Market Research Report
Global Automotive Aftermarket Fuel Additive Market - 2020-2027
|Global Automotive Aftermarket Fuel Additive Market - 2020-2027|
Published: May 10, 2021
Content info: 180 Pages
Delivery time: 2 business days
Aftermarket additives are a unique product used for preemptive maintenance and to scale back fuel-related issues. These additives are employed to enhance the performance of gasoline and diesel oil. They often used to resolve automotive problems faced by customers, such as engine performance, lost fuel economy, poor drivability, excessive emissions, and so on. Automotive aftermarket fuel additives are further utilized within the equipment and its supplements - the later includes a selection of lubricants present within the vehicle like transmission fluid, engine oil, power-assisted steering fluid, and kit oil. Aftermarket products won't clean the components during which the lubricant operates, so as to reinforce the performance of the lubricant itself.
The global automotive aftermarket fuel additive market size was worth US$ XX billion in 2020 and further expected to reach US $ XX billion by 2027, with a CAGR of X% during the forecast period (2020-2027).
The automotive aftermarket fuel additives market has been majorly driven by diesel fuel additives and is predicted to expand its usage during the forecast period. This is often accelerating due to the extensive usage of diesel oil additives in several regions, especially the Asia Pacific and Europe. This, in turn, results in the rapidly rising demand for Ultra-Low Sulphur Diesel (ULSD), which contains heavy amounts of additives. Also, stringent environmental rules and regulations on vehicular emissions, thereby surge in automotive sales that further propel the market growth. However, the high R&D costs for man working hours, technologies, and materials hamper the market growth. Furthermore, the introduction of other Automatic Fuel Vehicles (AFVs), like electric cars, has led to pose a challenge on the fuel additives market.
Modification of norms by Environmental Protection Agency
In the global scenario, the Environmental Protection Agency (EPA) has been regularly initiating changes and enforcing various norms for the reduction of vehicular emissions and to further improve upon the prevalent quality and efficiency of the fuels used. These rules and regulations are helping to drive the demand for the automotive aftermarket fuel additives market. In addition, the global automotive aftermarket fuel additives market likely to be fuelled by the rapid production of automobiles, due to the increase in per capita income of the people in developing countries over the estimated timeframe. As such, aftermarket fuel additives are gaining wide acceptance and implementation to improve the performance of vehicles by minimizing maintenance costs.
COVID-19 Impact Analysis
COVID-19 affected the global economy in many forms, such as supply chain distraction, directly affecting demand and production and financial impact. COVID-19 pandemic has highly affected the global automotive aftermarket fuel additive market. With the outbreak of COVID-19, and the lockdown being implemented, the demand for fuel from various industries decreased drastically, which successively, hindered the consumption of fuel additives during the amount. International aviation and disruptions in economic activity often suspended the trade of automotive vehicluar components around the world, which have severely impacted the fuel additives market. Besides, the stoppage in transportation facilities is also one of the major reason for the downfall in the global automotive aftermarket fuel additives market. While the post-pandemic situation will bring lucrative opportunity for this market to bring up its overall market growth.
Based on the distribution channel, the global automotive aftermarket fuel additive market has been classified as- Big Stores, 4S Stores, E-Commerce and Others
Big Stores and 4S Stores accounted for the highest share in the market
The Big stores and 4S stores (spare parts, sale, service, and survey) are the well-recognized type segment in automotive aftermarket fuel additives. Recently, e-commerce is additionally gaining wide acceptance due to the speedy internet adoption among customers and it's estimated to have growing popularity during the forecast period. As such, Big stores and 4S stores are the most popular supply channels in North America and Europe, whereas the Asia Pacific favors 4S stores and gas stations.
Based on the application, the global automotive aftermarket fuel additive market has been classified as- gasoline and diesel.
Gasoline is accounted for the highest share in the market
The gasoline application is accounted for the largest market share in terms of value and volume in the global market due to the high presence of a gasoline-based vehicle in developing economies. Multifunctional gasoline additive packages exhibit exceptional injector detergency, which is resulting in enhancement in fuel efficiency of vehicles. While the diesel application segment is predicted to witness a high growth rate during the forecast period.
Based on geography, the study analyzes the global automotive aftermarket fuel additive market in the global market, including Europe, Asia-Pacific, North America, South America, and the Middle East & Africa.
North-America is leading the global automotive aftermarket fuel additives market
North America is leading the global automotive aftermarket fuel additives market. The rising demand for automotive aftermarket fuel additives in this region is particularly driven by the adherence to strict environmental emission control regulations and the rise in automotive sales. Moreover, the Environmental Protection Agency (EPA) has been regularly making changes and implementing various norms in the reduction of vehicular emissions and to further increase the prevalent quality and efficiency of the fuels used. Whereas, Asia-Pacific is expected to register high CAGR during the forecast period, owing to the escalating demand for gasoline additives for light commercial vehicles and increasing base of automotive manufacturers in particular China and India.
Global automotive aftermarket fuel additive market is highly competitive due to major key players. The key players in global automotive aftermarket fuel additive market which are contributing to the growth of the global market include BG PRODUCTS, INC., Lucas Oil Products, Inc., Total S.A., Chevron Oronite, Afton Chemical Corporation, BASF SE, Innospec Specialty Chemicals, Ashland Inc., Lubrizol Corporation and Infineum International Ltd.
BG PRODUCTS, INC.
Overview: BG Products, Incorporated was founded in 1971. Its headquarters is located in Wichita, Kansas. It has more than 200 employees across all its locations in business operations. The company's product line includes with a range of products, such as gasoline, kerosene, distillate fuel oils, residual fuel oils, and lubricants. Also, it offers various online apps to its sales reps, automotive professionals, and vehicle owners, such as BG Products App (for vehicle owners), BG Rep App (for BG Sales Representatives), BG Experience App (for automotive professionals), SmartOPS App (for automotive professionals), BG Tech App (for automotive technicians) and BG Advisor App (for automotive professionals).
Product Portfolio: BG PRODUCTS, INC. offers various services under its various categories such Gasoline fuel services, engine services, cooling systems, transmission, driver line, brakes, battery, diesel fuel services, diesel emissions services and others.
The global automotive aftermarket fuel additive market report would provide access to an approx. 60 market data table, 54 figures and 276 pages.
LIST NOT EXHAUSTIVE