Biofuel Additives Market is expected to Reach $12,560 Million, Globally, by 2022

Allied Market Research recently added a report titled, “Biofuel Additives Market Report”. The study predicts that the global market is estimated to generate around $12,560 million by 2022, with a CAGR of 15.3% throughout the period 2016-2022. In 2015, the detergents & dispersants segment held around one-third of the total market share.

Summary of Biofuel Additives Market: https://www.alliedmarketresearch.com/biofuel-additives-market

Additives are utilized to tackle the issues encountered by the usage of biofuels that include enhanced fuel foaming, corroded fuel systems, and increased wax formation at lower temperature. The additives are added during the various stages of the products lifecycle. For instance, at refineries, during transit, at terminals, and at the end user stage. The biofuel additives market has witnessed a significant growth in the recent past owing to increasing popularity and performance of first and second generation biofuels globally. In the current scenario, second generation fuels are in the early commercial stage, with major existence in the U.S. and Europe.

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In 2015, the detergents & dispersants segment had the majority share of the overall biofuel additives market. Further, it is expected to retain its lead throughout the study period. The main factors that have boosted the adoption of detergents & dispersants include preventing the formation of vehicle deposits by casing the surface of the combustion chamber and the fuel supply system. Improved combustion, increase in drivability, reduced emission, and smoother fuel injection are several advantages associated with the addition of detergents & dispersants. Owing to which, governing bodies have mandated the addition of detergents & dispersants in biofuels.

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Key Findings of Biofuel Additives Market:

• The fastest growing segment during the analysis period is the corrosion inhibitor additives.
• North America is forecasted to lead the market throughout 2022 and is estimated to grow at a CAGR of 14.3%, in terms of volume, during 2016-2022.
• By the end 2022, the Asia-Pacific region is likely to surpass Europe, in terms of volume.
• In 2015, Germany contributed around one-fourth of the total European biofuel additives market.
• Throughout the analysis period, bioethanol application occupied more than half of the overall biofuel additives market and is projected to retain its lead.
• North America and LAMEA accounted for two-thirds of the total biofuel additives market in 2015 collectively, and are set to maintain its position throughout the forecast period. The main reason for this is higher production and consumption of biofuels in these regions. However, Asia-Pacific is projected to be the fastest growing segment, after North America, during the forecast period.
• The major companies studied in the report include, Fuel Quality Services, Inc., The Lubrizol Corporation, Chemiphase Ltd., Afton Chemical, E-ZOIL, Clariant AG, Evonik Industries AG, Chevron Oronite Company LLC, Eastman Chemical Company, and Biofuel Systems Group Ltd.

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