Fuel Additives Market Scope | Analysis, Industry Demand, Future Growth, Key Players, Regional Trend and Business Prospect by Forecast till 2030
Market Scope
Market
Research Future (MRFR) expects the Fuel Additives Market to capture a moderate growth rate of more
than 3.66% from 2022 to 2030 The market size is also likely to touch USD
10,294.37 Million by 2030-end.
Growth Drivers and Restraints
Soaring
demand for efficient low emission energy sources in the manufacturing,
automobiles, and aviation industries in view of the strict environmental
policies can foster market growth in the ensuing years. Mounting levels of carbon
emissions generated by the fuel in vehicles has left toxic effects on the environment.
As a result, industries are looking for fuel additives that restrict these harmful
emissions and also elevate the efficiency of diesel, distillates, gasoline, and
various other fuels. Fuel additives help cut down combustion as well as the burn
rate in extreme temperatures while curbing toxic emissions by the pollutants.
On
the competitive front, several players in the industry are indulging in
exhaustive research and development activities for product innovation to
bolster their market positions. Other
strategies followed by the firms include geographical expansion and mergers, to
name a few.
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Eminent Firms
Eminent
companies in the market for fuel additives are BARDAHL Manufacturing
Corporation (US), BASF SE (Germany), Chevron Corporation (US), LANXESS
(Germany), Afton Chemical (US), Infineum International Limited (UK), Innospec
(US), The Lubrizol Corporation (US), Wynn's (Belgium), Clariant (US), to
mention a few.
Segmental
Analysis
Fuel
additive market can be segmented with respect to type, fuel type and
application.
Major
types of fuel additive are cetane & octane boosters, deposit control, cold
flow improvers, lubricity improvers, corrosion inhibitors, stability improvers,
and others. The deposit control type is the leading segment and was worth USD
3,816.69 in 2018, as a result of the escalating demand for detergents to be
used as fuel supplements.
Fuel
types studied in the MRFR report are aviation fuel, gasoline, diesel, and
others. The diesel segment shall attain the highest growth rate of 3.94% in the
years ahead, since its consumption across several industries has been growing
rapidly and will remain steady in the coming years as well. On the other hand, gasoline
segment grabbed the second highest share in the global market in the year 2018.
With
respect to application, the fuel additives market caters to commercial
vehicles, aircraft, off-highway equipment, industrial, marine vessels,
passenger vehicles, and others. With the highest share of 43.8%, the commercial
vehicle application stands as the top segment in the global industry. Its value
by 2030-end is estimated to be USD 4,629.57 million.
Regional
Outlook
Fuel
additive industry has been extensively analyzed with respect to five major
regions, namely North America, Asia Pacific or APAC, Latin America, MEA or Middle
East & Africa and Europe.
The
Asia Pacific market share was estimated to be 43% in the year 2020, while its
value was close to USD 3,453.83 million. In addition to this, the APAC market
can also procure the fastest growth rate of around 4.32% between 2020 and 2027,
thanks to the surging industrialization rate and the thriving aviation sector. China
is the top market for fuels in the region while it stands at the second position
in the world, right behind the United States. The aircraft sector in the
country is witnessing strong growth. Reports confirm that China will require roughly
7,600 commercial aircraft worth USD 1.2 trillion in the coming two decades. Foreign
investments in the aviation sector in the country has increased substantially
and can mean optimistic growth prospects for the market. China’s location is
easily accessible for the industrial goods industry in surrounding countries, and
several other nations worldwide, making it a prime hub for suppliers as well as
manufacturers.
Europe
has taken the second lead in the global market, backed by the emerging trend of
additives in biodiesel blends for high quality performance of cold flow, which
has fostered the product demand. Rising focus on product innovation to bring
down the overall exhaust emissions and also enhance the mileage can augment market
growth in the region. Other than this, the launch of the latest engine
technology along with the soaring demand for better fuel efficiency can further
enhance the market share in Europe.
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Latest News
April 2021
LanzaJet,
a start-up with expertise in renewable jet fuel has teamed up with British
Airways to form an agreement wherein the former will supply nearly 7,500 tons
of sustainable fuel additive per year to the aviation firm. LanzaJet will be
setting up a new production facility in the US, which converts ethanol to jet
fuel additives with the use of a chemical process. The final fuel additive will
help bring down the total greenhouse emission by a whopping 70% compared to
conventional jet fuel.
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