Global Fuel Additives Market Size To Worth USD 15.85 Billion By 2033 | CAGR of 5.79%
Category: Chemicals & MaterialsGlobal Fuel Additives Market Size To Worth USD 15.85 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Fuel Additives Market Size is Expected to Grow from USD 9.03 Billion in 2023 to USD 15.85 Billion by 2033, at a CAGR of 5.79% during the forecast period 2023-2033.
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Browse key industry insights spread across 220 pages with 115 Market data tables and figures & charts from the report on the " Global Fuel Additives Market Size, Share, and COVID-19 Impact Analysis, By Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, and Corrosion Inhibitors), By Application (Gasoline, Diesel, and Aviation Fuel), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.Get Detailed Report Description Here : " https://www.sphericalinsights.com/reports/fuel-additives-market
Fuel additives market is an industry comprised of selling chemicals that improve the performance of vehicles and transportation fuels. Deposit control additives, cetane improvers, and cold flow improvers are the fuel additives used for preventing the deposit formation in the engine for smooth functioning, providing better combustion of fuels, and facilitating the flow of fuel through filters at low temperatures. The shifting energy landscape and technical developments in the transportation sector led to a revolution in the fuel additives market. The accelerating need for ultra-low-sulfur diesel (ULSD) that is designed to reduce emissions from diesel engines and improve air quality is escalating the market growth opportunity. The implementation of stringent environmental regulations and the degradation of crude oil quality are propelling the market for fuel additives. The increasing R&D activities in the ultra-low sulfure diesel business are anticipated to drive market growth. On the contrary, the increasing need for battery electric vehicles (BEVs) and the high price of R&D activities are challenging the market.
The cetane improvers segment is anticipated to dominate the market with the largest share during the forecast period.
Based on the type, the global fuel additives market is divided into deposit control, cetane improvers, lubricity improvers, cold flow improvers, stability improvers, octane improvers, and corrosion inhibitors. Among these, the cetane improvers segment is anticipated to dominate the market with the largest share during the forecast period. This is attributed to the extensive use of these additives in diesel fuel and biodiesel to increase the cetane number of blends and prolong combustion time.
The gasoline segment is expected to account for the largest market share during the forecast period.
Based on the application, the global fuel additives market is divided into gasoline, diesel, and aviation fuel. Among these, the gasoline segment is expected to account for the largest market share during the forecast period. The purpose of fuel additives is to enhance gasoline’s quality and functionality, preventing problems with the fuel, engine, and fuel system. The rising automotive production and demand for gasoline fuel are driving the market growth.
North America is projected to hold the largest share of the global fuel additives market over the forecast period.
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North America is projected to hold the largest share of the global fuel additives market over the forecast period. The surging adoption of cutting-edge solutions by the manufacturers and emphasis on sustainability and efficiency are driving the market. The growing consumption of fuel additives in the automotive industry with the increasing investment in the sector is driving the market growth.
Asia Pacific is predicted to grow at the fastest CAGR in the fuel additives market over the forecast period. The implementation of stringent environmental regulations and growing passenger traffic are driving the regional market growth. In addition, the extending foreign investment in China into the aviation sector owing to the easy access to the industrial products markets for manufacturers and suppliers is propelling the market growth.
Major key players in the fuel additives market include BASF SE, Evonik Industries AG, Innospec Inc., TotalEnergies SE, Lubrizol Corporation, Dow Inc., Clariant, Chemtura, Dorf Ketal Chemicals, Afton Chemical, Baker Hughes Company, Cargill Incorporated, Chevron Corporation, Exxon Mobil Corporation, Infineum International Limited, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In October 2023, Lubrizol Corporation announced a new distribution agreement with IMCD Group, a global leading distribution partner, and formulator of specialty chemicals and ingredients, as part of its commitment to serving the growing lubricant and fuel additives market in Bangladesh.
- In August 2022, BASF started producing fuel performance additives at its Pudong site in Shanghai, China. The new plant addresses the increasing regional demand for fuel performance additives and brings greater supply security and flexibility to customers in Asia.
- In April 2022, Afton Chemical announced its latest development in diesel fuel detergent technology, Greenclean 3, available in North America. This powerful, innovative technology builds on the successful and recognized first-generation Greenclean platform.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global fuel additives market based on the below-mentioned segments:
Global Fuel Additives Market, By Type
- Deposit Control
- Cetane Improvers
- Lubricity Improvers
- Cold Flow Improvers
- Stability Improvers
- Octane Improvers
- Corrosion Inhibitors
Global Fuel Additives Market, By Application
- Gasoline
- Diesel
- Aviation Fuel
Global Fuel Additives Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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