Acumen research and consulting estimates that the global specialty fuel additives market is anticipated to reach market size of around US$ 11,300 Mn by 2027 and is anticipated to grow at a CAGR of around 7% in terms of revenue during the forecast period 2020 – 2027.
Specialty fuel additives are chemical compounds that improve the desirable characteristics of the fuel or the the undesirable properties of the fuel. An additive can be used unaided or mixed with other additives to give the fuel the desired characteristics. The added functions of the additives are typically diverse: increasing power output, decreasing fuel consumption, enhancing performance, reducing combustion emissions, avoiding corrosive damage, and others.
Renewable energy and fuels are still being generated with increased focus on efficiency, in conjunction with increased awareness of resource management and sustainable development, some of the key drivers of the demand growth in specialty fuels additives. The global consumer demand expands, among other factors, including the rising auto industry, declining crude oil content and strict regulatory requirements. The increasing levels of toxins used in vehicles across the global significantly affect the climate, which in turn have a positive impact on the development of the industry of specialty fuel additives. Specialty fuel additives tend to minimize toxic gas emissions and to improve the efficiency of other goods, such as petrol, diesel and other oils.
Steady Demand in Aviation Industry
In addition to the automotive market, there is asignificant demand in the aviation industry for specialty fuel additives. The market for the deposit management additives and cleanliness add-ons are important for the clean and elimination of the deposit from the vehicle, as seen in unique fuel additives. In addition, increased demand for fuel efficiency and better performance repair problems is projected to have positive impacts on the global market growth. In addition, rising demand for corrosion inhibitors is expected to rise to avoid rust forming. In addition to defense against corrosion forming, an increase in need to avoid the forming of gum is expected to fuel demand for inhibitors of oxidation. Increasing use of specialized fuel additives inhibit gum formation was predicted to be due to metal deactivators.
The market research study on “Specialty Fuel Additives Market (By Product: Fuel Antioxidants, Petroleum Dyes & Markers, Octane Enhancers, Lubricity Improvers, Corrosion Inhibitors, Deposit Control Additives, Cold Flow Improvers, Cetane Number Improvers, Fuel System Icing Inhibitors, Metal Deactivators, Others; By Application: Gasoline/Petrol Additives, Diesel Additives, Aviation Turbine Fuel Additives, Others (Heating Fuels, Marine Fuel Additives, others)) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global specialty fuel additives market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global specialty fuel additives market are product, application and major geographic regions. The specialty fuel additives market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global specialty fuel additives market in Asia-Pacific is expected to continue its growth during forecast period. The demand for enhanced productivity, rapid industrialization and the implementation of strict pollution control regulations in India, Japan and China is projected to rise at the compound annual growth rate. In the Asia Pacific, rapidly increasing automotive industry is likely to have a positive impact on demand for supplementary fuel during the forecast period. The overall sales of Asia Pacific vehicles have risen by some 7% over the projected period with much of the growth opportunity in Southeast Asian economies. The Middle East and Europe area of North America is projected to win the next largest share. The growth of fuel in the European regional specialty fuel additives sector is projected to improve regional markets, owing to improved regulation on the environment and increasing demand for biofuels.
In order to achieve product creativity and obtain competitive advantage, leaders in the market are investing in research and development. Major players included in this report NALCO Champion, Dorf Ketal Chemicals LLC, Lubrizol Corporation, Dow, Chemical Company, Eurenco, Clariant Corporation, TOTAL SA, Evonik Industries, Chemtura Corporation, Chevron Oronite Company and others.
The global specialty fuel additives market is segmented as below:
Specialty Fuel Additives Market By Product
Specialty Fuel Additives Market By Application
Specialty Fuel Additives Market By Geography
Middle East & Africa
Specialty fuel additives are chemical compounds that improve the desirable characteristics of the fuel or the the undesirable properties of the fuel.
An additive can be used unaided or mixed with other additives to give the fuel the desired characteristics.
The market value of specialty fuel additives is anticipated to be worth around US$ 11,300 Mn in 2027.
The specialty fuel additives market is anticipated to grow around 7% CAGR amid the forecast period 2020-2027.
High demands associated with the consumption of bio-fuel are the major drivers for the growth of the specialty fuel additives market.
Growing focus of various authorities and organizations regarding the promotion of electric vehicles is a major factor expected to restraint the growth of the market.
North America held maximum share in 2019 for specialty fuel additives market.