The Global Petroleum Additives Market Size was valued at USD 5,681 Million in 2021 and is predicted to be worth USD 8,836 Million by 2030, with a CAGR of 5.2% from 2022 to 2030.
Additives are the chemical compounds which are added to any material to enhance the quality or performance. Petroleum additives are chemical compounds that improve the performance of petroleum oil. Generally additives are added upto 5% by weight of the petroleum oil. Petroleum additives includes chemical breakdown control additives, viscosity & lubricity modifiers, contaminant control additives, antioxidants, stabilizers and anti-knock agents, fuel dye & performance enhancing additives, and others.
During last few years there is a significant increase in the demand for the petroleum products which has gained the attention of various companies. A number of companies are involved in introduce new additives which will improve the quality of the fuel. Now-a-days, nearly all the commercial motor oils contain additives, whether it is synthetic or petroleum based oil. Increasing environmental issues has increased demand for the natural petroleum additives. However, the American Petroleum Institute (API) Service SA motor oils have no additives, and they are therefore incapable of protecting modern engines.
Global Petroleum Additives Market DRO’s
Petroleum Additives Market Report Coverage:
|Market||Petroleum Additives Market|
|Petroleum Additives Market Size 2021||USD 5,681 Million|
|Petroleum Additives Market Forecast 2030||USD 8,836 Million|
|Petroleum Additives Market CAGR During 2022 - 2030||5.2%|
|Petroleum Additives Market Analysis Period||2018 - 2030|
|Petroleum Additives Market Base Year||2021|
|Petroleum Additives Market Forecast Data||2022 - 2030|
|Segments Covered||By Type, By Application, And By Region
|Petroleum Additives Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BASF, Innospec, Total, Baker Hughes, Lubrizol, Albemarle, Dow Chemical Company, Chemtura, Chevron Oronite, Dorf Ketal, Evonik Industries, NALCO Champion, Eurenco, and Clariant.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
The global petroleum additives market is majorly driven by increasing number of vehicles, rising demand for the petroleum products and rapid development in technology. Growing demand for low emission and efficient energy source from the manufacturing, aviation and automobiles along with the stringent environmental regulations are projected the boost the market growth. During last few years, there is a significant increase in the number of automotive vehicles which has increased the levels of toxic emissions as a result of fuel used in vehicles. This has increase adverse impact on environment. This has increased demand for the additives which will help to emit less toxic chemicals. Techno economic feasibility of petroleum additives has got a huge opportunity in near future.
However, increasing demand for electric and battery powered vehicles and high cost of natural additives will hinder the growth of the market. The market possesses a huge opportunity owing to increasing demand for Ultra-low-Sulfur Diesel (ULSD).
Petroleum Additives Market Segmentation
The global petroleum additives market segmentation based on the type, application and geographical region.
Market by Type
Based on the type, the deposit control segment is estimated to hold the largest market shares in 2021. This is primarily due to the multipurpose use of these additives, and that is why market players prefer to produce them in large quantities. Besides that, since these product lines are used for both diesel and petrol, demand for them is anticipated to witness significant growth during the projected timeline.
According to the petroleum additives market forecast, the lubricity segment is expected to grow significantly in the coming years. This is a result of the fuel additives used to increase the lubricity of diesel fuel that has undergone hydro treatment.
Market by Application
According to a petroleum additives industry analysis, the gasoline segment will dominate the market in 2021. Gasoline engine systems and fuel sources, like diesel, are constantly developing and posing new challenges. The rise in gasoline additive expenditure is largely due to engine design specifications as well as refinery operations advancements.
Petroleum Additives Market Regional Outlook
The Middle East & Africa (MEA)
Rising Crude oil prices in North America, Drives Regional Market Expansion
Geographically, petroleum additives market is majorly segmented into North America, Europe, Asia Pacific, and the Latin America, Middle East and Africa. Asia Pacific is expected to dominate the global market owing to the presence of huge number of manufacturer, rapid industrialization, demand for increasing efficiency, and implementation of stringent emission control regulation in China, India, and Japan. From 2010-2016, the automotive demand in Asia Pacific was increased by 7%. Rapidly increasing automotive industry in Asia Pacific will fuel the growth of the market over the forecast period.
North America is expected to hold the second largest share followed by Europe and the Latin America, Middle East. The European specialty fuel additives market is expected to on account of rising environmental regulations coupled with increasing demand for biofuels are anticipated to drive the market in this region. The increasing trend of additives in biodiesel blends in the North American and Europe regions will drive the market growth. Additionally, rapidly increasing price inflation due to increasing pressure on raw materials will affect the growth of the growth positively.
LAMEA is expected to be holds the least share in the market owing to the presence of poor economies in especially Africa region.
Petroleum Additives Market Players
Some of the prominent global petroleum additives market companies are BASF, Innospec, Total, Baker Hughes, Lubrizol, Albemarle, Dow Chemical Company, Chemtura, Chevron Oronite, Dorf Ketal, Evonik Industries, NALCO Champion, Eurenco, and Clariant.
The global petroleum additives market size in 2021 was accounted to be USD 5,681 Million.
The projected CAGR of petroleum additives during the analysis period of 2022 to 2030 is 5.2%.
The prominent players of the global petroleum additives market involve BASF, Innospec, Total, Baker Hughes, Lubrizol, Albemarle, Dow Chemical Company, Chemtura, Chevron Oronite, Dorf Ketal, Evonik Industries, NALCO Champion, Eurenco, and Clariant.
North America held the dominating share for petroleum additives during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for petroleum additives during the analysis period of 2022 to 2030.
Rising automotive manufacturing in emerging economies, strict government regulations, and degrading quality of petroleum products are the prominent factors that fuel the growth of global petroleum additives market.
Based on type, deposit control segment held the maximum share for petroleum additives market in 2021.