Fuel Additives Market Segmentations:
By Product (Deposit Control Additives, Cetane Improvers, Antioxidants, Lubricity Improvers, Cold Flow Improvers, Corrosion Inhibitors), By Application (Gasoline, Diesel, Aviation Turbine Fuel, Others); By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa); End-use Landscape; Vendor Landscape and
Market Insights:
The global fuel additives market size accounted for USD 7 billion in 2016 and is anticipated to grow at a CAGR of more than 6% from 2017 to 2025. The increasing demand for low emission and efficient energy source from the assembling, aviation and automobiles along with the stringent atmospheric norms are likely to boost the market growth.
The growing levels of toxic emissions as a consequence of fuel used in vehicles are damaging environment adversely. This adverse effect has led to an increase in use of specialty additives across the globe. These additives help to control harmful gas emissions from the vehicle. It helps to improve efficiency of gasoline, distillates and others. Special additive reduces ignition and burn rate in high temperatures and avoids dreadful discharges of toxins.
Product Insights:
On the basis of products, specialty fuel additives market can be divided into fuel antioxidants, lubricant improvers, corrosion inhibitors, deposit control additives, cold flow improvers, metal deactivators and others.
The cold flow improvers’ product segment is anticipated to witness a rapid growth over the next years. Diesel additives are projected to be the largest segment of the market. The reason behind this growth is rise in fuel consumption and increase in demand for Ultra Low Sulphur Diesel (ULSD). Lubricity improvers are usually used to meet the lubricant requirements of diesel fuel specifications. These are cost efficient and helps to protect against engine wear.
Application Insights:
On the basis of application, gasoline recorded more than 40% of the total market share in 2016. The U.S. has witnessed significant growth due to increased gasoline consumption in the country. But the demand for gasoline is constant in other regions due to increasing diesel demand.
Diesel accounted for the second largest application in 2016 and is anticipated to become the leading segment by 2025. It is projected to grow at CAGR of more than 5 % from 2016 to 2015. Diesel was followed by different fuels such as aviation turbine, marine and heating oil.
The rising emphasis towards developing cleaner fuels, conservation of resources and the need to comply with the stringent regulations are anticipated to drive the specialty fuel additives market.
To address the consistently expanding competition, manufacturers are creating application specific products. However the demand for alternative fuels like LPG and CNG could restrain the growth of this market.
Regional Insights:
North America appeared to be the leading purchaser for specialty fuel additives. Restriction on MTBE in the U.S. has proved to be one of the major factors which is driving the market for specialty fuel additives in North America.
Asia Pacific accounted for more than 25 % of the total revenue in 2016. It is projected to grow rapidly at a high CAGR over the forecast period. It has been anticipated that Asia Pacific will lead the industry by 2025. The European market for specialty fuel additives is likely to be driven by stringent norms imposed on fuel refiners and advertisers.
End Use Landscape:
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase gastrointestinal stents. The major consumers of the product are KWA Nokeng Oil, and HPCL.
Competitor Analysis:
Some of the leading companies in the market are Lubrizol Corporation, Innospec, Infineum, Chevron Oronite Company LLC, Evonik Industries AG, Chemtura Corporation, andBaker Hughes among others.
On Sept. 11, 2017, Clean Diesel Technologies, Inc., a leader in advanced emission control technology, has announced to sell DuraFit, private label OEM replacement diesel particulate filter and diesel oxidation catalysts product line to AP Exhaust Technologies. Moreover along with the sale, CDTi and AP Exhaust have entered an agreement whereby CDTi will export coating and materials for AP Exhaust technologies.
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