New York, Feb. 08, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the International Energy Agency (IEA), CO2 emissions from passenger road vehicles and road freight vehicles increased from 2.5Gt and 1.7Gt respectively in the year 2000 to 3.6Gt and 2.4Gt respectively in the year 2018. Moreover, according to the statistics by the United States Environmental Protection Agency (EPA), CO2 emissions from a gallon of gasoline were recorded to be 8887 grams CO2/gallon, while from a gallon of diesel was recorded to be 10180 grams CO2/gallon. Additionally, the statistics also stated that the average passenger vehicle emitted about 404 grams of CO2 per mile.
Kenneth Research has recently released a report on “Global Automotive Aftermarket Fuel Additives Market” which includes a detailed analysis of the market drivers, opportunities, trends, and the restraint factors associated with the market growth during the forecast period, i.e., 2021-2030. The report is analyzed by using primary and secondary research methods and also covers the regulatory and standards landscape, as well as the supply & demand risk analysis.
The concern for vehicular emission worldwide is increasing at a rapid pace, backed by the growing production and sales of vehicles. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the total sales of vehicles worldwide in the year 2019 was recorded to be 90423687 units, whereas the production of vehicles globally increased from 77583519 units in the year 2010 to 91786861 units in the year 2019. Automotive fuel additives help to enhance the quality and efficiency of fuels and also further help to increase the octane rating of the fuel. Besides this, the fuel additives also act as corrosion inhibitors or lubricants.
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The global automotive aftermarket fuel additives market generated a revenue of USD 1245.9 Million in the year 2020 and is further expected to touch USD 2249.5 Million by the end of 2030, by growing with a CAGR of 6.0% during the forecast period. The growth of the market can also be attributed to the stringent government regulations to lower greenhouse gas (GHG) emissions and to improve the fuel efficiency and engine performance of vehicles.
The global automotive aftermarket fuel additives market is segmented by region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst the market in these regions, the market in North America registered the largest revenue of USD 421.1 Million in the year 2020 and is further expected to touch USD 769.3 Million by the end of 2030. The market in the region is segmented by country into the United States and Canada. Amongst the market in these countries, the market in the United States generated the largest revenue in the year 2020 and is further expected to grow with the highest CAGR of 6.4% during the forecast period and also attain the largest revenue by the end of 2030.
On the other hand, the market in the Asia Pacific is projected to display the second-largest revenue of USD 362.6 Million in the year 2020 and is further expected to touch USD 731.1 Million by the end of 2030, by growing with the highest CAGR of 7.2% during the forecast period. The market in the region is further segmented by country into China, India, Japan, Malaysia, South Korea, New Zealand, Australia, and the Rest of Asia Pacific. Amongst the market in these countries, the market in China generated the largest revenue of USD 161.3 Million in the year 2020 and is further expected to touch USD 369.2 Million by the end of 2030. Besides this, the market in Japan is expected to register the second-largest revenue of USD 113.3 Million by the end of 2030, up from a revenue of USD 53.7 Million in the year 2020.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global automotive aftermarket fuel additives market is segmented by type into deposit control, lubricants, antioxidants, cold flow improvers, antiknock agents, and others. Amongst these segments, the deposit control segment generated the largest revenue of USD 264.2 Million in the year 2020 and is further expected to touch USD 555.9 Million by the end of 2030, by growing with a CAGR of 7.6% during the forecast period. In North America, the segment is expected to generate the largest revenue of USD 180.8 Million by the end of 2030, up from a revenue of USD 85.1 Million in the year 2020. On the other hand, in the Asia Pacific, the segment generated the largest revenue of USD 81.2 Million in the year 2020, and is further expected to touch USD 194.5 Million by the end of 2030.
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The global automotive aftermarket fuel additives market is further segmented by distribution channel into big stores, 4S stores, unauthorized spare parts & service centers, gas stations, automotive workshops, e-commerce, and others. Amongst these segments, the gas stations segment generated the largest revenue of USD 366.7 Million in the year 2020 and is further expected to touch USD 722.7 Million by the end of 2030. In North America, the segment is expected to touch the largest revenue of USD 243.1 Million by the end of 2030, up from a revenue of USD 122.6 Million in the year 2020, while in Europe, the segment generated the largest revenue of USD 87.0 Million in the year 2020, and is further expected to touch USD 164.5 Million by the end of 2030.
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The global automotive aftermarket fuel additives market is further segmented by application.
Global Automotive Aftermarket Fuel Additives Market, Segmentation by Application
- Gasoline
- Diesel
Some of the prominent industry leaders in the global automotive aftermarket fuel additives market that are included in our report are TotalEnergies Company, Ashland Global Holdings Inc., BASF SE, The Lurizol Corporation, Afton Chemical, Evonik Industries AG, Chevron Corporation, Lucas Oil Products, Inc., Innospec, BG Products, Inc., Infineum International Ltd., and others.
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