are Fuel Additives?
Fuel additives are chemicals designed to improve the quality and performance of fuels used in motor vehicles. These improve the fuel octane rating or act as corrosion inhibitors or lubricants, allowing higher compression ratios to be used for greater efficiency and strength.
Fuel efficiency is one of the most major concerns of the automotive industry which is gradually becoming the largest demanding propeller of the fuel efficiency market. Deposits along fuel lines frequently choke the nozzle of the injector and decrease the engine efficiency. To prevent this, the government has implemented rigid laws on the automotive industry to avoid deposits along fuel lines from being formed. Hence, the fuel additives market is expected to reap tremendous demand over the coming years.
Asia Pacific region to dominate the Fuel Additives Market
The Asia-Pacific fuel additives market is likely to witness a major growth during the forecast period, owing to the high demand from countries, like India and China. China is the largest fuel consumer in the Asia-Pacific region, and second in the world, after the United States. The country has the world's largest automobile industry and one of the biggest markets for civil aircraft sales. India also has a great potential future for fuel additives market opportunities. The automotive industry of the country is witnessing a steady growth, owing to an 8% increase in the production recorded in 2018, over the previous year. Additionally, according to the International Air Transport Association (IATA), India is one of the fastest-growing domestic markets, worldwide, with an anticipated count of 337 million domestic passengers and 84 million international passengers to travel, by 2030. Hence, the Asia-Pacific fuel additives market is likely to witness the highest growth rate, during the forecast period.
Key Factors Impacting Market Growth:
Assist in preventing issues like rough idling, weak acceleration, stumbling, and stalling
Growing automotive industry worldwide
Increasing air passenger traffic
Increasing demand for Ultra-Low Sulfur Diesel (ULSD)
The growing popularity of electric vehicles
Stringent government regulations
The rise in demand for alternative fuels
Key Developments in Fuel Additives market.
In January 2019, Innospec Inc. (US), announced a series of investments aimed at further expanding the capacity of its Performance Chemicals company in research, growth and technical service.
In January 2019, BASF SE’s (Germany) global business unit fuel and lubricant solutions are investing in Mexico and China to increase the production of antioxidants for lubricants. The capacity expansions address the growing demand for antioxidants from the increasing number of vehicles in Asia and the increasing global demand for long-life lubricant additives.
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Market Segmentation:
By Type:
Deposit Control
Cetane Improver
Antioxidants
Stability Improver
Lubricity Improver
Corrosion Inhibitors
Cold Flow Improver
Others
By Application:
Diesel
Gasoline
Aviation Fuel
Others
By Region:
North America
By Country (US, Canada, Mexico)
By Type
By Application
Western Europe
By Country (Germany, UK, France, Spain, Rest of Western Europe)
By Type
By Application
Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Type
By Application
Asia Pacific
By Country (China, Japan, India, Rest of Asia Pacific)
By Type
By Application
Middle East
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
By Type
By Application
Rest of the World
By Region (South America, Africa)
By Type
By Application
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