Fuel Additives Market Size Worth USD 8.54 Billion in 2032 | Emergen Research

Vancouver, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global fuel additives market size was USD 6.25 billion in 2022 and is expected to register a rapid revenue CAGR of 3.1% during the forecast period. Rising demand for effective fuel additives and gasoline additives in countries, stringent government regulations, and increasing automotive production in emerging markets are major factors driving market revenue growth.  

Demand for effective fuel additives is rising due to increasing emphasis on fuel efficiency of automobiles and equipment, lowering emissions, and improving engine performances. These factors are expected to increase need for fuel additives that can enhance the combustion process and optimize fuel usage. In addition, development of bio-based fuel additives, was prompted by rising environmental concerns about pollution brought on by combustion of fossil fuels, which is in turn, driving revenue growth of the market. These additives are added in small quantities to fuels, mainly in gasoline, which are used as combustion antioxidants, modifiers, corrosion inhibitors, and deposit control detergents.

Global implementation of strict government laws and standards related to emissions and fuel efficiency is also expected to drive market revenue growth during the forecast period. For instance, the Euro 6 emissions standards, which mandatory to use of fuel additives to lower car emissions, have been put into effect in the European Union. Use of fuel additives is similarly mandated by Corporate Average Fuel Economy (CAFE) requirements in the U.S. to increase fuel efficiency and lower emissions.

Rising demand for gasoline additives in countries such as China, India, Brazil, and others, is another factor drive market revenue growth. This can be attributed to the increasing disposable income of customers in these regions, which has led to a higher demand for vehicles and equipment in the automotive and industrial sectors. As a result, there is rising need for gasoline additives to enhance the performance and efficiency of these vehicles and equipment.

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Crude oil price volatility can influence production and supply of gasoline additives, which could restrain market revenue growth. Fluctuations in crude oil prices can lead to changes in the cost of raw materials used in production of gasoline additives, potentially affecting their availability and pricing. In addition, high production and development costs for advanced gasoline additives is another factor, which could also restrain market revenue growth.

Segment Insights

Type Insights:

On the basis of type, the global fuel additives market is segmented into deposit control additives, lubricity improvers, cold flow improvers, stability improvers, corrosion inhibitors, octane improvers, anti-icing fuel additives, cetane improvers, and others.

The deposit control additives segment accounted for largest revenue share in the global fuel additives market in 2022. This is attributed to rising demand for deposit control additives to meet stricter government regulations, enhance fuel efficiency, and reduce emissions. Petrol and diesel fuels contain deposit control chemicals to stop the buildup of damaging deposits in engines. These additives are primarily used to stop the accumulation of carbon deposits, which can cause an engine to run less efficiently, consume more fuel, and emit more pollution.

Application Insights:

On the basis of application, the global fuel additives market is segmented into diesel, petrol, aviation fuel, and other fuel.

The diesel segment is expected to account for significantly large revenue share in the global fuel additives market during the forecast period due to rising use of diesel engines in various industries, such as agriculture, building, mining, and transportation. Fuel additives are used to improve the performance of diesel fuel, increase fuel efficiency, and lower emissions in the engines, which require high-quality fuel to operate on their best. In addition, most often used fuel additives in diesel engines are cetane improvers and deposit control additives, which are also expected to drive revenue growth of this segment during forecast period.

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Regional Insights:

North America market accounted for largest revenue share in the global fuel additives market in 2022. due to rising demand for gasoline in numerous industries such as aviation, automotive, and marine sectors. The use of gasoline additives is increasing in the North America region while producers are under pressure to provide cleaner and more efficient fuels to comply with environmental requirements. For instance, on 31 December 2020, Lubrizol Corporation announced the acquisition of Weatherford International's Oilfield Chemicals business for USD 825 million. This acquisition was aimed at enhancing Lubrizol's product offerings in the O&G industry and strengthening its position in the fuel additives market.

Europe market is expected to register fastest revenue growth rate in the global fuel additives market during the forecast period. This is due to increasing public awareness about environmental degradation and strict government emission rules. For instance, on 30 June 2021, an increase in biofuels uptake in Europe is set to support prices of the fuel additive ETBE, as Sweden and the UK prepare to introduce E10 gasoline, rising demand for ETBE's feedstock, ethanol. Moreover, the region now has more need for high-performance fuels and gasoline additives due to the presence of major automakers.

Scope of Research

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Major Companies and Competitive Landscape

The global fuel additives market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective fuel additives products in the market.
Some of the major companies included in the global fuel additives market report are:  

• Afton Chemical
• BASF SE
• Chevron Oronite Company LLC
• Innospec
• Evonik Industries AG
• The Lubrizol Corporation
• Infineum International Limited
• TotalEnergies
• Croda International Plc
• Clariant AG
• Baker Hughes Company
• Cummins Inc
• Dorf Ketal Chemicals India Private Limited

Strategic Development

• On 18 January 2021, Afton Chemical Corporation and ExxonMobil signed an agreement to jointly develop a new line of lubricant and fuel additives aimed at enhancing engine performance and reducing emissions. This strategic partnership aims to leverage Afton's expertise in additive technology and ExxonMobil's expertise in Base Oil technology to create more effective products.
• On 11 May 2020, Evonik Industries AG launched a new line of fuel additives called the Dynavis technology. These additives are designed to improve the fuel efficiency and performance of heavy-duty diesel engines. The technology uses a special polymer that reduces friction and wear on engine components, resulting in improved fuel economy and reduced emissions.

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For the purpose of this report, Emergen Research has segmented the global fuel additives market on the basis of type, application, industry vertical, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)

• • Deposit Control Additives
  • Lubricity Improvers
  • Cold flow Improvers
  • Stability Improvers
  • Corrosion Inhibitors
  • Octane Improvers
  • Anti-Icing Fuel Additives
  • Cetane Improvers
  • Others

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Diesel
  • Petrol
  • Aviation fuel
  • Other fuel

• Industrial Vertical Outlook (Revenue, USD Billion; 2019-2032)

• • Chemical & Petrochemical
  • Oil & Gas (O&G)
  • Energy & Power
  • Automotive
  • Food & Beverages (F&B)
  • Healthcare
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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