Published: August 2021 | Report Code: PE12234 | Available Format: PDF | Pages: 239
The global fuel additives market was valued at $5,032.7 million globally in 2020, and it is expected to grow at a CAGR of 4.9% during the forecasted period of 2021–2030. The major factors driving the growth of the market are the stringent government emission-control regulations and diverse uses of fuel additives.
During the COVID-19 pandemic, there was a negative impact on the demand for fuel additives in 2020 due to their disrupted supply chain. Because of the lockdown in several nations, there was a severe hindrance in the distribution of fuel additives, which is attributed to the suspension of their production. The impact of the COVID-19 pandemic has been felt on almost every industry across the world, including automotive, aviation, and marine, where the operations were halted or reduced in order to curtail the spread of the disease. This led to a massive reduction in the demand for fuels following the economic slowdown, due to which oil refineries were also temporarily closed, which, in turn, led to a decrease in the production and demand for fuel additives.
Consumers’ spending and fuel consumption have been at an all-time low, as lockdown protocols have been keeping people inside their homes. The market may require substantial time to recover from the ill effects of the pandemic, which makes the future scenario quite uncertain.
The deposit control category accounted for the largest value share in 2020 in the fuel additives market, based on type. The category is further projected to continue leading the market during the forecast period. This is majorly attributed to the multifunctional use of such additives, which is why companies in the market prefer producing them in high volumes. Furthermore, these products are used both for gasoline and diesel fuel, which is why the demand for them is predicted to continue to be high during the forecast period.
The diesel category accounted for the largest market share, in terms of value, in 2020, which is expected to further increase at a healthy rate during the forecast period, on the basis of application. This is attributed to the high preference of people for diesel vehicles over those running on gasoline. Moreover, diesel finds a much wider usage in generators and as a marine fuel.
APAC led the global fuel additives market in 2020, and it is expected to remain the largest market during the forecast period. This is attributed to the growth of the petrochemical industry in the region. Moreover, China holds the largest share in the regional market because of the continuous research and development (R&D) in such products and growing automobile industry.
The major trend in the market for fuel additives is the launch of products by market players to expand their portfolio and increase their market share. Many fuel additive manufacturers are launching new products for both gasoline and diesel. Additionally, a number of players are focusing on antifreeze products to cater to consumers in countries where the fuel often freezes due to cold weather. This fuel additive can be used to control the operating temperature in hot-running and high-revving powersports applications.
Globally, governments are enforcing strict environmental laws to protect nature, by reducing greenhouse gas (GHG) emissions, which will increase the need for cleaner fuels. For instance, the Environmental Protection Agency (EPA) has mandated that there must be a certain amount of additives in a fuel and all the fuel additives must be registered with the EPA prior to selling. Additionally, the Federal Energy Policy Act of 2005 set a fixed limit on the number of boutique fuels that the EPA can approve. Therefore, the concern for the environment and the strict government laws being implemented in this regard are driving the fuel additives market.
The diverse usage of fuel additives is propelling the growth of the market, since fuel additives are not only used to lower the level of emissions but for numerous other purposes. Some additives help control deposits and improve the cetane and octane numbers, while some are used as corrosion inhibitors and to improve the flow of the fuel. Additives are also used to prevent the fuel from freezing in cold countries and reduce the friction between the fuel molecules and walls of the engine, for good lubricity.
|Base Year (2020) Market Size||$5,032.7 Million|
|Market Size Forecast in 2030||$7,990.6 Million|
|Forecast Period CAGR||4.9%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Type; By Application; By End Use; By Region|
|Market Size of Geographies||U.S; Canada; Germany; France; U.K.; Italy; Spain; Japan; China; India; South Korea; Brazil; Mexico; Saudi Arabia; South Africa; Turkey|
|Secondary Sources and References (Partial List)||BASF SE; Clariant International Ltd.; Evonik Industries AG; Total S.A.; Exxon Mobil Corporation; Croda International Plc; Chevron Corporation; The Lubrizol Corporation; Afton Chemical Corporation; Innospec Inc.; Lanxess AG; Infineum International Limited; Mitsubishi Gas Chemical Company Inc.; Thermax Limited; Songwon Industrial Group.|
The fuel additives market is fragmented in nature due to the presence of several key players. Major players in the industry include BASF SE, Clariant International Ltd., Evonik Industries AG, Total S.A., Exxon Mobil Corporation, Croda International Plc, Chevron Corporation, The Lubrizol Corporation, Afton Chemical Corporation, Innospec Inc., Lanxess AG, Infineum International Limited, Mitsubishi Gas Chemical Company Inc., Thermax Limited and Songwon Industrial Group.
In recent years, players in the fuel additives market has been involved in partnerships and acquisitions in order to attain a significant position. For instance:
The fuel additives market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Type
Based on Application
Based on End Use
The market for fuel additives will value $7,990.6 million in 2030.
The fuel additives industry generates the highest revenue from the sale of deposit-control additives.
APAC is the largest market for fuel additives in the world.
The key drivers for the fuel additives industry are the strict emission control regulations and multiple uses of such products.
The market for fuel additives has a fragmented competitive landscape.
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