Pune, India, April 26, 2022 (GLOBE NEWSWIRE) — The world Fuel Additives Market Size been $8.14 billion in 2021. The market is expected to grow from $8.62 billion in 2022 at $12.87 billion by 2029 at a CAGR of 5.9% during the period 2022-2029.
This information is published by Fortune Business Insight™in his report, titledFuel Additives Market, 2022-2029.”
Growing demand for advanced and improved products from automotive and other end-use sectors, the global fuel additives market is expected to grow significantly.
List of Key Players Covered in the Report
- BASF AG (Germany)
- Dow Inc. (USA)
- Lubrizol Corporation (USA)
- Evonik Industries AG (Germany)
- TotalEnergies (France)
- Clariant (Switzerland)
- Chemtura (USA)
- Dorf Ketal Chemicals (India)
- Innospec Inc. (USA)
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Impact of COVID-19
Falling demand for fuel is restraining the growth of the fuel additives market
The influence of the pandemic on several end-use industries has been thoroughly examined. The automotive industry has seen a deterioration in demand due to the shutdown of operating activity. European automakers have been forced to close their factories due to the COVID-19 pandemic. Specific companies have had to cut production at their European operations to manage the coronavirus outbreak and plummeting demand.
The report provides insightful insights obtained through methodical analysis performed by our analysts. Extensive research has been conducted to offer the forecasted size of the Fuel Additives market. The data used to predict the shares of several segments at the national, zonal and global levels are obtained from detailed interviews with various stakeholders. Additionally, we have secured access to numerous global and zonal sponsored databases to present detailed information to simplify business investment decisions for our clients.
The gasoline segment will hold a large share due to the growth of the automotive sector
- deposit control
- cetane improvers
- lubricating agent
- improving cold flow
- improving stability
- octane improver
- corrosion inhibitors
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The market is segmented into gasoline, diesel and aviation fuel in terms of application. The gasoline segment constituted the major market share.
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Strict rules imposed by government officials to boost market growth
Due to increased demand for fuel from many industries, the market for fuel additives is expected to grow rapidly. The fuel additive industry is an industry that requires extensive research and advanced development. To meet the demand of companies that convert hydrocarbons into fuels to heat energy for different applications such as transportation, power generation and others, a wide variety of products have been produced.
The expansion of the market will be assisted by a strict control of emissions from automobiles and refineries. Among the many aspects supporting the growth and development of the fuel product portfolio, additives raise concerns about air pollution caused by the incomplete and complete combustion of hydrocarbons.
North America to Dominate Global Share on Rise in Oil Exploration
North America held the largest fuel additives market share and was worth USD 2.70 billion in 2021. North America is currently dominating the market and it is estimated to do so during the forecast period .
In terms of volume, Europe is expected to experience substantial growth. The market is expected to be navigated by the well-established automobile manufacturing sector and the growing demand for passenger vehicles.
Asia-Pacific is one of the fastest growing regions. Due to the growing demand from countries like China and India, the fuel additives industry is believed to be a huge driver for the market.
Inventive product presentations by prominent players to drive market growth
The key players are adopting numerous tactics to strengthen their position in the market as dominant companies. One such major approach is to recruit companies to drive brand value among users. Another effective concept is to launch innovative products from time to time with a methodical study of the market and its target customers.
Notable industry development:
December 2021: BASF has unveiled a new multi-purpose diesel additive under the brand name KEROPUR-D in South Korea. It is a versatile, high performance diesel additive that removes engine deposits and prevents the formation of new deposits.
Browse Detailed Abstract of Research Report with TOC:
Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- key ideas
- Main emerging trends – for main countries
- Industry SWOT Analysis
- Regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on the Global Fuel Additives Market
- Supply chain challenges
- Measures taken by government/companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
- Global Fuel Additives Market Analysis, Outlook and Forecast, 2018 – 2029
- Main results/summary
- Market size estimates and forecasts
- By type (volume/value)
- Deposit control
- cetane improver
- Lubrication improver
- Imorover cold stream
- Stability enhancer
- Octane Booster
- A corrosion inhibitor
- By application (volume/value)
- Aviation fuel
- By type (volume/value)
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