Global Fuel Additives Market: Key Highlights
Global Fuel Additives Market: Key Market Dynamics
Global Fuel Additives Market: Regional Overview
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.
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 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 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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