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Specialty Fuel Additives Market 2018 size, share and Trends with Current Patterns Analysis and Report focuses on the Top key Players like Baker Hughes, Albemarle, NALCO Champion, Chemtura, Chevron Oronite, Dow Chemical Company, Lubrizol, Evonik Industries
Specialty Fuel Additives Market
In 2014, the Global Specialty Fuel Additives Market was evaluated around USD 5.67 billion and is expected to reach approximately USD 9.95 billion by 2023 while registering itself at a compound annual growth rate (CAGR) of 6.44% over the forecast period.
Rising demand for efficient and low emission energy resource from the automobiles, manufacturing, and aviation combined with the strict environmental policies are estimated the drive the growth of the global market. The rising toxic emissions levels as an outcome of fuel utilized in vehicles have contributed to the adverse effects on the environment. This has directed to an amplified utilization of specialty additives around the globe, which aids to control the emissions of harmful gas from the automobile. They assist in enhancing the efficiency of diesel, distillates, gasoline, and other fuels. It abbreviates burning and combustion rate in elevated temperatures as well as avoids terrible pollutants emissions.
Competitive Insights
The top companies operating in the global market are occupied in research and development activities to gain product improvement and a competitive advantage. A few of the key companies are BASF SE, NewMarket, Infineum, and Innospec. Other market players in the distribution and manufacturing of the product are Baker Hughes, Albemarle, NALCO Champion, Chemtura, Chevron Oronite, Dow Chemical Company, Lubrizol, Evonik Industries, Total Additives and Special Fuels, Dorf Ketal, Clariant, and Eurenco among others.
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Market Segmentation- Specialty Fuel Additives Market
By Product
Deposit control additives
Cetane improvers
Antioxidants
Lubricity improvers
Cold flow improvers
Corrosion inhibitors
Others
By Application
Gasoline
Diesel
Aviation turbine fuel
Others
Specialty Fuel Additives Market -By Region:
North America
U.S
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific
Rest of the World
Brazil
South Africa
Saudi Arabia
United Arab Emirates
Others
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Application Outlook - Specialty Fuel Additives Market
Key applications of these additives are aviation fuels, gasoline, and diesel. The diesel section is expected to report for the leading share of 46%, concerning volume, over 2024, emerging at the highest compound annual growth rate during the forecast years. Rising gasoline intake mostly in China and the U.S. is anticipated to be a key driver for gasoline applications of specialty fuel additives. Though, owing to increasing diesel popularity, the gasoline demand has become inactive in other regions of the globe. Aviation turbine section is expected to grow at a compound annual growth rate of 5.4% over the forecast period. Modification in trend for electric vehicles in developing as well as developed countries will most likely pose a hazard to the available IC engine vehicles and hence the fuel supplements.
Regional Outlook - Specialty Fuel Additives Market
Asia-Pacific region is expected to rule the global specialty fuel additives market. Asia-Pacific is anticipated to grow at the top compound annual growth rate owing to the demand for increasing efficiency, rapid industrialization, and enforcement of strict emission control guideline in India, Japan, and China. Speedily developing automotive industry across the Asia Pacific region will positively impact the demand for fuel supplements over the projected period. Asia Pacific regional automotive sales have experienced a growth of around 7% over the forecast period, with South East Asian economies possessing the majority of the growth potential. North American region is anticipated to seize the subsequent highest share complied by the Middle East and Europe. The European regional specialty fuel additives industry growth is expected fuel owing to growing environmental policies along with rising biofuels demand are predicted to boost the regional market.
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