Farmington, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The Global Fuel Additives Market Size Was USD 8.14 Billion In 2021. The Market Is Projected To Grow From USD 8.62 Billion In 2022 To USD 12.87 Billion In 2030 at a CAGR Of 5.9% During 2022-2030. COVID-19 has had effects on the world that have never been seen before and are frightening. For example, the demand for fuel additives is lower than projected in all regions compared to before the pandemic. Our study shows that the global market was 0.2% smaller in 2020 than in 2019.
The world market is forecast to grow a lot because cars and other places are using more and more advanced and better goods. Governments putting strict rules on businesses is another big thing that is supposed to make the global market grow. Also, good government rules and a better awareness of the need to cut carbon emissions will help the market.
Request Sample Copy of Report “Fuel Additives Market Size, Share & Trends Estimation Report By Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, and Corrosion Inhibitors), By Application (Gasoline, Diesel, and Aviation Fuel), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- January 2021: Texas Instruments (TI) unveiled its highest performing solution for wireless BMS. This solution enables automakers to improve reliability, minimize design complexity, and reduce vehicle weight to extend range.
- August 2020: Infineon Technologies Launches New Battery Management System Infineon Technologies has launched a new battery management system called the TLE9012AQU to balance and manage battery charge in electric vehicles. Primarily designed for hybrid and electric vehicle batteries, but also suitable for other applications such as energy storage systems and e-bike battery management systems.
Segment Overview
Type Insights
Based on the type, the market is split into deposit control, cetane improvers, lubricity improvers, cold-flow improvers, stability improvers, octane improvers, and rust inhibitors. How close a fuel's cetane number is to the standard cetane number shows how easy it is to start a fire with it. Cetane improvers are often added to diesel fuel. It broke down in a way that released heat, which caused fuel to react and start a fire at a lower temperature.
Most of the market is made up of octane boosts. The higher the number, the better the fuel works. Octane improvers will be in higher demand because refineries are using them more and more because they are cheap and help them meet the octane number standards. Because crude oil and petroleum oils are getting worse, there is a need for chemicals that stop deposits and improve stability.
Application Insights
Gasoline, diesel, and jet fuel make up different parts of the market based on how they are used. The most important thing on the market was oil. One of the major things driving the market is the growing number of cars, which is also increasing the demand for gasoline. The market is expected to grow because of things like the rising number of tourists and the rising demand for aviation fuel for business use.
Regional Outlook:
The market for fuel additives in North America was expected to be worth USD 2.70 billion by 2021. Currently, North America is the biggest market, and that should stay the case for the next few years. More oil exploration and more demand for fuel from businesses that use it, like transportation and power production, could drive market growth. The aerospace and defense business is growing quickly, and many government projects will also help the area do well.
In terms of size, Europe is expected to grow a lot. The market is likely to be driven by the well-established auto industry and the rising demand for passenger cars. Also, groups like the Additive Technical Committee (ATC), which helps the industry grow, will affect the growth of the additive industry.
Asia-Pacific is one of the world's most economic and developed regions. Countries like China and India are using more fuel additives, which is likely to be a big market driver. Tata, Bajaj, Ashok Leyland, and other car makers could increase demand if they worked harder to make better cars.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.9% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 12.87 Billion |
| By Type | Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors, Others |
| By Application | Gasoline, Diesel, Aviation Fuel, Others |
| By Companies | BASF SA (Germany), Dow Inc. (U.S.), Lubrizol Corporation (U.S.), Evonik Industries AG (Germany), TotalEnergies (France), Clariant (Switzerland), Chemtura (U.S.), Dorf Ketal Chemicals (India), Innospec Inc. (U.S.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
Using Ultra Low Sulfur Diesel more and learning more about it will make new options available.
Very Small Amounts of Sulfur Sulfur-free diesel is diesel that has very little sulphur in it. This is an example of how high-tech, low-emission technologies might be able to cut down on the amount of harmful gases released when fuel is burned. The European government made rules that said the amount of sulphur in diesel had to go down and the new ULSD criteria had to be used. But lubricity improvers are needed for the ULSD to keep working the way it should. One thing that could help this market grow faster is a higher desire for low-sulfur fuel.
Driving Factors:
The fuel additives market will grow if there are good rules in place.
Because more industries are using more fuel, the market for fuel additives is expected to grow quickly. A lot of study and development goes into the business of fuel additives. Companies that turn hydrocarbon fuels into heat energy for things like transportation, making electricity, and other uses have needed many different kinds of goods. According to information from the ATC, performance additives are added to about half of the market fuel used on roads. The refineries and other hubs get the other half. This makes sure the product meets the requirements set by the government of Europe. More research and development will also help the Ultra-Low Sulfur Diesel market grow.
Restraining Factors:
Demand could go down if people want more alternative energy.
In the past few years, many different kinds of clean energy sources have been made. Concerns about carbon emissions and air pollution have made the need for clean energy sources grow a lot. Putting batteries in cars and other vehicles is one of the newest ways to live in a more healthy way. Electric Vehicles (EVs) are preferred by transportation companies, businesses, and governments because they last longer and help support the use of clean and green energy sources.
Key Segments Covered:
Top Market Players:
BASF SA (Germany), Dow Inc. (U.S.), Lubrizol Corporation (U.S.), Evonik Industries AG (Germany), TotalEnergies (France), Clariant (Switzerland), Chemtura (U.S.), Dorf Ketal Chemicals (India), Innospec Inc. (U.S.), and others.
By Type
- Deposit Control
- Cetane Improvers
- Lubricity improvers
- Cold Flow improvers
- Stability improvers
- Octane Improvers
- Corrosion inhibitors
- Others
By Application
- Gasoline
- Diesel
- Aviation Fuel
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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