The fuel additives are designed to meet the exacting requirements of each dual application. Global R&D and testing and industry expertise ensure innovative fuel treatments for fuel stability, specification, storage handling, environmental compliance, and protections. This rising fuel market growth has directly influenced the market for fuel additives. The fuel additive market includes products developed to meet the needs of the hydrocarbon transportation industry, customized chemical services, and technology solutions that have solved specific problems caused by oil during transportation, blending, and processing, resulting in a massive surge of growth in the fuel additive market.
According to Data Bridge Market Research the Fuel Additive Market accounted for USD 7.95 billion in 2021, and expected to reach USD 10.32 billion by 2029. The market is expected to grow with a CAGR of 3.2% in the forecast period of 2022 to 2029.
“Increasing Demand for Ultra-Low Sulphur Diesel Facilitate Market Growth”
Dorf Ketal Chemicals India Private Limited, one of India's leading chemical manufacturers, recently introduced two new brand names, mph and milEx. Mph is intended for gasoline engines, whereas milEx is intended for diesel engines. These are constructed with a variety of innovative, specialized Types that protect the entire fuel system, keep the engine clean, and reduce engine-out emissions. The expansion of end-user industries and the demand for ultra-low Sulphur diesel will create favorable conditions for the fuel additives market. Furthermore, the rising market's growth would have profitable prospects due to technological advancement, innovations, and untapped potential.
What restraints the growth of Fuel Additive market?
“Rising battery price parity”
The rising demand for hybrid vehicles and rising battery price parity will slow the growth rate of the fuel additive market. Furthermore, rising demand for alternative fuels will pose additional challenges to the growth of the fuel additive market. Significant investment in research and development, as well as continuous price increases due to rising raw material pressures, will act as market restraints, slowing the growth rate of the fuel additive market.
Segmentation: Fuel Additive Market
The fuel additive market is segmented on the basis of type and application.
- The fuel additive market is segmented on the basis of type into deposit control, cetane improvers, lubricity improvers, cold flow improvers, stability improvers, octane improvers and corrosion inhibitors.
- Based on application, the fuel additive market is segmented into diesel, gasoline, and aviation fuel additives and others.
Regional Insights: North America is expected to dominate the Fuel Additive Market
North America is expected to dominate the market due to the rapid industrialization and high fuel consumption in this region, strict environmental regulations, the presence of numerous players in this region, and the large scale automotive and aerospace industries. The United States holds the region's largest market share.
- In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2022 to 2029 due to the rising demand from the automotive aviation industry, surging disposable income and increasing demand for high-performance as well as efficient vehicles in this region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-fuel-additive-market/
Recent Developments in Fuel Additive Market
- In 2019, Chevron introduced Techron fuel treatment solutions for ATVs, UTVs, watercraft, karts, snowmobiles, scooters, and other maintenance equipment engines.
- In 2019, Brenntag was appointed as the distributor of Infineum products in Latin American countries, including Colombia, Ecuador, Peru, Bolivia, Brazil, and Mexico. Brenntag has worked with Infineum since 1990, and this new appointment expands the parties' relationship beyond their existing arrangements in Europe and the Middle East.
The Prominent Key Players Operating in the Fuel Additive Market Include:
- INEOS (U.K.)
- China Petrochemical Corporation (China)
- Kothari Petrochemicals Limited (India)
- The Lubrizol Corporation (U.S.)
- BASF SE (Germany)
- Infineum International Limited (U.K.)
- Chevron Corporation (U.S.)
- Cummins Inc. (U.K.)
- Cerion, LLC (U.S.)
- Royal Dutch Shell Plc (U.K.)
- Eni S.p.A. (Italy)
- Evonik Industries AG (Germany)
- LANXESS (Germany)
- LG Chem (South Korea)
- LyondellBasell Industries Holdings B.V. (U.S.)
- Nizhnekamskneftekhim (Russia)
- Versalis S.p.A. (Italy)
Above are the key players covered in the report, to know about more and exhaustive list of fuel additive market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Fuel Additive Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
