Growing demand of Diesel Additives to Drive the Global Fuel Additives Market

Stringent environmental regulations, growing number of diesel vehicles and growing construction & manufacturing industries, to drive the Global Fuel Additives Market through 2023

According to TechSci Research report, “Global Fuel Additives Market, By Type (Deposit Control Additives, Dyes and Markers, Cetane Improvers, Antioxidants, Stability Improvers, Anti-Icing Fuel Additives, Octane Improvers and Others), By Application (Diesel Fuel Additives, Aviation Fuel Additives, Gasoline Fuel Additives and Others), By Company and By Geography, Forecast & Opportunities, 2023”, Global Fuel Additives Market is projected to reach USD 9.25 billion by 2023 with a CAGR of over 6% between 2018 and 2023 owing to stringent environmental regulations on fuel emission and growing automobile industries. Moreover, increasing demand for fuel efficiency and better combustion will also catalyse the fuel additives market during the forecast period. Moreover, North America and Europe & CIS regions have strict fuel emission and environmental regulations will further propel the demand for fuel additives market. The key market leaders of the fuel additives market are The Lubrizol Corporation, Chevron Oronite Company LLC, BASF SE, Innospec etc.

Moreover, the reduction in the availability of good quality crude oil, especially in the Asia-Pacific region is expected to drive the growth of the market in the next five years. Additionally, the rising need to improve fuel efficiency as well as combustion properties will propel the demand of Fuel Additives by 2023.

Based on the applications, the market has been segmented into Diesel Fuel Additives, Aviation Fuel Additives, Gasoline Fuel Additives and Others. In 2017, the Diesel Fuel Additives segment dominated the market, and is expected to maintain its position between 2028 to 2023, owing to the growing sales of diesel vehicles coupled with the increasing demand of diesel for the operation of manufacturing plants globally, which has in turn increased the demand for diesel fuel additives that improve efficiency. Different grades of fuel additives are being manufactured for automotive, aerospace, industrial, and commercial sectors.

Chevron Oronite Company LLC, Fuel Performance Solutions Inc, The Lubrizol Corporation, Afton Chemical Corporation, Infineum International Ltd etc, are major companies operating in the Global Fuel Additives Market.

In 2017, the North America region led the global fuel additives market in terms of value. However, Asia-Pacific is projected to dominate the fuel additives market between 2018 to 2023, owing to growing construction, manufacturing, and automobile industries in the region. Further, strict regulations on fuel utilization and emission controls are estimated to drive the market for fuel additives in Asia-Pacific during the forecast period.

“The growing adoption of fuel additives for enhancing vehicle performance is expected to have a positive impact on the growth of the Global Fuel Additives Market in the coming years, Moreover, the growing popularity of the diesel additive segment due to growing consumption of Ultra-Low-Sulphur Diesel is expected to drive the Fuel Additives market through 2023.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Fuel Additives Market, By Type (Deposit Control Additives, Dyes and Markers, Cetane Improvers, Antioxidants, Stability Improvers, Anti-Icing Fuel Additives, Octane Improvers and Others), By Application (Diesel Fuel Additives, Aviation Fuel Additives, Gasoline Fuel Additives and Others), By Company and By Geography, Forecast & Opportunities, 2023” has evaluated the future growth potential of Global Fuel Additives market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market inclinations along with indispensable drivers, challenges and opportunities in Global Fuel Additives Market.

 

 

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