Biofuel Additives Market to boost $12,560 Million value by 2022 : North America is expected to lead the industry during the forecast period

Additives have been added to address the challenges faced by biofuels, including corroded fuel systems, improved fuel bubbles and increased wax formation at lower temperatures. They are added at various stages of the product life cycle, such as refinery, in transit, terminal and end-user phases. The biofuel additive market has grown tremendously in recent years due to the increased acceptance and performance of first- and second-generation biofuels worldwide. Second generation fuels are an early commercial stage and are a major presence in the United States and Europe.

Biofuel Additives Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $12,560 million by 2022, registering a CAGR of 15.3% during the period 2016-2022. The detergents & dispersants segment held about one-third of the total market in 2015.

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In the year 2015, the detergents & dispersants segment occupied major share of the overall biofuel additives market and is expected to maintain its lead throughout the analysis period. This is because detergents & dispersants prevent the formation of vehicle deposits by casing the surface of the combustion chamber and the fuel supply system. Better combustion, increased drivability, decreased emission, and smoother fuel injection are several advantages presented by the addition of detergents & dispersants. Owing to which, governing bodies have mandated the addition of detergents & dispersants in biofuels.

Key Findings of Biofuel Additives Market

• Corrosion inhibitor additives is the fastest growing segment during the analysis period.
• North America is expected to lead the market throughout 2022 and is projected to grow at a CAGR of 14.3%, in terms of volume, during 2016 and 2022.
• The Asia-Pacific region is expected to surpass Europe, in terms of volume, by the end 2022.
• Germany occupied one-fourth of the total European biofuel additives market in 2015.
• Bioethanol application occupied more than half of the overall biofuel additives market and is expected to maintain its lead throughout the analysis period.
• North America and LAMEA collectively accounted for two-thirds of the total biofuel additives market in 2015, and are expected to maintain their lead position throughout the forecast period. This was due to higher production and consumption of biofuels in these region. However, Asia-Pacific is projected to be the fastest growing segment, after North America, during the forecast period.

The major companies profiled in the report include, The Lubrizol Corporation, Fuel Quality Services, Inc., Chemiphase Ltd., Clariant AG, Afton Chemical, E-ZOIL, Eastman Chemical Company, Evonik Industries AG, Chevron Oronite Company LLC, and Biofuel Systems Group Ltd.

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