New York, Aug. 01, 2022 (GLOBE NEWSWIRE) -- According to the International Organization of Motor Vehicle Manufactures (OICA), the production of vehicles worldwide increased from 77583519 units in the year 2010 to 91786861 units in the year 2019. Further, the sales of vehicles registered in the year 2019 reached 91227182 units. On the other hand, the International Energy Agency (IEA) stated in one of its statistics that the improvements in fuel economy have slowed in recent years where the average fuel consumption of new light-duty vehicles fell by only 0.9% between 2017 and 2019 as compared to 1.8% between 2010-2015. Fuel efficiency improvement and emission control are the two of the most important challenges the automotive industry faces today. Fuel economy plays an important role as one of the factors affecting the energy consumption by vehicles.
Research Nester recently published a report titled “Global Octane Improver Fuel Additives Market” which provides detailed market evaluation taking the forecast period, i.e., 2022-2031. The report further includes in-depth market analysis in five major regions, i.e., North America, Latin America, Europe, Asia Pacific, and Middle East & Africa, including the current industry trends, innovations, and challenges, along with strategies that will help industry players to attain their business targets.
Fuel octane number has a direct and strong influence on fuel economy. Octane boosters make a significant difference in maximizing vehicle efficiency and performance. They are designed to enhance engine’s power by improving fuel compression in the engine before detonation. This reduces on-cycle fuel consumption by the vehicles. In order to meet the Global Fuel Economy Initiative (GFEI) 2030 target, fuel consumption requires to decrease by 4.3% annually from 2019 to 2030. Driven by these factors, the global octane improver fuel additives market is anticipated to grow at a CAGR of nearly 3% over the forecast period. Moreover, increasing government regulatory policies on the back of environmental concerns to curb carbon emission from conventional fuels is further fostering the growth of the market. For instance, the Kyoto Protocol, an international treaty extended by the United Nations to operationalize the United Nations Framework Convention on Climate Change (UNFCCC), has a commitment of 192 countries to reduce the onset of global warming by limiting human-made greenhouse gases emission. Furthermore, the UK Climate Change Act 2008, which was last amended in 2019, is set to reduce greenhouse gas emissions to 80% below 1990 levels by 2050.
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Based on regional segmentation, North America is projected to hold the largest share of the octane improver fuel additives market. One of the key factors driving the growth of the market in the region is increasing government initiatives to improve fuel economy and reduce greenhouse gases emission. For instance, in August 2021, the U.S. Department of Transportation’s National Highway Traffic Safety Association (NHTSA) announced the proposal of new fuel economy standards, according to which fuel efficiency is expected to increase by 8% annually for the model years 2024-2026 and benefit the consumers with an overall fuel cost savings of nearly USD 140 Billion for new vehicles sold by 2030. In addition to that, the new standards would also foster in reduction of greenhouse gases, and air pollution. In addition to that, there is high awareness regarding the benefits of octane boosters among the consumers in the region, with the United States being the largest producer of ethanol in the world. According to the U.S. Department of Energy (DOE), the U.S. produced 13.93 billion gallons of ethanol in 2020.
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Furthermore, demand for octane improvers is rapidly increasing, especially in countries such as India and China, in order to reduce pollution and particular matter. According to statistics by Our World in Data, the annual CO2 emissions in China, in the year 2020, was 10.67 billion tonnes. Moreover, India also has a high preference for petrol(gasoline)-based vehicles. In the financial year 2021, over 75% of the cars sold in India were petrol based. Backed by these factors, the Asia-Pacific region is projected to emerge as the fastest-growing market for octane improver fuel additives over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global octane improver fuel additives market is segmented on the basis of type into ethanol, methyl tertiary butyl ether (MTBE), methylcyclopentadienyl manganese tricarbonyl (MMT), ethyl tertiary butyl ether (ETBE), and others. Ethanol has high blending efficiency that increases overall octane rating of the fuel. Moreover, ethanol blended fuel reduces the emission of NOX, CO, CO2, and particulate matter. Owing to these factors, along with the rising production of ethanol, the ethanol segment is expected to witness the highest growth over the forecast period and hold the largest share of the market. In one of the statistics by the Renewable Fuels Association (RFA), the total production of ethanol globally increased from 26170 million gallons in the year 2016 to 27310 million gallons in the year 2021.
The global octane improver fuel additives market is segmented on the basis of application.
Global Octane Improver Fuel Additives Market, Segmentation by Application
- Automotive
- Industrial
- Aviation
- Others
Some of the prominent players and their company profiling included in the global octane improver fuel additives market research report are Innospec, Dorf Ketal, TotalEnergies, Afton Chemicals, LyondellBasell Industries Holdings B.V., Cestoil Chemical Inc., KENNOL Performance Oil, Chevron Corporation, The Lubrizol Corporation, Infineum International Ltd, BASF SE, and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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