Fuel Additives Market To Reach USD 9.7 Billion In 2027 | CAGR 3.2% - Forencis Research

Fuel Additives Market Size, Share, Trends, Growth, Analysis, Research

Global Fuel Additives Market: Key Highlights

  • According to the new market research report Fuel Additives Market by Type (Oxygenates, Ethers, Antioxidants, Antiknock Agents, Fuel Dyes, Corrosion Inhibitors, Others), by Application (Gasoline, Diesel, Aviation Fuel, Marine Fuel, Others) by Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) – Global Forecast From 2020 To 2027”, the global Fuel Additives market is estimated to reach USD 9.7 Billion in 2027 at a CAGR of 3.2% during forecast period 2020-2027.
  • According to the Environmental Protection Act (EPA), its standards require a major reduction in the sulfur content of diesel fuel and emission levels from diesel engines and vehicles. In order to meet these standards, the industry is producing ultra-low sulfur diesel (ULSD) which help to reduce emission level in vehicles along with the use of fuel additives. Thus, the rising demand for ultra-low sulfur is likely to create an opportunity for the market.
  • An increase in fuel efficiency, reduction in exhaust emissions, and others are some of the factors expected to boost the demand for fuel additives market

Fuel Additives Market

Global Fuel Additives Market: Key Market Dynamics

  • Benefits such as reduced costs, better running of vehicles and other machines, and increased life of the engine are offered by fuel additives. Thus, the demand for fuel additives which help to enhance the quality of fuel is expected to accelerate the market growth during the forecast period.
  • According to the International Air Transport Association (IATA), in 2017 airlines carried 4.1 billion passengers on scheduled service, an increase of 7.3% over 2016 and is expected to grow in the coming years. Increasing air travel has led to an increase demand for fuel from the aerospace industry. However, stringent government regulation regarding gas emission has the force to use additives added fuel. Thus, rising air traffic is contributing to propel the fuel additives market growth.
  • Awareness regarding fuel emission is one of the major concern of fuel engines. However, demand for Alternate fuel vehicles (AFVs) is rising owing emission benefits. Thus, rising demand for alternative fuels may hinder the growth of product market.

 Global Fuel Additives Market: Regional Overview

  • North America

North Americas is highly regulated with the Environment Protection Agency (EPA) standards playing a vital role in the monitoring and commercialization of fuel additives products. EPA in the U.S. regularly modifies and enforces several norms for reducing vehicle emissions and improve the quality and efficiency of fuels used in vehicles. Along with reducing fuel emission, the government bodies are also engaged in making efforts to increase in fuel efficiency which has attributed by growing automotive traffic. The U.S. Government's Corporate Average Fuel Economy (CAFE) standards is focusing on increasing the fuel efficiency, which can be achieved by use of fuel additives.

Thus, North America market is driven by increasing demand for clean and efficient fuel and enactment of stringent environmental regulation.

  • Asia Pacific

Air travel passenger traffics in the Asia Pacific is expected to grow at a steady rate owing to factors such as growing consumer spending and decreasing airfares in the region. According to the International Air Transport Association (IATA), the annual passenger number transported to and from the Asia-Pacific region is expected to increase by 1.8 billion by 2035. Moreover, China, along with India, Japan, and Indonesia are witnessing considerable growth in the aviation sector which may propel the growth of the market.

Global Fuel Additives Market: Key Players Overview

  •  Dorf Ketal Chemicals (I) Pvt. Ltd.:

Dorf Ketal is a specialty chemical manufacturer and services provider with a global presence, offers customers innovative chemical solutions and quick, decisive response to solve the most difficult problems. On Jan 2020, Dorf Ketal announced to launch the new performance additive product line with a strategy to expand its business in the new market.

  • LANXESS:

LANXESS is one of the leading specialty chemicals company with sales of EUR 7.2 billion in 2018. It has its presence in more than 33 countries with 57 production sites across the globe. On Apr 2017, LANXESS acquired a U.S. based company Chemtura, one of the leading supplier of flame retardant and lubricant additives. This will help to expand the companies additive portfolios.

 

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Rep Id : CM 053

Published : 2020-01-30