Fuel Additives Market Introduction
Fuel additives are compounds formulated to improve the efficiency and quality of fuels used in marine vessels, aircraft, and motor vehicles and in fixed installations such as refineries and power stations. Fuel additives act as corrosion inhibitors or lubricants and enhance fuel's octane rating, thus allowing use of higher compression ratios for greater power and efficiency. With increasing usage of renewable blending components such as Fatty Acid Methyl Ester (FAME) in diesel and bioethanol in gasoline, there exists a potential market opportunity for advanced additive products to ensure satisfactory vehicle operations and consistent high-quality fuel production. Prominent players in the market have been introducing a wide range of fuel additives to meet end user needs. Also, continuous increase in demand for advanced fuel additives and amendments in legislation policies and regulations regarding specifications of fuels are encouraging major players to invest substantial amount on the R&D activities.
Increasing demand of fuel additives in aviation industry, growth in automotive sector across the globe, widening application of fuel additives in various industries such as mining and construction, and rise in vehicle production and sale are projected to expand the global fuel additives market size at a significant rate. Also, increasing demand for stability improvers and corrosion inhibitors is another major factor responsible for market growth. In addition, introduction of government regulations and laws and degrading quality of crude oil is anticipated to have a positive impact on the global fuel additives market growth and is projected to open revenue opportunities windows for prominent players operating in the fuel additives market during the forecast period.
The global fuel additives market is segmented based on type, application, and region.
By type, the fuel additives market is analyzed across anti-icing additives, cetane improvers, cold flow improvers, corrosion inhibitors, deposit control, dyes & markers, lubricity improvers, octane improvers, stability improvers, and other segments. Based on application, the global fuel additives market is segmented into aviation fuel, diesel, gasoline, and others. Major regions covered in the global fuel additives industry report are North America, Western Europe, Latin America, Eastern Europe, Middle East and Africa, and Asia Pacific.
Fuel Additives Market Competitive Landscape
Major players in the fuel additives market are inclined towards expanding their fuel additives production capacity to meet increased demand from end users. Further, fuel additives manufacturers are emphasizing on using renewable raw materials to produce fuel additives. Moreover, strategic acquisitions and expansion are some of the other major strategies followed by major companies in the fuel additives industry. Prominent players analyzed in the fuel additives market are Afton Chemical Corporation, BASF SE, Cerion Llc, Chevron Oronite Company Llc, Cummins Inc., Dorf Ketal Chemicals, Evonik Industries AG, Infineum International Limited, Innospec Inc., Lanxess, The Lubrizol Corporation, Huntsman Corporation, and Eastman Chemical Corporation among others.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on fuel additives market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.