New York (US), July 13, 2023 (GLOBE NEWSWIRE) -- Specialty Fuel Additives Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Specialty Fuel Additives Market Information by Product, by Application, and Region - Forecast till 2032", The specialty fuel additives market will be increasing from USD 7.6 Billion in 2023 to USD 12.2 Billion by 2032, at a rate of 6.00% between 2023 and 2032.
Market Synopsis
Chemical substances called specialty fuel additives are created to raise the calibre and effectiveness of gasoline. Specialty fuel additives aid in knocking and the continued burning of the fuel inside the cylinder after combustion. Because of the impact resistance of specific fuel additives, the engine runs smoothly. The most popular specialty fuel additives in a variety of end-use industries include antifreeze treatment chemicals, cold flow additives, and fuel antioxidants. The global specialty fuel additive market is growing as a result of the rising popularity of the biofuel sector and the intense focus on enhancing fuel economy, particularly in terms of efficiency and emissions.
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Market Competitive Landscape:
The major manufacturers of specialty fuel additives include
- Albemarle
- Baker Hughes
- Chemtura
- Dow Chemical Company
- Chevron Oronite
- Lubrizol
- Total Additives and Special Fuels
- Evonik Industries
- Dorf Ketal
- Eurenco
- NALCO Champion
- Clariant
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 12.2 Billion |
| CAGR | 6.00% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Growing demand for low-emission and efficient energy sources from manufacturing, aviation, and automobiles and stringent environmental regulations |
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Market USP Covered:
Market Drivers:
Strict environmental restrictions and rising energy consumption from the automotive, aviation, and manufacturing industries are expected to drive market expansion. The ecology has suffered as a result of the rising amounts of hazardous emissions brought on by the gasoline used in automobiles. Speciality additives are now being used more frequently globally, which helps reduce toxic petrol emissions from vehicles. They contribute to making fuels like diesel, distillates, and petrol more efficient. It lessens combustion and burn rates at high temperatures and prevents terrible pollution issues.
Demand for the product is anticipated to be driven by the expanding trend of adding additives to biodiesel blends in the North American and European areas to achieve effective cold flow performance. Over the next few years, industry growth is likely to be negatively impacted by ongoing price inflation brought on by rising pressure on raw materials.
Future growth will be bolstered by the ongoing emphasis on new product development and innovation in specialty fuel additions to lower exhaust pollutants and enhance mileage. The growth of the product is being fueled by the introduction of new engine technology and the drive for greater efficiency. According to estimates, the additives market is dominated by the U.S., China, and India.
Specialty fuel additives improve the performance of the fuel and safeguard the fuel system. The requirement to remove and clean hazardous deposits from engines is projected to drive the market's expansion. The elimination of deposits improves the engine's power and acceleration.
Market Restraints:
The main obstacle to the market will be the high cost of production. However, producers are utilizing efficient methods such the utilization of catalysts, inexpensive raw materials, and cutting-edge technology to lower manufacturing costs.
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Opportunities
The use of multifunctional additives is crucial in economic manufacture of biofuels. Multifunctional additives deliver provide multiple benefits in one additive package. It helps in reduction of maintenance and improvement of fuel economy. Therefore, the growing demand for multifunctional additives is one of the main trends that drive the growth of the global fuel additives market during the forecast period. Other reasons for the increase in demand for multifunctional additives, such as the increasing popularity of mobile power plants and the new development of fuel additives will have a favorable influence on the growth of the fuel additives market during the forecast period.
COVID 19 Analysis
The automotive industry has been severely impacted by the COVID-19 epidemic. There has been a decrease in sales volume and the closure of production facilities as a result. Additionally, in 2020 there was a fall in the demand for both commercial and passenger automobiles. The epidemic has also caused the supply chain to be disrupted and the price of oil to drop. The market for fuel additives has struggled to expand due to all of these problems. The likelihood of a smaller budget for R&D is detrimental to the market for speciality fuel additive innovation. Companies are, however, taking safety precautions to combat the outbreak's negative effects.
Market Segmentation
By Product
With respect to the product, the Specialty Fuel Additives Market is segmented into corrosion inhibitors, lubricity improvers, antioxidants, deposit control, cetane improvers, and others. In 2022, the deposit control sector dominated the whole market. Rising demand for fuel-efficient cars is predicted to drive product consumption over the projection period. Rapid industrialization and a growing focus on emission control are both expected to increase demand for the market.
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By Application
Petrol, diesel, aviation turbine fuel, and other types of fuel are all included in the Application segmentation of the Specialty Fuel Additives Market. In 2022, the diesel category led the market for specialty fuel additives. Diesel fuel requires more specialized fuel additives to maximize a vehicle's fuel economy because it is more environmentally destructive than other forms of petrol. The diesel market is dominated by developing countries like India, Indonesia, Thailand, and China. Due to the growing usage of ULSD, which requires a substantial amount of fuel additives, the need for specialty fuel additives in North America and Europe during the following few years is projected to increase.
Regional Insights
In 2022, the Asia Pacific market assumed the top spot (45.80%). The surging preference for biofuel in Asia Pacific is expected to raise demand for the product over the coming years. Due to the emission control policies that Asian countries have established, it is predicted that the market for specialised additives would grow throughout the projected period. In addition, China has the greatest market share of the region, while the Specialty Fuel Additives market in India will see the quickest expansion.
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