According to Data Bridge Market Research new Market report, global fuel additives and lubricants market will account to an estimated USD 6.77 billion in 2018 growing at a CAGR of 6.58 % during the forecast period of 2019 to 2026.
Global Fuel Additives and Lubricants Market
Fuel additives can be described as the chemical compounds that are used for the enhancement of performance, and efficiency of the vehicles. They act as inhibitors against the corrosion of the parts of the engine and enhance the life of the vehicle. Whereas, lubricants are chemical compounds that makes the functioning and performance of the vehicles smooth, reducing and resulting in less friction between the motor parts and ultimately resulting in reduction of heat generated.
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Global fuel additives and lubricants market is segmented on the basis of fuel additives type, lubricant group, lubricant base stock, application, end-user and geography.
By Fuel Additives Type (Deposit Control Additives, Cetane Improvers, Antioxidants, Dyes & Markers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Corrosion Improvers, Octane Improvers, Anti-Icing Fuel Additives, Others), Lubricant Group (Group I, Group II, Group III, Group IV, Group V), Lubricant Base Stock (Bio-Based Lubricants, Mineral Oil Lubricants, Synthetic Lubricants, Semi-Synthetic Lubricants), Application (Diesel Fuel Additives, Aviation Fuel Additives, Gasoline Fuel Additives), End-User (Industrial, Automotive, Marine, Aerospace) and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).
FACTORS DRIVING GROWTH IN FUEL ADDITIVES AND LUBRICANTS MARKET
High demand of vehicles
According to International Organization of Motor Vehicle Manufacturers, in 2016 worldwide production of vehicles was at 94.97 million, and this number rose to 97.30 million by 2017. This high number of vehicle production worldwide is driven due to the high demand of vehicles. This high demand of vehicles positively impacts the market for fuel additives and lubricants as the working and operation of vehicles requires the usage of fuel, and fuel additives are used for the enhancement of performance and efficiency of the vehicles. Whereas, lubricants are used for the smooth operations of the vehicle parts so that they do not freeze up.
Few of the major competitors currently working in the fuel additives and lubricants market are Chevron Corporation, The Lubrizol Corporation, Afton Chemical, Fuel Performance Solutions, Evonik Industries AG, BASF SE, LANXESS, Innospec, Dorfketal Chemicals (I) Pvt. Ltd., Infineum International Limited, Cummins Inc., Cerion LLC, AMSOIL INC, Blaser Swisslube, DINOIL ITALIA, OILSD, ERC Emissions-Reduzierungs-Concepte GmbH, Fuel Theft Solutions Ltd, XSNANO LTD., TECHNOBIO, Forward, and NCH Corporation.
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