Fuel Additives Market is anticipated to grow at a CAGR of ~3.0% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Fuel Additives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030.” According to the report, the global fuel additives market accounted for over US$ 5.0 billion in 2019. It is anticipated to grow at a CAGR of ~3.0% from 2020 to 2030.
Fuel additives ensure that engines operate at their optimal levels, primarily by protecting the fuel system, enhancing the operational efficiency of fuels, and reducing exhaust emissions. Various kinds of fuel additives perform different functionalities such as cetane improvement, cold flow improvement, corrosion inhibition, deposit control, lubricity improvement, octane improvement, and stability improvement, among others.
The manufacturing sector is focused on reducing harmful emissions. The flourishing automotive sector and growing awareness regarding fuel additives are driving the market growth during the forecast period. The manufacturers of passenger cars and light & heavy commercial vehicles are witnessing surging demands from across the globe. The increased automotive sale is propelling the sale of gasoline and diesel, further boosting fuel additive demands. Moreover, the rapidly evolving automotive sector in the Asia Pacific region will also propel the demand for specialty fuel additives. Stringent emission control regulations in various parts of the world and the high demand for fuel-efficient vehicles are among the crucial factors that will supplement the market growth.
On the downside, the rising preference for alternative fuels, such as Compressed Natural Gas (CNG) and Liquid Petroleum Gas (LPG), will hinder the market growth of fuel additives. Moreover, there is a high demand for Battery Electric Vehicles (BEVs) from various countries including the U.S. and Germany. This is another crucial factor that will affect market growth to a certain extent.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/fuel-additives-market/392
Owing to the global COVID-19 pandemic, governments of various countries have enforced strict lockdowns to ensure public safety. This has led to labor shortages, slowdowns in manufacturing, issues related to transportation of raw materials, and even put a halt to research & development activities. On the other hand, the accelerating demand for Ultra-Low-Sulfur Diesel (ULSD) will open growth avenues to new as well as established market players.
North America, owing to stringent environmental regulations in the region, will hold the largest share of the fuel additives market during the forecast period. Government bodies, such as the Environment Protection Agency (EPA), are focused on monitoring and commercializing fuel additives products. Moreover, the U.S. is the second-largest market for automotive manufacture and sale and has the largest aerospace industry in the world. These are among the primary factors that will bolster regional market growth. In terms of CAGR, the Asia Pacific region will lead the global fuel additives market owing to the substantial utilization of diesel, particularly in India, Indonesia, and Thailand.
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.
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