Press release
Marine Fuel Additives Market expected to grow USD 8.26 billion by Size, Regional Trend, Growth, Leading Players Updates, Current and Future Plans and Forecast to 2029
Marine Fuel Additives Market Overview:The ability of marine fuel additives to improve fuel efficiency in ships is expected to be the most important factor driving demand for them. The reduction of harmful gas emissions caused by the addition of these marine fuel additives is expected to drive the growth of the marine fuel additives market.
The global Marine Fuel Additives market was valued at USD 5.1 billion globally in 2020, and it is expected to grow USD 8.26 billion by 2029 at a CAGR of 5.5% during 2022-2029.
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Marine fuel additives are chemical treatment solutions that are added to the existing fuel in a marine vessel to improve its quality, efficiency, and performance. They are widely used because of their ability to extend the life of marine engines while also lowering the cost of operating marine vessels. These two factors are significant market drivers for marine fuel additives. Furthermore, the need to reduce the environmental emissions of the marine industry is an emerging and powerful factor driving the increased use of such additives.
Marine Fuel Additives Market Key Players
The study of the growth of the top market player for in the target sector includes new projects with speculative returns, innovations and study of the accessibility of companies. some of the profiled players are Innospec (US), The Lubrizol Corporation (US), Afton Chemical (US), BASF SE (Germany), Chevron Corporation (US), LANXESS (Germany), Clariant (US), Infineum International Limited (UK), BARDAHL Manufacturing Corporation (US), and Wynn's (Belgium). and Others
Recent Development
In July 2020, Clariant International Ltd. partnered with Ineratec GmbH, which is an energy equipment and solution provider, in order to produce and commercialize renewable fuels and chemicals. Clariant is providing the catalyst to convert carbon dioxide to valuable chemicals, fuels, and additives. This partnership enhanced the operations of Clariant International Ltd. and provided it with the opportunity to produce and market environment-friendly products.
In May 2020, The Lubrizol Corporation joined a group endorsed by 14 governments and composed of more than 100 organizations, 'Getting to Zero Coalition', to provide low- or zero-carbon fuels.
In March 2020, Afton has developed API SP/GF-6 Solutions the "HiTEC 11458," which is in accordance with the GF-6 specification and SN Plus/GF-5 specifications. This solution is expected to meet the current targets of new engine designs.
In January 2020, Innospec announced the development of its new marine fuel additive Innospec's Octamar, which would help the shipping industry comply with the new regulations regarding the maximum sulfur content of marine fuels.
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Marine Fuel Additives Market Segmentation:
Marine Fuel Additives Market by Fuel, 2020-2029, (USD Million)
Diesel
Gasoline
Others
Marine Fuel Additives Market by Additive Type, 2020-2029, (USD Million)
Pre-Combustion
Combustion
Post Combustion
Marine Fuel Additives Market by Application, 2020-2029, (USD Million)
Deposit Control
Antioxidant
Corrosion Prevention
Lubricity
Cetane Improvement
Growth Factors:
Increasing demand from the Marine Fuel Additives industries
The growing use of Marine Fuel Additives in Chemical and Material Sectors.
Rising demand for products
Technological advancements in production processes
Growing applications in Marine Fuel Additives Market
Marine Fuel Additives Market Regional Analysis
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Fiberglass Storage Tank (Fiberglass Tank) Professional in these regions, from 2022-2029, covering
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Key Marine Fuel Additives Market Trends
- The report identifies, determines, and forecasts the Global Marine Fuel Additives Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Marine Fuel Additives Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is expected to drive the Growth
- Rising Adoption of Market Segments in the Marine Fuel Additives Growth
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Marine Fuel Additives Market.
Frequently Asked Questions
What is the future of the fuel additives market?
Which product witnesses the highest sales in the fuel additives industry?
What is the largest regional fuel additives market?
What are the biggest fuel additives industry drivers?
What is the fuel additives market nature?
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