Demand For Specialty Fuel Additives Market Is Forecast To Reach Usd 13.3 Billion By 2032

Global Specialty Fuel Additives Industry Outlook in 2022 and Beyond

The Specialty Fuel Additives industry is looking forward to 2021 with a sense of optimism. In 2020, Specialty Fuel Additives sales recovered in the last quarter to salvage lost momentum during March-April 2020. And, as vaccine rollout gains momentum, most automakers are hoping for better performance in 2021.

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Global Specialty Fuel Additives Market Segments

By Additives Type :

Deposit Control Additives
Cetane Improvers
Antioxidants
Lubricity Improvers
Cold Flow Improvers
Petroleum Dyes & Markers
Corrosion Inhibitors
Metal Deactivators
Octane Enhancers
Others

By Application :

Gasoline
Diesel
Aviation Turbine Fuel
Others

By Region :

North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA

US Specialty Fuel Additives Industry Set to Recover in 2022

In 2020, US Specialty Fuel Additives sales were to the tune of 17.1 million. The outbreak of COVID-19 in early 2020, and subsequent shutdown created apprehensions that 2020 may be the worst year for US auto industry since Great Depression.

However, Specialty Fuel Additives sales climbed back slowly in US, partly helped by a quick shift to online sales. Many US automakers are now investing highly in online sales channel, with 2021 expected to witness high online sales.

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Competitive Landscape: Top Companies in Specialty Fuel Additives Market

The global specialty fuel additives market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced specialty fuel additives.

Fact.MR has provided detailed information about price points of top manufacturers of specialty fuel additives positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

Europe Specialty Fuel Additives Market Players Can Benefit from Foreign Exports

The Europe automobile market is also likely to witness a recovery in 2021. The European Automobile Manufacturers' Association is hoping for a 10% increase in sales.

As is the case in US, European auto industry is hoping that vaccine inoculation brings the pandemic under control. Many countries in Europe have witnessed severe waves of COVID-19 pandemic, and are now in recovery phase.

While the domestic Specialty Fuel Additives demand is likely to recover at a steady pace in Europe, exports to China, Latin America, and Asia Pacific are likely to induce momentum for European auto companies.

China will Further its Lead as World's Largest Specialty Fuel Additives Market

The Specialty Fuel Additives industry in China represents the brightest optimism for any country globally. The pandemic recovery in China is at an advanced stage as compared to western countries. Further, the government in China is focusing on a massive infrastructure push, which is likely to help automakers exporting their wares to China.

China is the only major economy to have grown in 2020, and country's China Association of Automobile Manufacturers is forecasting 26 million sales in 2021. Volkswagen Group and General Motors are likely to maintain their position as the country's largest foreign automakers.

China is the world's largest automobile market, and going by the economic scenario and COVID-19 recovery, the country is likely to remain at numero uno position in the future as well.

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Indian Specialty Fuel Additives Outlook Subdued by COVID-19 Resurgence

The Indian automobile industry is beset with challenges arising due to a nation-wide second wave of COVID-19 epidemic. Things were looking up for the Indian automobile industry, however, lockdown measure to contain a more virulent COVID-19 can dent overall sales in 2021.

The localized restrictions imposed by governments can have an impact on dealership activity, logistics, and in-showroom consumer visits. Also, it is anticipated that India may have to brace up for further waves of COVID-19, which can dent consumer sentiment.

Key Long-term Trends

Overall, the Specialty Fuel Additives industry is looking for a recovery year in 2021. While China is anticipated to take the lead, healthy recovery in US and Europe markets will create necessary impetus. Amidst the recovery phase, there will be some mega trends and some subtle trends that will have a bearing on Specialty Fuel Additives market in the long run. These include,

Specialty Fuel Additives digital retail

Specialty Fuel Additives digital retail will make further inroads in 2021. As localized restrictions and consumer discretion increase due to COVID-19, more consumers are opening up to the idea of online automobile purchase. This trend is likely to become stronger in 2021, especially in US and Western Europe

Further gains in connected and autonomous cars

Connected and autonomous cars may have lost some of their momentum in 2020, but their long-term forecast remains bullish. Automakers are increasingly aware of the white space Silicon Valley giants are eyeing. In the long run, an increase in proprietary software of partnership with tech companies will be in the offing.

Electric vehicle sales will continue unabated

The sales of electric vehicles have grown from strength to strength, dispelling the skepticism and early apprehensions. The focus now is on developing a scalable production model and enough charging stations so consumers are confident of investing in the technology of tomorrow.

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This release was published on openPR.