New York, US, June 18, 2021 (GLOBE NEWSWIRE) -- Refrigeration Insulation Materials Market Overview:
According to a comprehensive research report by Market Research Future (MRFR),“Fuel Additives Market - Information by Material Type, Fuel Type, Application, and Region - Forecast till 2025” the market is anticipated to cross USD 10.29 Billion by 2025 at 3.66% CAGR during the Forecast period.
Market Scope:
During the forecast era, the global fuel additives market is expected to expand at a significant pace. The global expansion of the car industry is responsible for the rise of the fuel additives market. Another significant factor driving industry growth is the increasing demand for light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs) around the world. In addition, growing demand for low-emission and productive energy sources from construction, aircraft, and cars is projected to fuel the industry in the coming years. In addition, the market is expected to be fuelled by the movement toward the use of additives in biodiesel blends, as well as the launch of new engine technologies and higher performance demand during the forecasted era.
The demand for petrol is growing as the number of cars on the road continues to grow across the world. This demand is reflected in an increase in the production of fuel, especially oil, in numerous refineries around the world. Furthermore, if the atmosphere's environmental quality deteriorates, air emissions laws will become stricter, necessitating the use of fuel additives to regulate air pollution caused by vehicular exhaust. Improved environmental advantages and efficiency characteristics, which are regulated and endorsed by numerous environmental and government bodies, are also expected to push the global fuel additives industry ahead. As a result, during the forecast period for the fuel sector, the industry will see substantial expansion.
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Key Players Locking Horns:
Expansion and product growth are two of the most effective techniques used by players in the global fuel additives industry.
Affluent vendors in the Global Fuel Additive Market are:
- Innospec (US)
- The Lubrizol Corporation (US
- Afton Chemical (US)
- BASF SE (Germany)
- Chevron Corporation (US)
- LANXESS (Germany)
- Clariant (US)
- Infineum International Limited (UK)
- BARDAHL Manufacturing Corporation (US)
- Wynn's (Belgium)
Market Drivers and Growth Influencers:
- Rising consumer perception of the advantages of fuel additives is a key driver driving market development.
- Rising demand for high fuel efficiency, declining crude oil quality, and strict government regulations.
Market Restraints:
- Demand development is expected to be slowed by volatility in crude oil prices and the high costs associated with R&D operations.
- During the forecast era, the increasing preference for alternative fuels and the rising introduction of electric cars are likely to stifle business growth.
Browse In-depth Market Research Report (338 Pages) on Fuel Additives: https://www.marketresearchfuture.com/reports/fuel-additive-market-10131
Market Segmentation:
Global Fuel Additive Market has been segmented based on Type, Fuel Type, and Application.
By Type, the market has been categorized into three segments, namely, deposit control, cetane & octane boosters, lubricity improvers, cold flow improvers, stability improvers, corrosion inhibitors, and others. The deposit control segment was valued at USD 3.81 billion in 2018 and is expected to surpass this value over the review period.
By Fuel Type, the fuel additives market has been classified into diesel, gasoline, aviation fuel, and others. The diesel segment is expected to register a higher CAGR of 3.94% during the review period owing to its high consumption in end-use industries. The gasoline segment accounted for the second-largest share in 2018 and is likely to continue its growth trajectory over the assessment period.
By Application, the global fuel additives market has been categorized into passenger vehicles, commercial vehicles, off-highway equipment, aircraft, marine vessels, industrial, and others. The commercial vehicle application segment accounted for 43.8% of the market share in 2018 and is touted to reach a value of USD 4.62 billion by the end of the review period.
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Regional Analysis:
The Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa regions have all been studied for the Global Fuel Additive Market.
In 2018, the Asia-Pacific region had the largest market share of 43 percent, with a market value of USD 3,453.83 million. Because of the expanding industrialization in Asia-developing Pacific's economies, the regional demand is expected to rise at the fastest rate of about 4.32 percent during the projected period. The development of the major end-use industries, such as automobiles, aviation, and power generation, may be contributing to the market's growth.
Europe and North America are the other major geographic markets for fuel additives, with the second and third highest market shares of the overall market, respectively, in 2018. The growing trend of additives in biodiesel blends to achieve efficient cold flow production is expected to fuel commodity demand in North America and Europe. Increasing environmental regulations and increasing demand for biofuels are expected to affect the European market for fuel additives, which is expected to push the market in this region.
The rising automotive industry is expected to fuel the development of the Middle East and Latin American economies.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.