Automotive Aftermarket will generate new Growth Opportunities by 2024

Aftermarket additives are an excellent product used for preemptive maintenance and also to reduce fuel-related issues. These additives are employed to improve the performance of gasoline and diesel fuel. They provide an economical way to resolve automotive problems faced by customers such as engine performance, lost fuel economy, poor drivability, excessive emissions, and others.

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Automotive aftermarket fuel additives are used in the fuel system and its supplements - the later includes a variety of lubricants present in the vehicle such as transmission fluid, engine oil, power steering fluid, and gear oil. Aftermarket products are used to clean the components in which the lubricant operates, in order to enhance the performance of the lubricant itself.

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The automotive aftermarket fuel additives market has primarily been driven by diesel fuel additives and is estimated to expand during the forecast period. This is due to the extensive usage of diesel fuel additives in different regions, especially Asia Pacific and Europe, which is basically a result of the rapidly growing demand for ultra low sulphur diesel (ULSD), which comprises heavy amounts of additives. Stringent environmental regulations on vehicular emissions and the surge in automotive sales are also propellants of this market. However, high R&D costs for man hours, technologies, and materials hampers this growth. Moreover, the introduction of alternative fuel vehicles (AFVs) such as electric cars has led to a restraint on the fuel additives market.

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The automotive aftermarket fuel additives market has been segmented by type, application, distribution channel, supply mode, and region. Its type-based categories include gasoline performance additives, multifunctional gasoline and diesel additives, specialties for gasoline, diesel and LPG, cold flow improvers, and diesel performance additives. Multifunctional diesel and gasoline additive packages exhibit excellent injector detergency, leading to improved fuel economy, extended maintenance intervals, reduction in harmful emissions and valve seat recession, engine cleanliness, improvement in durability, and smoother engine performance. Gasoline/diesel performance additives increase fuel efficiency and improve engine performance. Cold flow improvers are employed to improve the cold flow properties of diesel during the winter season, and also to improve cold start properties. Specialties for gasoline, diesel and LPG offer valve seat recession protection besides acting as engine cleaners, lubricity improvers, biocides, and fuel stabilizers.

In terms of application, the market has been segmented into diesel and gasoline Based on distribution channel, the divisions include 4S stores, big stores, unauthorized spare parts and service centers, gas stations, e-commerce, automotive workshops, and others. Out of these, the big stores and 4S stores (spare parts, sale, service, and survey) are the preferred type for automotive aftermarket fuel additives. E-commerce is also gaining wide acceptance due to the speedy internet penetration among customers and it is estimated to enjoy growing popularity during the forecast period. Big stores and 4S stores are the major supply channels in North America and Europe, whereas Asia Pacific favors 4S stores and gas stations.

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Based on Supply Mode

The Market has been divided into the third party and OEM (original equipment manufacturers) groups. Finally, in terms of region, the market has been distributed over North America, Latin America, Asia Pacific, Europe, and Middle East and Africa. North America is the dominant player for aftermarket fuel additives. The environmental protection agency (EPA) in this region plays a major role in monitoring and commercializing the products.

Key players in the global market include Ashland Inc., BASF SE, Afton Chemical Corporation, BG Products, Inc., Evonik Industries AG, Infineum International Ltd., Chevron Corporation, Innospec Specialty Chemicals, , Lucas Oil Products Inc., Total S.A., and Lubrizol Corporation.

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