Specialty fuel additives market latest report with leading players like Innospec, Chemtura, Infineum, Lubrizol, BASF, Baker Hughes

Asia Pacific is considered to be a lucrative business ground for specialty fuel additive market. Reports indicate that the regional market from diesel products could touch USD 1 billion by the end of 2023, with predicted CAGR going over 7% during the same period. This growth can be contributed to the rapid expansion of the automotive sector owing to increasing resource availability across India and China.

Prominent industry players like BASF, NewMarket, Innospec, Infineum, Albemarle, Angus, Afton, Baker Hughes, Clariant International, Chemtura, Chevron Oronite, EURENCO, Lubrizol, and Evonik are taking part in a series of growth initiatives like business expansion, product launches and collaborations to enhance their competitive edge.

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Briefing on its use in automobiles, fuel additive helps drivers to prolong their vehicle’s engine life. These chemicals are developed to help the engine run efficiently, preventing fuel from leaving trace deposits in the engine. Specialty additives eliminate gunk residuals and help maximize vehicle efficiency.

Additional features of specialty fuel additives like easy to use and better fuel efficiency makes it popular among automobile enthusiasts and drivers. With growing popularity, it is estimated that the specialty fuel additives market might exceed a valuation of USD 10 billion by the end of 2023, reports Global Market Insights, Inc.

Cold flow improvers are anticipated to gain considerable traction in the coming years owing to rising demand for low sulfur content diesel. These improvers help curb the content of sulfur in diesel products. Analysts predict that the cold flow improvers industry could observe more than 8% gains within the predicted timeframe.
Listed below are some of the ongoing trends favoring the specialty fuel additives industry growth:

In-depth table of contents: https://www.gminsights.com/toc/detail/specialty-fuel-additives-market-report

Promising opportunities across North America -

Growing federal initiatives to promote sustainability coupled with surging gasoline and diesel consumption could boost the demand for specialty fuel additives across North America. Regulatory bodies like the EPA are taking progressive steps to encourage the adoption of eco-friendly additives. Estimates suggest that the regional market from gasoline products could exceed USD 1 billion during the analysis period.

Taking October 2020 for instance, MFG Chemical, a leading custom and specialty chemical manufacturer, recently announced that it has relocated its corporate headquarters from Dalton to Chattanooga in order to expand its business operations and production capabilities.

Specialty fuel additives market is poised to accrue lucrative growth on the back of high demand for high-performance fuel additives that offers improved engine efficiency. These additives play a vital role in maintaining carbon emissions, a factors that could enhance their popularity over the years.

As more countries adopt stringent environmental norms, specialty fuel additives could become significant across automobiles as well as industrial appliances. Major regions like the EU, and the United States are implementing initiatives to lower their carbon footprint.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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