Fuel Additives Analysis market Size, Emerging Technological Advancement 2023

Global Fuel Additives Market: Snapshot

A large number of consumers today are aware of the benefits of fuel additives, especially in North America and Europe. This has spurred the demand for fuel additives in these regions. In an earlier report by ATC Europe, over 95% of the fuel made available in the EU-28 region is usually treated with fuel additives. A similarly high proportion of fuel additives is also used by the North American refineries in order to meet the stringent emission standards.

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In comparison, Latin America and Asia Pacific hold much more lenient regulatory action against higher emissions and the necessity to treat fuel. This is expected to change in the coming years, as emission standards are being consolidated due to climate control issues and the reduction in air quality. As a result, the penetration of fuel additives manufacturers in these regions over the coming years will prove to be highly beneficial to this market.

Apart from the lack of regulatory pressure, other problems that fuel additive manufacturers are facing currently include the high price of the additives. This will especially continue to be a problem in developing economies where price sensitivity is higher for more consumers. At the same time, there are multiple alternative fuels available that can completely negate the need for the current lineup of fuel additives.Overall, the global market for fuel additives is expected to reach US$2.64 bn by the end of 2023. It is expected reach US$1.62 bn by the end of 2016 and progress at a CAGR of 8.3% from 2015 to 2023.

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Low Global Penetration of Fuel Additives Outside North America Put This Region in Lead

North America holds a substantial lead in the consumption rate of fuel additives when compared to other key regions. By the end of 2023, North America is expected to accrue US$3.93 bn in fuel additives. The two key reasons facilitating this high consumption rate are the higher level of awareness and extremely stringent emission standards and regulations. One of the key reasons spurring an increase in the demand for fuel additives is the growing consumption of ultra-low-sulfur diesel. This diesel variant gives out very low emissions but requires a larger proportion of fuel additives to function as desired.

While the consumption levels of fuel additives in Europe and Asia Pacific have been relatively equal, Asia Pacific is expected to overtake Europe owing to a much higher demand surge that will occur in this region. With emission standards being taken more seriously in this region, a higher market penetration is possible for the manufacturers of fuel additives.

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This release was published on openPR.