The Global Fuel Additives Market is estimated to reach USD 9.7 Billion by 2027 at a CAGR of 3.2 %.
Fuel additives are compounds formulated to enhance the efficiency and quality of fuel used in vehicles. They are largely associated with additives to oil-based fuels and gasoline which helps in environmental protection, increasing mileage, and curbing emission. Fuel additives are added to fuels in the various application helps to improve the fuel properties, while engines without fuel additives would struggle to withstand the stresses and strains of modern engines and may even cause them irreparable damage. Additionally, weak acceleration, rough idling, stalling, and stumbling problems can be avoided by using fuel additives.
Market Drivers:
According to the Environmental Protection Agency, the transportation sector generates a 29% share of total U.S. greenhouse emissions which primarily comes from the burning of fossil fuel for vehicles. Fuel additives increase the efficiency of the combustion process and allowing soot to burn at a lower temperature which leads increase in fuel efficiency thus as a result in reducing the CO2 emissions. Governments across the globe are imposing stringent regulations for reducing the emission of greenhouse gasses. For instance, the Environmental Protection Agency has published a set of norms for fuel and fuel additives in order to reduce the emission. Additionally, the European Union’s Directive 2009/30/EC to use metallic additive in fuel for a purpose to reduce the emission. Thus, growing stringent government regulations to reduce GHG emissions has expected to boost the growth of the market during the forecasted period.
According to OICA, in 2018 the global sales of automotive vehicles were 95 million units and are expected to increase in the coming years owing to infrastructure development across the globe. The automotive industry is one of the major sectors consuming fuels. Fuel additives in the automotive industry are used for increasing fuel efficiency, increase mileage and other properties of the vehicles playing an important role in automotive vehicles. With an increase in automotive sales, the demand for fuel additive will increase boosting the demand for the market during the forecasted period.
Market Restraint:
Innovation is an ongoing process for fuel additives which is driven by the legislation which changes the specification of fuels or demand for use of higher quality of fuel. For instance, the reduction of Sulfur content in middle distillate fuel has led the need to develop lubricity additives to protect diesel injector pumps. However, the development of new fuel additives to satisfy the current and future demand incurs significant cost. While developing fuel additives, expensive engine testing or vehicle demonstration trials are often needed. Additionally, a considerable number of a laboratory test is required to support the new development, and carrying these processes has is associated with a huge cost. Thus, huge costs incurred in research and development of new products may hinder the growth of the product market.
The report on the fuel additives market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
|
Report Features |
Specifics |
|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
|
Base Year for Market Calculation |
2019 |
|
Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
|
Measured Units |
Value (USD Million), Volume (Kiloton) |
|
Segments Included |
Type and Application |
|
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, and South America |
For the scope of report, In-depth segmentation is offered by Forencis Research
Fuel Additives Market, by Type
Fuel Additives Market, by Application
Fuel Additives Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE FUEL ADDITIVES MARKET SYSTEM Market STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
