Fuel Additives Market Size Is Forecast To USD 8.34 Billion by the year 2030 And At a 3.7% CAGR Between 2022 & 2030
Fuel additives are gaining huge traction across various end-use verticals because of their properties to enhance the efficiency and quality of fuels used in automobiles. Furthermore, an increasing number of initiatives for cutting down carbon emission levels, the emergence of new engine technology, as well as rising demand for battery electric vehicles (BEVs) are further presenting lucrative prospects for industry growth in the approaching years.
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Based on the type, the octane improvers are dominating the global industry and are anticipated to lead the market over the forecasting period. The increasing number of petroleum refineries is attributed to the segment demand owing to its cost-effectiveness and higher performance to fulfill an octane number of specifications. Thereby, these factors are augmenting the segment growth around the world.
Whereas the lubricity segment is showing the highest growth rate in the global industry in the near future. The rising number of government regulations to reduce sulfur levels in fuel, as well as growing demand for automobiles, are offering lucrative demand to the segment growth.
The execution of strict rules & regulations by various regulatory and government authorities is the significant factor that is accelerating the demand around the world. The flourishing growth of the various end-use sectors is bolstering the global demand. There is a variety of products introduced to fulfill the growing demand for transforming hydrocarbon fuels to heat energy for various purposes like electricity production, transportation, and many others
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For instance, nearly 95% of on-road retail fuels are treated with the performance additive that clutches around half of the total volume, and the rest of the amount is sold to refineries and further terminals, as per the data from ATC. Moreover, as per the Clean Air Act, the accumulation of detergents and deposit control additives is essential to reduce carbon monoxide emissions. Accordingly, growing control of government bodies is offering growth prospects to the market demand as it helps in improving the performance of fuels. Hence, these factors are projected to foster the demand for market growth.
Market participants such as Dorf Ketal Chemicals, Afton Chemical Corporation, Baker Hughes, BASF SE, Chevron Oronite SA, Clariant AG, Cummins Inc., Innospec Inc., Eastman Chemical Company, Evonik Industries AG, Infineum International Limited, Lanxess AG, Solvay S.A., The Lubrizol Corporation, and Totalenergies are some of the key players operating in the global market.
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Polaris Market Research has segmented the fuel additives market report on the basis of type, application, and region:
Fuel Additives, Type Outlook (Revenue - USD Billion, 2018 - 2030)
• Deposit Control Additives
• Cetane Improvers
• Lubricity Improvers
• Cold Flow Improvers
• Stability Improvers
• Octane Improvers
• Corrosion Inhibitors
• Anti-icing Fuel Additives
• Dyes & Markers
Fuel Additives, Application Outlook (Revenue - USD Billion, 2018 - 2030)
• Aviation Fuel
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