Transparency Market Research has published a new report titled, “Fuel Additives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.” According to the report, the global fuel additives market was valued at US$ 5.41 Bn in 2014 and is expected to reach US$ 11.09 Bn by 2023, expanding at a CAGR of 8.3% between 2015 and 2023.
Fuel additives are engineered to improve efficiency of fuels such as diesel, gasoline, and distillate fuels in several ways. Key functionality aspects of fuel additives include affecting burn and combustion rates, to work under high temperatures, to reduce harmful emissions and to improve fuel efficiency. Fuel additives can be added at refineries, distribution systems, or in storage tanks as per the requirement. These additives are usually added as standalone product to resolve specific issues at refineries. Fuel additives can also be combined with other products to create a multi-functional package when used as finished fuel for the automotive industry.
Deposit control additives was the major product segment, accounting for more than one-third share of the global fuel additives market in 2014. Deposits are prone to build up in injector nozzles, which choke the flow of the fuel. This ultimately impacts the combustion rate. This factor has been driving the market for fuel additives since long. Additionally, stringent rules and emission standards enacted by regulatory bodies have been boosting the demand for deposit control additives across the globe. Other major product segments of the fuel additives market are cetane improvers, antioxidants, stability improvers, lubricity improvers, corrosion inhibitors, and cold flow improvers. Cetane improvers are employed to improve the cetane quality of diesel fuel. Inadequate cetane number in diesel fuel results in poor starting characteristics, higher noise level, increased fuel consumption, and significant white smoke and exhaust emissions. Rise in consumption of ultra-low-sulfur diesel (ULSD) is another major factor driving the market for cetane improvers, as processing of ULSD leads to decrease in cetane numbers.
Gasoline was the major application segment, accounting for more than 40% volume share of the fuel additives market in 2014. Aviation fuel is anticipated to be the fastest-growing application segment of the fuel additives market during the forecast period. The fuel additives market for gasoline application is majorly driven by demand for gasoline in the automotive industry. Stringent environmental regulations and rising demand for efficient fuels are the other major drivers of the gasoline application segment.
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In terms of volume, North America held the largest share of the fuel additives market in 2014. The trend is estimated to continue during the forecast period. North America constituted more than 30% volume share of the global fuel additives market in 2014. The U.S. is the largest consumer of fuel additives due to stringent environmental regulations, higher awareness among consumers, and rising penetration of ULSD. The fuel additives market in Asia Pacific is projected to expand at the fastest pace during the forecast period primarily led by the growth of the automotive industry in economies such as China and India, and implementation of environmental protection laws throughout the region. The fuel additives market in Europe is expected to witness moderate growth during the forecast period due to the presence of stringent environmental regulations and increasing penetration of ULSD. The fuel additives market in regions such as Latin America and Middle East & Africa is likely to expand at a modest rate, due to lack of consumer awareness and cost sensitive nature of consumers.
Key manufacturers of fuel additives include Afton Chemical Corporation, Akzo Nobel N.V., Baker Hughes Incorporated, BASF SE, Chemtura Corporation, Evonik Industries AG, Huntsman Corporation LLC, Innospec, Petroliam Nasional Berhad (PETRONAS), The Dow Chemical Company, The Lubrizol Corporation, and Total S.A.
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