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Fuel Additives Market 2024 – Industry Key Growth Factor Analysis & Research Study
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As per the projections of the TMR report, the demand in the global fuel additives market will increment at a robust CAGR of 8.3% during the forecast period of 2015 to 2023, reaching a valuation of US$2.64 bn by the end of 2023, considerably up from its evaluated worth of US$1.62 bn in 2016. In the near future, the leading companies in this sector are expected to engage in research and development activities to develop new products that increase efficiency and gain advantage over their competitors. Strict regulatory pressure and heavy initial investment for R&D keeps the new players from entering this market.
Product-wise, the report segments the global fuel additives market into antioxidants including amines and hindered phenols, cetane improvers, deposit control additives, lubricity improvers, corrosion inhibitors, stability improvers, cold flow improvers, and others such as dyes and markets, fuel dehazers, and metal deactivators. Among these, deposit control fuel additives continue to enjoy a strong preference by the automotive industry as they are used to cut down the excessive amount of overconsumption that takes place due to the formation of deposits on the injector nozzles. Deposit control fuel additives significantly improve the efficiency of the automotive engine and are a requirement as per government regulations in various countries, owning to the measures taken by them to control fossil fuel consumption.
Application-wise, the TMR report studies the global fuel additives market in the categories of gasoline, diesel, aviation fuel, and others such as heating oils. Geographically, the report takes stock of the potential of fuel additives market in the regions of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Currently, North America serves substantially larger demand for fuel additives than other regions, which is a reflection of high awareness levels among the consumers regarding the benefits of fuel additives and stringent government regulations and standards. The growing consumption of ultra-low-sulfur diesel, which gives out very low emissions, is another trend favoring the increasing demand for fuel additives from the region of North America.
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Stringent environment regulations, depleting quality of crude oil, prosperity of the automotive industry, and growing demand for clean and efficient fuel are some of the key factors driving the global fuel additives market. On the other hand, advent of alternate fuels, huge investment required for research and development of latest technology, lack of awareness among the end users, and stagnant demand for high-end gasoline are a few factors challenging the fuel additives market from attaining its true potential. Nevertheless, increasing preference of ultra-low-sulfur diesel and rapid urbanization in Asia Pacific is expected to open new revenue opportunities for the vendors of this market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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