Transparency Market Research has published a new report titled, “Fuel Additives Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.” According to the report, the global fuel additives market was valued at US$ 5.41 Billion in 2014 and is expected to reach US$ 11.09 Billion by 2023, expanding at a CAGR of 8.3% between 2015 and 2023.
Fuel additives are engineered to improve efficiency of fuels such as diesel, gasoline, and distillate fuels in several ways. Key functionality aspects of fuel additives include affecting burn and combustion rates, to work under high temperatures, to reduce harmful emissions and to improve fuel efficiency. Fuel additives can be added at refineries, distribution systems, or in storage tanks as per the requirement. These additives are usually added as standalone product to resolve specific issues at refineries. Fuel additives can also be combined with other products to create a multi-functional package when used as finished fuel for the automotive industry.
The global fuel additives market is estimated to register a CAGR of 6.9% between 2015 and 2020, to reach USD 8.6 Billion 2020. The global fuel additives market is expected to reach 2,119.1 kilotons in 2020. The increasing demand for efficient and low emission fuel from automobiles and manufacturing segment will boost the demand for fuel additives between 2015 and 2020.
The fuel additives market has been analyzed in terms of revenue (USD) and volume (kilotons) for all major regions, namely North America, Asia-Pacific, the Middle East, Europe, Africa, and Latin America. The market has been further categorized on the basis of major countries in respective regions. Fuel additives applications that have been identified and covered in the report are diesel, gasoline, aviation fuel. The market has also been segmented in terms of types which are deposit control, antioxidant, corrosion inhibitor, lubricity & cetane improvers, octane improvers, and stability improvers.
Various secondary sources such as encyclopedia, directories, technical handbooks, company annual reports, industry association publications, oil and gas magazine articles, world economic outlook, trade websites, and databases have been referred to identify and collect information useful for this extensive commercial study of the fuel additives market. The primary sources – experts from related industries and suppliers – have been interviewed to obtain and verify critical information as well as to assess the future prospects and market estimations.
Fuel additives are estimated to witness tremendous growth due to stringent environmental protection regulations in various regions such as North America and Europe. There are strict fuel emissions standards which need to be followed and fuel additives are added to the fuel to achieve those. The fuel additives market is witnessing an upsurge due to the increasing demand for Ultra Low Sulfur Diesel (ULSD) across the globe. The ULSD requires extra dose of fuel additives. The worldwide increase in the number of vehicles has resulted in the demand for efficient fuels which meet the government regulations for fuel emissions which is estimated to drive the market for fuel additives.
The different audiences and stakeholders for this report are fuel additives manufacturers, dealers and suppliers which will get detailed information on current and projected trends. Also, various oil & gas companies can analyze and strategize based on market numbers and competitive landscape provided in this report.