Dublin, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The "Global Fuel Additives Market by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The fuel additives market size is estimated to be USD 6.0 billion in 2021 and is projected to reach USD 7.1 billion by 2026, at a CAGR of 3.4% between 2021 and 2026.
Factors such as stringent regulatory environment will drive the fuel additives market. Growth in demand for hybrid vehicles and increasing battery price parity is the major restraints. However, increasing demand for ultra-low sulfur diesel (ULSD) will act as an opportunity for the market.
Deposit control additives is estimated to be the largest type of fuel additives market in 2020
Deposit control additives are majorly used to prevent low accumulation for engines to be more efficient and produce low emissions, hence, improving the performance of the engine. Currently, the use of deposit control additives in gasoline is a major contributor to rising additives consumption because of the demand for more efficient fuel for modern engines. Gasoline Direct Injection (GDI) systems have become the standard in new high-performance vehicles with internal combustion engines.
In contrast to traditional port injection fuel delivery systems, GDI engines have injectors placed directly inside the combustion chamber, which provides improved combustion, better fuel mileage, enhanced performance, and lower vehicle emissions. However, GDI engines are prone to carbon deposit build-up on intake valves because the gasoline is directly injected into the cylinder. This requires the use of higher amounts of deposit control additives.
Diesel was the second largest application for fuel additives market in 2020
The fuel additives market size for diesel applications accounted for the largest share of global fuel additives, in terms of value, in 2020 this was led by the demand from the automotives industry.
The market for diesel fuel additives has been driven by the developing economies of APAC.
North America and Europe are embarking on the use of ULSD, which has higher dosing of additives than normal diesel. The global diesel consumption is expected to increase during the forecast period, and the quantity of additives is likely to increase to meet stringent environmental norms.
APAC is estimated to be the largest fuel additives market in 2020, in terms of volume.
APAC is one of the most crucial markets of fuel additives. This is basically led by the demand of fuel additives from various end use industries in China, Japan, India, South Korea and Australia. These countries have major companies related to automotive, power generation, construction, in this region.
China dominates the fuel additives market in APAC. The growing automotive industry in the major economies is the main driver for the fuel additives market.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted.
The fuel additives market is dominated by key market players such as the Afton Chemical Corporation (US), The Lubrizol Corporation (US), Innospec Inc. (US), BASF SE (Germany), and Evonik Industries AG (Germany), among others.
Premium Insights
- Significant Opportunities - High Growth Expected In Emerging Economies During the forecast Period
- APAC To Be the Largest Fuel Additives Market During the forecast Period
- China Accounted for the Largest Share of the APAC Fuel Additives Market In 2020
- Deposit Control Additives To Dominate Fuel Additives Market Across Regions
- India To Be Fastest-Growing Fuel Additives Market During the forecast Period
Market Dynamics
Drivers
- Stringent government regulations
- Increase in automotive production in emerging economies
- Degrading quality of crude oil
Restraints
- Rise in demand for alternate fuels
- Rise in demand for hybrid vehicles and increasing battery price parity
- Significant investments in R&D for fuel additives
Opportunities
- Increase in demand for ultra-low-sulfur diesel (Ulsd)
- Technology Overview
Companies Mentioned
- Afton Chemical Corporation
- BASF SE
- Baker Hughes, a GE Company Llc.
- Chempoint Solutions Company
- Chevron Oronite SA
- Clariant AG
- Croda International Plc
- Cummins Inc.
- Dorf Ketal Chemicals
- Eastern Petroleum
- Eastman Chemical Company
- Eni SpA
- Evonik Industries AG
- Huntsman Corporation
- IFTEX Oil & Chemical Company
- Infineum International Limited
- Innospec Inc.
- Lanxess AG
- Lubrication Engineers
- Lucas Oil Products Inc.
- Petroleum Logistics
- Solvay S.A.
- The Dow Chemical Company
- The Lubrizol Corporation
- Total SA
For more information about this report visit https://www.researchandmarkets.com/r/xr4cgn
