Fuel Additives Market | Key players operating in the market include BASF SE, LANXESS AG, Cummins Inc., Total SA, Baker Hughes

According to recent market research "Fuel Additives Market by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel) - Global Forecast to 2026", The fuel additives market is projected to reach USD 7.1 billion by 2026, at a CAGR of 3.4% from USD 6.0 billion in 2021.

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Diesel is the largest application segment of the fuel additives market. North America was the largest market for fuel additives in 2020, in terms of value. Factors such as stringent governmental regulations and increase in automotive production in emerging economies will drive the fuel additives market.

Lubricity improver fuel additives are added to improve the lubricity of hydro-treated diesel fuels. These additives contain a polar group that is attracted to metal surfaces, which helps to form a thin surface film. The film acts as a boundary lubricant when two metal surfaces come in contact. Most ULSD fuels contain a lubricity additive that is used to meet the various lubricity specifications. As sulfur is a natural lubricant, its reduction in the fuel necessitates the usage of lubricity improvers.

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The fuel additives market size is estimated to be USD 6.0 billion in 2021 and is expected to reach USD 7.1 billion by 2026, at a CAGR of 3.4% during the forecast period. Factors such as stringent government regulations and an increase in automotive production in emerging economies will drive the fuel additives market. The major restraint for the market will be rise in demands for alternative fuels and growth in demand of hybrid vehicles. However, increasing demand for ultra-low fuel diesel will act as an opportunity for the market.

The key market players profiled in the report include Afton Chemical Corporation (US), The Lubrizol Corporation (US), Innospec Inc. (US), BASF SE (Germany), EvonikIndustries AG (Germany), LANXESS AG, Chevron Oronite Company LLC (US), Dorf Ketal Chemicals (US), Infineum International Limited (UK), Cummins Inc.(US), Total SA (France), Baker Hughes (US), Clariant AG(Switzerland), Croda International PLC (UK), ENI SPA (Italy), Chempoint Solutions Company (US), Solvay S.A.(Belgium), Huntsman Corporation(US), The Dow Chemical Corporation (US), Eastman Chemical Corporation (US), Petroleum Logistics(US), Iftex Oil & Chemicals Ltd.(India), Eastern Petroleum(India), Lucas Oil Products Inc.(US) and Lubricant Engineers (US).

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EvonikIndustries AG, Afton Chemical Corporation and Innospec Inc. are major players in fuel additives market. In order to strengthen and expand its geographical reach, the company is focusing on expansion. For instance, In November 2020, EvonikIndustries AG opened a new oil additives performance testing lab in Shanghai China. This new performance testing lab aims to serve customers in China and Asia Pacific region, this will strengthen Evonik’scommitment to support customers with formulation development, lab testing and performance demonstration in real world conditions. In July 2019, the company invested in capacity expansion for oil additives. It increased 15% capacity for Polyalkylmethacrylate (PAMA)-based oil additives. The capacity expansion was through investment in global production landscape and debottlenecking.

In September 2018, Afton Chemical Corporation completed the expansion of its Chemical Additive Manufacturing Facility in Jurong Island, Singapore. This has helped it to strengthen its presence in the Asian market.

In April 2021, Innospec Inc. launched a new product named Trident for bunker fuel additive packages to improve fuel stability and combustion efficiency. The types of stability additives under the brand name Trident are Trident 100,120,200,290.

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