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Specialty Fuel Additive Market: Catene Improvers to Represent a Leading Segment || Key Players: The Dow Chemical Company, E. I. du Pont de Nemours and Co, Afton Chemical Limited., and Baker Hughes, a GE Co.
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Growth of the global specialty fuel additive is expected to be bound by several macro and micro economic factors. Surge in demand for fuel efficiency is projected to influence growth of the global specialty fuel additive market positively. Demand for the specialty fuel additives is projected to remain concentrated in the automotive and aviation industry. Specialty fuel additive such as catene improvers continue to witness steady demand attributed to increasing rust and gum formation in the automotive industry.
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Steady Demand in Aviation Industry
Apart from the automotive industry, the specialty fuel additives witness significant demand in the aviation industry. Specialty fuel additives witness significant demand in the deposit control additives, and cleanliness additives to clean and remove the deposits from the engine. Moreover, surge in demand for correcting problems related to fuel efficiency and enhancing performance is expected to impact growth of the global market positively.
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Surge in demand for efficient fuel functioning, and protection from rust and gum formation in the automotive and aviation industry is expected to contribute towards growth of the global specialty fuel additives market. On the other hand, several factors are expected to inhibit growth of the global market during the forecast period. As environment protection agency (EPA) does not approve of the specialty fuel additives as an environment-friendly products, manufacturers prefer opting for alternative products that do not harm the environment. Further, increasing availability of cheaper products approved by the EPA is expected to inhibit growth of the global market significantly.
By application, the diesel specialty segment is projected to represent more than US$ 500 Mn in the global market of fuel additives by 2022-end. Sales of specialty fuel additives is likely to remain high in the diesel specialty products is projected to remain high as compared to gasoline products during the forecast period. Further, the diesel specialty application type segment is projected to register a relatively high CAGR in the global specialty fuel additive market through 2022.
Competition Tracking
Leading market players in the global specialty fuel additives market include BASF SE, Chevron Corp., Berkshire Hathaway, Inc., Ashland Inc., ExxonMobil Corporation, Evonik Industries AG, The Dow Chemical Company, E. I. du Pont de Nemours and Co, Afton Chemical Limited., and Baker Hughes, a GE Co.
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