Chemicals Industry Today

Fuel Additives Market: Stringent Government Regulations Driving Demand

Fuel Additives Market is expected to reach US$2.64 bn by the end of 2023
Published 23 March 2018

As per the findings of a recent report by Transparency Market Research (TMR), the global fuel additives market is moderately consolidated in nature, with top three companies reserving 28.5% of the global shares in 2014. These three companies were Afton Chemical Corporation, The Lubrizol Corporation, and Innospec. Some of the other key vendors operating in the fuel additives market identified by the report are BASF, Clariant, Chevron Oronite, Infineum, and Nalco. While BASF is the leading fuel performance packages provider, Afton Chemical Corporation attains its superior position because of its offers of gasoline performance additives, lubricity, diesel fuel additives, and cold flow improvers.

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As per the projections of the TMR report, the demand in the global fuel additives market will increment at a robust CAGR of 8.3% during the forecast period of 2015 to 2023, reaching a valuation of US$2.64 bn by the end of 2023, considerably up from its evaluated worth of US$1.62 bn in 2016. In the near future, the leading companies in this sector are expected to engage in research and development activities to develop new products that increase efficiency and gain advantage over their competitors. Strict regulatory pressure and heavy initial investment for R&D keeps the new players from entering this market.

Deposit Control Fuel Additives Profitable Product Segment

Product-wise, the report segments the global fuel additives market into antioxidants including amines and hindered phenols, cetane improvers, deposit control additives, lubricity improvers, corrosion inhibitors, stability improvers, cold flow improvers, and others such as dyes and markets, fuel dehazers, and metal deactivators. Among these, deposit control fuel additives continue to enjoy a strong preference by the automotive industry as they are used to cut down the excessive amount of overconsumption that takes place due to the formation of deposits on the injector nozzles. Deposit control fuel additives significantly improve the efficiency of the automotive engine and are a requirement as per government regulations in various countries, owning to the measures taken by them to control fossil fuel consumption.

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North America Leads Demand among All Regions

Application-wise, the TMR report studies the global fuel additives market in the categories of gasoline, diesel, aviation fuel, and others such as heating oils. Geographically, the report takes stock of the potential of fuel additives market in the regions of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Currently, North America serves substantially larger demand for fuel additives than other regions, which is a reflection of high awareness levels among the consumers regarding the benefits of fuel additives and stringent government regulations and standards. The growing consumption of ultra-low-sulfur diesel, which gives out very low emissions, is another trend favoring the increasing demand for fuel additives from the region of North America.

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