Global Fuel Additives Market, By Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2020-2026
- Published Date: October 2020
- Report ID: bwc20190
- Available Format: PDF
- Page: 181
Global Fuel Additives Market Size – Industry Trends & Forecast Report 2026
The Global Fuel Additives Market has reached USD in 2019 and is further projected to reach USD by 2026, growing at a CAGR of % during the forecast period. The growth of the automotive industry positively pushes the demand for fuel additives. The making of passenger cars, light commercial vehicles, and heavy commercial vehicles has seen growth across the sphere. The increase in automotive sales rises the demand for gasoline and diesel and, subsequently, drives the request for fuel additives. North America is the main market for fuel additives, globally, trailed by APAC and Europe. The rising demand for ultra-low sulfur diesel is predictable to provide chances for the market.
Source: BlueWeave Consulting
Global Fuel Additives Market Overview:
The fuel additives, which are usually found in gasoline engines, are either used in the refinery fuel distribution system or the vehicle system. The rise in high toxic emissions due to expansion in the manufacturing segment alongside better usage of vehicles has induced the lawmakers to make strict regulations throughout the world, which is motivating the specialty fuel additives market. An upsurge in biofuel consumption across many industries will increase the global market. One of the widely used biofuels is ethanol, which acts as an additive to gasoline. Growing ethanol ingesting is probable to provide a boost to the request for specialty fuel additives. However, there is a growing request for battery electric vehicles (BEVs) in countries, such as the United States, China, and Germany. This, along with high R&D costs of fuel additives and the effect of the COVID-19 pandemic, may hinder the development of the market studied during the prediction period. Hastening demand for ultra-low-sulfur diesel (ULSD) is expected to act as a chance for market development, in the future. North America ruled the fuel additives market, owing to the high demand from many applications.
Global Fuel Additives Market Forecast and Trends
The quality of crude oil is degrading
The excellence of crude oil has been degrading over the years. Most of the sweet oil has already been discovered and is reducing fast. More investment is needed to exploit high-quality fuels that are very difficult to explore and produce. Furthermore, crude oil is heavy and sour and is related to problems in transportation and refining. Thus, the refined products that are obtained are exclusive, motivating up the cost of the final product. The test for refiners is to grow cost-effective technologies that will permit the making of clean and energy-efficient fuels from heavy and unconventional resources while reducing refinery emissions. The technical test for both refiners and customers is to use advanced science and technology to overcome this at the lowermost possible cost.
The refineries procedure a range of crude oil blends from different sources around the world. To handle heavy crudes, cold flow reformers are used to avoid heavy crudes from freezing. Corrosion inhibitors are used in acidic crudes to avoid corrosion, whereas, surfactants are added to avoid the settling of impurities. All these factors require refiners to monitor manufacturing equipment closely and use extracts to certify the smooth operation of a refinery.
Increasing use in the automotive and manufacturing sector
Increasing emphasis on emission switch and energy-efficient fuel in the automotive and manufacturing sector is predicted to increase market growth from 2016 to 2024. The firm development of the auto industry, particularly in the Asia Pacific area, coupled with growing consumer alertness concerning fuel additives is probable to activate market development over the prediction period. The rise in high toxic emissions due to expansion in the manufacturing sector along with better usage of vehicles has induced the lawmakers to make stringent regulations across the world, which is motivating the specialty fuel additives market. An upsurge in biofuel consumption across various industries will enhance the global market. One of the broadly used biofuels is ethanol, which acts as an additive to gasoline.
Impact of COVID-19 in the industry
As a result of the global pandemic due to COVID-19, the negative growth of the fuel additives market is expected for the year 2020. The US is the utmost affected country by the COVID-19, globally. Hence, due to the economic recession, slow development in fuel additives ingesting is probable during the estimated period. Due to the lockdown in main countries and the momentary closure of operations, there is an enormous fence in the supply chain. The main oil & gas producers in the area are highly affected due to the end of oil refining actions. Asian countries had taken defensive measures such as social distancing in an initial stage to avoid the spread of the virus and have been potentially able to suppress the virus. As per the reports, the strongest decrease in vehicle traffic was seen from South Asia constituting nations like India, Bangladesh, Sri Lanka, and Central Asian countries.
Global Fuel Additives Market: By Type
Based on type, the fuel additives market has been segmented into lubricity improvers, octane improvers, deposit control, cetane improvers, stability improvers, cold flow improvers, corrosion inhibitors, dyes & markets, anti-icing, and others. The deposit control section is projected to list a moderate CAGR, in terms of value, of the overall fuel additives market. The growth of the deposit control segment is predicted to continue throughout the forecast period due to the growing demand from various applications.
Global Fuel Additives Market: By Application
Based on application, the fuel additives market has been fragmented into diesel, gasoline, aviation fuel, and others. The diesel section is probable to rule the fuel additives market during the prediction period. The supremacy of the diesel section can be credited to the robust demand for diesel fuel additives in APAC, North America, and Europe. The request for diesel fuel additives is expected to skill a significant rise because of their high ingesting in APAC.
Global Fuel Additives Market: Regional insights
North America's fuel additives market is assessed to account for a major share in terms of revenue in the global fuel additives market. Asia Pacific fuel additives market is predicted to see the fastest growth in terms of revenue over the next 5 years, due to increasing demand from the automotive aviation industries in countries in this region. China's fuel additives market is anticipated to account for an important share in terms of revenue in the Asia Pacific, owing to the increasing request for high performance and efficiency of vehicles. Increasing disposable income of people and rapid growth in urban and rural areas in countries are several other factors fueling the growth of the petroleum industry, which in turn is probable to fuel the development of fuel additives in this region.
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