PUBLISHER: DataM Intelligence | PRODUCT CODE: 1255840
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1255840
The global fuel additives market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of XX% during the forecast period (2023-2030).
Fuel additives are created to enhance the performance and quality of fuels in automobiles. They boost the octane rating of a fuel or function as corrosion inhibitors or lubricants, enabling the use of higher compression ratios for improved efficiency and power. Fuel additives are used to increase the performance of fuel in cars and lower certain emissions. Typically, gasoline additives work as corrosion inhibitors, lubricants or octane rating boosters.
At refineries, fuel additives are also applied during the production process to increase gasoline quality, ensure compliance with fuel specification standards and improve fuel quality. Also, it improves overall profitability and fuel efficiency. Liquefied petroleum gas (LPG), compressed natural gas, biofuel or ultra-low sulphur diesel are all acceptable forms of fuel. The International Energy Agency (IEA) predicts that a strong global economy will result in an average annual growth of 1.2 mb/d in global oil demand. As a result, the gasoline additives market will experience rapid expansion by 2023, when the oil demand will reach 104.7 mb/d.
The rapid rise in demand for efficient and low-emission fuels from automobiles, together with an increase in traffic congestion and the spread of ultralow sulphur diesel, are the main factors propelling the expansion of the worldwide fuel additive market. Due to favorable rules for foreign trade and investment, China has experienced tremendous industrialization expansion over the past 30 years, which has a direct impact on the need for fuel additives. Also, as the primary user of fuel additives, the automobile industry serves as a major driver of the global market for fuel additives.
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
The global fuel additives market is segmented based on type, engine type, application and region.
Over the projection period, it is predicted that the diesel category will expand and keep a sizeable proportion. Diesel fuel is more harmful to the environment than other types of gasoline, hence it requires more fuel additives to maximize a vehicle's fuel efficiency. Developing nations like China, India, Indonesia, Thailand and Indonesia are the main drivers of this market. In the upcoming years, it is anticipated that the demand for fuel additives would increase due to the rising use of ULSD-Ultra-low sulfur diesel in North America and Europe, which necessitates a significant number of fuel additives.
The region expected to experience the highest increase for gasoline additives over the projected period is Asia-Pacific. Due to rising industrialization, the need for greater efficiency and the implementation of strict emission control regulations in China, India and Japan, it is predicted to rise at the quickest CAGR. Over the projection period, Asia-Pacific's rapidly expanding automotive industry will undoubtedly have a beneficial impact on demand for fuel supplements.
The major global players in the market are: Evonik Industries, Innospec, Lubrizol, Croda, Afton Chemical, Total SE, Arkema, BASF SE, Total SE, Dorf Ketal and Dow Chemical.
The global fuel additives market report would provide approximately 61 tables, 70 figures and 215 pages.
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