New York, New York 10013, United States of America – March 23, 2022 —
Fuel Additives Market Overview
The Fuel Additives Market size is expected to be valued at USD 10,294.37 Million by the end of the forecast period, registering a CAGR of 3.66% during the forecast period. The market was valued at USD 8,064.05 million during the historic forecast period.
Fuel additives are chemicals that have been created to increase the quality and efficiency of car fuels. They increase the octane rating of the fuel or function as a corrosion inhibitor or lubricant, allowing for higher compression ratios for increased efficiency and power. Rough idling, slow acceleration, stumbling, and stalling can all be avoided with the use of fuel additives. They’re used to clear sludge, regulate soot, improve combustion, and act as a biocide, among other things.
The COVID-19 outbreak has resulted in a regional lockdown, border closures, and transportation network disruptions. The impact on global chemical and material supply chains, international trade, and manufacturing processes is projected to be significant. The facilities of production have been severely disrupted as a result of the global shutdown. Additionally, border closures and export limits have caused raw material costs and supplies to fluctuate. This has had a significant impact on the development of fuel additives. However, as the lockdown and trade restrictions continue to be extended, demand for the product continues to fall, affecting the revenue of competitors in the gasoline additive market.
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Key Players
The major market players in the market are
- Innospec (US)
- The Lubrizol Corporation (US)
- Afton Chemical (US)
- BASF SE (Germany)
- Chevron Corporation (US)
- LANXESS (Germany)
- Clariant (US)
- Infineum International Limited (UK)
- BARDAHL Manufacturing Corporation (US)
- Wynn’s (Belgium)
Fuel Additives Market Segmentation
Based on the Type, the market is segmented into Deposit Control, Cetane & Octane Boosters, Lubricity Improvisers, Cold Flow Improvers, Stability Improvers, Corrosion Inhibitors, and Others.
Based on the Fuel Type, the market is segmented into Diesel, Gasoline, Aviation Fuel, and Others.
Based on the Application, the market is segmented into Passenger Vehicles, Commercial vehicles, Off-Highway Equipment, Aircraft, Marine Vessels, Industrial, and Others.
Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Regional Classification
Asia-Pacific accounted for the greatest share of the market and is expected to grow at the fastest rate. The increased manufacture and sale of automobiles, particularly in China, Japan, India, and South Korea, is credited with the region’s rapid growth. The region’s growing aviation industry is also helping to boost the regional market growth. Due to the significant production and sale of automobiles in European countries such as Germany, Russia, and France, Europe accounted for the second-largest proportion of the worldwide market. The continent of Europe is followed by North America. Because of its huge automobile and aerospace industries, North America’s growth in the worldwide market has been static.
The Middle East and Africa, on the other hand, are predicted to expand at a slower rate than the rest of the world due to the presence of large-scale petroleum businesses. Because of the rise in industrialization and increased government investments in key countries, the Latin American market is projected to present significant prospects.
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Recent Development
- In March 2020, Afton has developed API SP/GF-6 Solutions the “HiTEC 11458,” which is in accordance with the GF-6 specification and SN Plus/GF-5 specifications. This solution is expected to meet the current targets of new engine designs.
- In January 2020, Innospec announced the development of its new marine fuel additive Innospec’s Octamar, which would help the shipping industry comply with the new regulations regarding the maximum sulfur content of marine fuels.
- In October 2019, Afton, with the government of Tsukuba, has jointly expanded its Japan Technology Center. This expansion and investment in the technology center will provide Afton with better analytical and mechanical laboratories to increase lubricant additive testing capabilities.
- In June 2019, Chevron Oronite introduced OLOA 49838, a 200 BN marine cylinder lubricant additive package.
- In April 2019, Chevron Oronite introduced OLOA 49835, which is a newly formulated 40 BN marine cylinder lubricant additive package.
Table of Content
1 EXECUTIVE SUMMARY 18
1.1 MARKET ATTRACTIVENESS ANALYSIS 20
1.1.1 GLOBAL FUEL ADDITIVES MARKET, BY TYPE 21
1.1.2 GLOBAL FUEL ADDITIVES MARKET, BY FUEL TYPE 22
1.1.3 GLOBAL FUEL ADDITIVES MARKET, BY APPLICATION 23
1.1.4 GLOBAL FUEL ADDITIVES MARKET, BY REGION 24
2 MARKET INTRODUCTION 25
2.1 DEFINITION 25
2.2 SCOPE OF THE STUDY 25
2.3 MARKET STRUCTURE 26
3 RESEARCH METHODOLOGY 27
3.1 RESEARCH PROCESS 27
3.2 PRIMARY RESEARCH 28
3.3 SECONDARY RESEARCH 29
3.4 MARKET SIZE ESTIMATION 29
3.5 TOP-DOWN AND BOTTOM-UP APPROACH 30
3.6 FORECAST MODEL 31
3.7 LIST OF ASSUMPTIONS 32
4 MARKET DYNAMICS 33
4.1 INTRODUCTION 33
4.2 DRIVERS 34
4.2.1 GROWING AUTOMOTIVE INDUSTRY 34
4.2.2 INCREASING ENVIRONMENTAL REGULATIONS 36
4.2.3 DEGRADING QUALITY OF CRUDE OIL 36
4.3 RESTRAINTS 37
4.3.1 GROWING PREFERENCE FOR ALTERNATIVE FUELS 37
4.3.2 INCREASING ADOPTION OF ELECTRIC VEHICLES 37
4.4 OPPORTUNITIES 38
4.4.1 INCREASING DEMAND FOR ULTRA-LOW SULFUR DIESEL (ULSD) 38
4.4.2 EXPANDING INDUSTRIALIZATION IN DEVELOPING COUNTRIES 39
4.4.3 GROWING AUTOMOTIVE INDUSTRY IN LATIN AMERICA AND THE MIDDLE EAST 39
4.5 CHALLENGES 40
4.5.1 FLUCTUATING CRUDE OIL PRICES AN HIGH R&D COST 40
5 MARKET FACTOR ANALYSIS 42
5.1 SUPPLY CHAIN ANALYSIS 42
5.1.1 RAW MATERIAL SUPPLIERS 42
5.1.2 FUEL ADDITIVE MANUFACTURERS 43
5.1.3 DISTRIBUTION CHANNELS 43
5.1.4 APPLICATIONS 43
5.2 PORTER’S FIVE FORCES MODEL 44
5.2.1 THREAT OF NEW ENTRANTS 45
5.2.2 BARGAINING POWER OF SUPPLIERS 45
5.2.3 THREAT OF SUBSTITUTES 45
5.2.4 BARGAINING POWER OF BUYERS 45
5.2.5 RIVALRY 45
5.3 PRICING ANALYSIS, BY REGION, USD/TONS (2017–2019) 45
5.4 IMPACT OF COVID-19 ON THE GLOBAL FUEL ADDITIVE MARKET 46
5.4.1 SUPPLY SIDE IMPACT 46
5.4.2 DEMAND SIDE IMPACT 46
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