According to the current analysis of Reports and Data, the global Fuel Additives market was valued at USD 8,360.4 Million in 2021 and is expected to reach USD 11,259.7 Million by the year 2030, at a CAGR of 3.3 %. The study covers Specialty Fuel Additives, which supplement the fuel for various purposes like improving the octane/cetane rating of fuels, protecting mechanical parts, preventing sludge formation, improving the fuel flow, etc. Recent developments in the Specialty Fuel Additives space are a synthetic technology, which is causing disruption in the market, due to its performance and protection features.
Rising sales of automobiles worldwide, increasing demand for performance products, the launch of improved products, increasing awareness of the benefits of Specialty Fuel Additives, availability of funds for favorable research scenarios, and emission norms by governments, are some of the key factors propelling market growth in the industry. However, the rising prevalence of electronic vehicles, high cost of the additives, unavailability of products throughout the globe, and low awareness among end-users towards Specialty Fuel Additives are the major hindrances to the market growth during 2019-2026
Top Companies Operating in the Global Specialty Fuel Additives Market:
Lubrizol Corporation, Chevron Oronite, Afton Chemicals, ExxonMobil, LanXess, Innospec, Dorf Ketal, Total Power, STP (Danburry), Gold Eagle, Lubrita (Europe)
The global materials & chemicals industry revenue growth can be majorly attributed to increasing demand for essential consumer goods including soaps, detergents, and beauty & personal care products worldwide, rising preference for sustainable and eco-friendly raw materials, and growing use of advanced chemicals and raw materials in industries including agriculture, food & beverage industries, buildings & construction, automotive, packaging, and manufacturing industries. Other major factors driving growth of this industry are rising pollution levels, increasing environmental awareness, increasing use of technologically advanced chemicals and materials, and rising demand for organic materials.
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Further key findings from the report suggest
- Specialty Fuel Additives market is growing at a CAGR of 6% in Asia Pacific followed by North America and Europe, with 4.0 % and 3.0% CAGR, respectively. High growth of the automobile sector across the globe is the key factor to accelerate the market growth during forecast period across all regions
- Global automotive market is expected to register high growth, with sales soaring to a staggering 82.1 million in 2019
- North America is growing at a CAGR of 4 percent; owing to the stringent emission regulations exercised in the region. It is the major source of revenue for the Specialty Fuel Additives market
- Asia Pacific is expected to account for the 27% of the global Specialty Fuel Additives market. Developing nations such China, and India are likely to witness high growth
Specialty Fuel Additives Market Segmentation
Type Outlook (Revenue, USD Million; 2019-2030)
- Specialty Fuel Additives
- Cetane Improvers
- Lubricity Improvers
- Cold Flow Improvers
- Stability Improvers
- Octane Improvers
- Corrosion Inhibitors
- Anti-icing Specialty Fuel Additives
- Dyes & Markers
- Others
Application Outlook (Revenue, USD Million; 2019-2030)
- Diesel
- Gasoline
- Aviation Fuel
- Others
End-Use Outlook (Revenue, USD Million; 2019-2030)
- Consumers
- Industries
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