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Soaring Automobile Manufacturing Fuels Expansion In The Heating Oil Additives Market Driving Market Acceleration in the Heating Oil Additives Industry, 2025
Heating Oil Additives
How Large Will the Heating Oil Additives Market Size By 2025?
In recent times, the market size for heating oil additives has seen significant growth. The market is projected to rise from $6.28 billion in 2024 to $6.67 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of 6.1%. Factors such as older housing stock, evolving lifestyles, a rise in home equity, economic steadiness and growth, concerns about energy efficiency, and the cyclical pattern of homeownership have all contributed to this growth during the historical period.
How Big Is the Heating Oil Additives Market Size Expected to Grow by 2029?
Expectations are high for the heating oil additives market as it is projected to experience robust growth in the upcoming years. The market is forecasted to reach "$8.75 billion in 2029, with a compound annual growth rate (CAGR) of 7.0%. The enhanced growth in the prediction period could be due to the transition to remote work, eco-conscious building strategies, changes in locations, affordable housing deficits, and an increase in multigenerational households. Other forecasted trends for the period also encompass green remodeling, smart home compatibility, refurbishments in the kitchen and bathroom sectors, modifications for the elderly, advancements in materials and technology, and a focus on customization and individuality.
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Which Key Market Drivers Powering Heating Oil Additives Market Expansion and Growth?
The expansion of the automobile manufacturing industry is anticipated to boost the heating oil additives market's growth. A car, often powered by a gasoline or diesel internal combustion engine for usage on regular roads, employs these additives to enhance engine cleanliness, fuel and combustion efficiency, as well as prevent local overheating and chimney fires. Consequently, the escalating production of automobiles stimulates the heating oil additives market. For example, in August 2023, the Board of Governors of the Federal Reserve System, a U.S. government agency, reported a notable rise in total vehicle production in the United States to 11.77 million units in July, a significant increase from 10.91 million units in June. As a result, the surging manufacture of automobiles is stimulating the expansion of the heating oil additives market.
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Which Fast-Growing Trends Are Poised to Disrupt the Heating Oil Additives Market?
The heating oil additives market is seeing new product developments focused on sustainability. In November 2022, France-based Bolloré Energy S.A. launched Calorza, a biofuel containing 30% FAME from vegetable oil. With support from FF3C, Calorza is being rolled out across France to help reduce emissions and fossil fuel dependence.
What Are the Emerging Segments in the Heating Oil Additives Market?
The heating oil additives market covered in this report is segmented -
1) By Type: Biocide, Water Controller, Heating Oil Stabilizer, Oil Gun Cleaner
2) By Application: Diesel, Gasoline, Aviation Fuel, Other Application
3) By End-User: Industrial, Residential, Commercial
Subsegments:
1) By Biocide: Microbiocide, Fungicide
2) By Water Controller: Demulsifiers, Defoamers
3) By Heating Oil Stabilizer: Antioxidants, Corrosion Inhibitors
4) By Oil Gun Cleaner: Solvent-Based Cleaners, Detergent-Based Cleaners
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Who Are the Global Leaders in the Heating Oil Additives Market?
Major companies operating in the heating oil additives market include ERC Emmisions-Reduzierungs-Concepte GmbH, Estuary Oils, Afton Chemical Corporation, BASF Group, Bell Performance Inc., Lubrizol Corporation, CPS Fuels Ltd., Evonik Industries AG, East Cork Oil Company Unlimited Company, Chevron Corporation, Clariant AG, Infineum International Limited, Hydra International Limited, VALE OILS LTD., Huntsman Corporation, INEOS Group AG, Baker Hughes Company, Croda International plc, Dorf Ketal Chemicals India Private Limited, Ecolab Inc., Fuel Additive Science Technologies Limited, Innospec Fuel Specialties LLC, Johnson Matthey plc, Kao Corporation, Lanxess AG, NewMarket Corporation, ExxonMobil Chemical Company, CITGO Petroleum Corporation, PQ Corporation, Rheochemie GmbH
Which are the Top Profitable Regional Markets for the Heating Oil Additives Industry?
Asia-Pacific was the largest region in the heating oil additives market in 2024. Europe was the second-largest region in the global heating oil additives market during the forecast period. The regions covered in the heating oil additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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