The Specialty Fuel Additives market was valued at US$ 7.13 Bn in 2018 and expected to reach US$ 11.20 Bn by 2027 at a CAGR of 5.8% throughout the forecast period from 2019 to 2027.
Market Insights
“Increasing usage for specialty fuel additives to reduce emission will spur revenue growth during the forecast period”
With rising fuel price inflation globally, customers continue to scramble for ways to increase fuel efficiency. The growing need to clean and remove harmful deposits on engines is increasing globally the demand for specialty fuel additives. The combination of the benefits offered by special fuel additives, including the preservation of petroleum, exhaust emissions, enhanced safety, cost savings and performance enhancements, among others, is increasing the demand for specialty fuel additive markets. Moreover, rising spending on research and development of fuel additives coupled with changing regulatory norms are further propelling the market growth. However, development of new additives to satisfy demand of current and future fuels incurs significant costs. This in turn hampers the growth of specialty fuel additives market.
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Additionally, demand of specialty fuel additives in the aviation industry for deposit control additives, and cleanliness additives among others are driving the demand of the market. Many countries have also adopted biofuels mandates as a way to reduce consumption of petroleum products. In order to meet regulatory standards of biofuel level many countries are anticipated to increase level of ethanol and biodiesel. However, increase in demand of substitute products such as CNG, LPG and electric vehicles are factors anticipated to hinder the market growth.
Regional Analysis
“North America appeared as the global leader in specialty fuel additives market”
In 2018, North America region led the global specialty fuel additives market and contributed more than 30% of revenue generated globally. This can be attributed to, product innovation in terms of quality, and stringent environmental regulations among others. The US accounted for a share of more than 75% of the North America revenue share. This is due to the market being highly regulated by the US Environmental Protection Agency which monitors and provides guidelines of fuel additive products.
In contrast, Asia Pacific region is projected to witness highest growth. Owing to the rapid industrialization and huge demand from various end use industries including construction, power generation and automotive among others. Apart from this implementation of stringent regulations for emission control in China, India and Japan among others are further bolstering the market growth in the region.
Industrial Developments
In June 2018, Dorf Ketal Chemical Limited announced the launch of new fuel performance additive product line. This in turn will help the company to further expand its product portfolio and market penetration.
Key Market Movements
In 2018, the global specialty fuel additives market accounted for US$ 7.13 Bn and continues to expand at a CAGR of 5.8%. It is estimated to reach US$ 11.20 Bn by 2027.
Based on application, the market is classified into aviation fuel, diesel, gasoline and others. Diesel segment dominated the global market followed by gasoline. The preference of gasoline powered vehicles especially in the North America region due to significant price difference is driving the growth of gasoline segment.
The global shift towards electric vehicles in both developed and developing economies act as a challenge for the market growth of specialty fuel additives market.
Asia Pacific region anticipated to witness significant growth in the global specialty fuel additives market and may overtake North America in the years to come. This can be associated with rapid industrialization in the emerging nations of the region due to liberalization of foreign trade and investments and changing industrial policies. This in turn is positively influencing the demand of the specialty fuel additives market.
List of Companies Covered:
- Innospec Inc.
- Afton Chemical Corporation
- Evonik Industries AG
- Cummins Inc.
- Dorf Ketal Chemicals Limited
- BASF SE
- Lubrizol Corporation
- Chevron Oronite
- Dow Chemical Company
- Baker Hughes
- Chemtura
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DoC: https://issuu.com/robsonspot/docs/specialty_fuel_additives_market.docx
Reasearch Gate: https://www.researchgate.net/publication/349836173_Specialty_Fuel_Additives_Market_Analysis_Global_Size_Expected_to_Reach_US_1120_Bn_by_2027
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