Albany, New York, Jan. 08, 2019 (GLOBE NEWSWIRE) -- The global fuel additives market is prognosticated to witness steady growth in the forthcoming years, as reported by Transparency Market Research (TMR). The market’s competitive ecosystems is moderately consolidated currently. Three companies held a substantial 28.50% of the overall market share in 2014. These companies are Innospec, The Lubrizol Corporation, and Afton Chemical Corporation. Other prominent vendors operating in the global fuel additives market are Nalco, BASF, Chevron Oronite, Infineum, and Clariant.
Vendors in the global fuel additives market are seen focusing on leveraging technological innovations in their offering. A number of vendors are entering regional, emerging markets in order to gain geographical presence in potential areas. Several market players are involved in partnerships with specialty chemical companies, as they are closely associated with fuel additives. Vendors in the global fuel additives market are further seen investing in proliferation into the fuel industry in order to gain momentum in the market.
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The global fuel additives market is likely to rise at a 8.30% CAGR over the forecast period of 2015 to 2023. The market was worth S$1.62 bn in 2016, and is predicted to reach US$2.64 bn by 2023.
Geography-wise, North America is expected to lead the global fuel additives market over the forecast period. This could be attributed to the high awareness regarding fuel additives in the region.
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Surge in Demand for ULSD to Boost Growth
Ultra-low sulfur diesel (ULSD is a cleaner-consuming diesel fuel that contains 97% less sulfur than low-sulfur diesel (LSD). ULSD was produced to permit the utilization of enhanced contamination control gadgets that lessen diesel emanations all the more viably however can be harmed by sulfur. It is additionally protected to use with more seasoned diesels. ULSD fuel is completely good with the current models, including 2006 and prior model year vehicles. In a few examples, the acquaintance of ULSD fuel with more seasoned vehicles may influence fuel framework segments or extricate stores in fuel tanks.
As a feature of a decent support program, proprietors and administrators of existing autos, trucks and transports are urged to screen their diesel-controlled vehicles nearly for potential fuel framework spills or untimely fuel channel stopping amid the change-over to ULSD fuel. The developing interest for ULSD is anticipated to fuel the global fuel additives market to an expansive degree.
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Stringent Environmental Regulations to Propel Market
Fuel additives are intended to meet the inexorably stringent condition standards, as a few nations are actualizing directions to control emanations. These controls, expanding interest for clean and effective fuel, and exhausting unrefined stores are the primary drivers for the fuel additives market.
Nonetheless, surge in number of hybrid vehicles, and also module electric vehicles in created economies are may hamper the growth of the fuel additives market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled, “Fuel Additives (Deposit Control Additives, Cetane Improvers, Antioxidants, Stability Improvers, Lubricity Improvers, Corrosion Inhibitors, Cold Flow Improvers, and Others) Market for Gasoline, Diesel, Aviation Fuels, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”
The market is segmented for detailed study in the following way:
Global Fuel Additives Market, by Product
- Deposit control additives
- Cetane improvers
- Antioxidants
- Amines
- Hindered phenols
- Others (mixture of alkyl phenols and aromatic diamines)
- Stability improvers
- Lubricity improvers
- Corrosion inhibitors
- Cold flow improvers
- Others (Including dyes and markers, metal deactivators, fuel dehazers, etc.)
Global Fuel Additives Market, by Application
- Gasoline
- Diesel
- Aviation fuel
- Others (Including heating oils, etc.)
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