Fuel Additives Market By Type (Anti-icing, Cetane Improvers, Cold Flow Improvers, Corrosion Inhibitors, Deposit Control, Dyes & Markers, Lubricity Improvers, Octane Improvers, and Stability Improvers), Application (Diesel, Gasoline, and Aviation Fuels) - Global Analysis & Forecast 2020-2030
Report ID : 392 | Published Date : Sep 2020 | Pages : 160 | Region : Global | Report Code : CM-37
Fuel Additives Market Overview and Introduction
With prolonged operations, harmful deposits get accumulated in engines, further hindering its efficiency. This results in the growing need to eliminate such harmful deposits. Fuel additives are chemical compounds that are added to the fuel to boost its quality and efficiency. The flourishing automotive manufacturing sector and awareness regarding improved fuel efficiency through fuel additives is driving the market growth. The increased automotive sale further boosts the sale of gasoline and diesel. This will positively influence the demand for fuel additives. Stringent emission control regulations are also one of the primary factors that will bolster the market growth.
However, the growing inclination toward alternative fuels, such as Compressed Natural Gas (CNG) and Liquid Petroleum Gas (LPG), will hinder the market growth to a certain extent. The high demand for Battery Electric Vehicles (BEVs) will also curb the market growth.
The fuel additives market has been segmented based on type, application, and region.
Fuel Additives Market By Type
Based on type, the fuel additives market can be segmented into cetane improvers, cold flow improvers, corrosion inhibitors, deposit control, lubricity improvers, octane improvers, stability improvers, and others. The deposit control segment, followed by the cold flow improvers segment, is expected to hold the largest market share owing to its ever-increasing demand in various application areas. This segment will also grow at the highest CAGR owing to extensive utilization in gasoline and diesel.
Fuel Additives Market By Application
Based on the application, the fuel additives market can be segmented into diesel, gasoline, aviation fuel, and others. The diesel segment, followed by the gasoline segment, will hold a major share of the fuel additives market owing to its extensive utilization in developing economies such as India, Indonesia, Thailand, and China. Moreover, diesel is more polluting when compared with gasoline, making it more additive-critical. Hence, the diesel segment is also expected to grow at the highest CAGR during the forecast period.
Fuel Additives Market By Region
Based on the region, the fuel additives market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America will hold the largest share in the global fuel additives market, owing to stringent environmental regulations enforced by organizations such as the Environment Protection Agency (EPA). However, the Asia Pacific region will grow at the highest CAGR in the global fuel additives market.
Some of the prominent players in the global fuel additives market include Afton Chemical Corporation, BASF SE, Cummins Inc., Dorf Ketal Chemicals, Evonik Industries AG, Infineum Limited, Innospec Inc., Lanxess, The Lubrizol Corporation, and Cerion LLC, among others.