Global Fuel Additives Market is Projected to Reach USD 8.7 Billion by 2023 - Opportunities in the Increasing Demand for Ultra-Low Sulfur Diesel (ULSD)
DUBLIN, May 23, 2019 /PRNewswire/ -- The "Fuel Additives Market by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel) Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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The Fuel Additives Market is Projected to Reach USD 8.7 Billion by 2023, at a CAGR of 3.1% Between 2018 and 2023
Stringent governmental regulations are expected to drive the fuel additives market.
The fuel additives market is largely driven by stringent government regulations in developed countries. Governments all over the world are imposing stringent environmental regulations to address growing concerns about the harmful effects of greenhouse gas (GHG) emissions. On the other hand, the rise in demand for alternate fuels is restraining the market.
The lubricity improvers segment is expected to be the fastest-growing type of fuel additives, in terms of value, between 2018 and 2023.
The lubricity improvers segment is expected to witness the highest growth, in terms of value, during the forecast period. The increasing government regulations regarding fuel emissions are mandating manufacturers to reduce sulfur levels in fuel. Due to the reduced sulfur content, the lubricity of fuel decreases. This, in turn, is driving the consumption of lubricity improvers. Moreover, there is an increase in the use of lubricity improvers for the longevity of engine life and better fuel efficiency.
Diesel is estimated to account for the largest share of the overall fuel additives market, in terms of value, between 2018 and 2023.
The market for diesel fuel additives has been driven by the developing economies of APAC. North America, and Europe that are now focusing on the use of ULSD, which has higher dosing of additives than normal diesel.
The global diesel consumption is expected to increase during the forecast period, and the quantity of additives used is likely to increase to meet stringent environmental norms. This is expected to drive the market between 2018 and 2023.
APAC is expected to be the fastest-growing fuel additives market during the forecast period.
The APAC fuel additives market is estimated to witness considerable growth during the forecast period. The fuel additives market in APAC is projected to register the highest CAGR, in terms of volume, during the forecast period. The rising awareness regarding the advantages of fuel additives plays a key role in the growth of the market in the region. The increasing emission norms in developing countries, including China and India are expected to drive the fuel additives market during the forecast period.
The key players profiled in the report include Afton Chemical Corporation (US), Innospec Inc. (US), The Lubrizol Corporation (US), BASF SE (Germany), Infinieum Limited (UK), Evonik Industries AG (Germany), Chevron Oronite Company LLC (US), Lanxess (Germany), Dorf Ketal Chemicals (India), Cummins Inc. (US), and Cerion LLC (US).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Stringent Governmental Regulations
5.2.1.2 Growing Automotive Industry
5.2.1.3 Degrading Quality of Crude Oil
5.2.2 Restraints
5.2.2.1 Rise in Demand for Alternate Fuels
5.2.2.2 Huge Investment in R&D
5.2.3 Opportunities
5.2.3.1 Increase in Demand for Ultra-Low Sulfur Diesel (Ulsd)
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Industry Outlook
5.4.1 Automotive Industry
6 Fuel Additives Market, By Type
6.1 Introduction
6.2 Deposit Control
6.2.1 Deposit Control Additive to Dominate Overall Fuel Additives Market
6.3 Cetane Improvers
6.3.1 Increasing Demand From Diesel Application Drives the Cetane Improvers Market
6.4 Lubricity Improvers
6.4.1 Necessity to Reduce Sulfur Content in Fuels is Expected to Drive the Market
6.5 Cold Flow Improvers
6.5.1 Increased Demand From Manufacturing Industry Driving the Market for Cold Flow Improvers
6.6 Stability Improvers
6.6.1 High Demand From APAC is Driving the Stability Improver Additives Market
6.7 Octane Improvers
6.7.1 Rising Emission Control Regulations is Driving the Octane Improvers Market
6.8 Corrosion Inhibitors
6.8.1 Strong Awareness Regarding the Advantages of Corrosion Inhibitors Driving the Market
6.9 Anti-Icing Additives
6.9.1 Growing Aviation Industry is Driving the Anti-Icing Additives Market
6.1 Dyes & Markers
6.10.1 Demand for Pure And Quality Fuel to Drive the Dyes & Markers Market
6.11 Others
7 Fuel Additives Market, By Application
7.1 Introduction
7.2 Diesel
7.2.1 High Consumption in APAC And Europe to Drive the Market
7.3 Gasoline
7.3.1 Demand From North America is Expected to Drive the Market in Gasoline Application
7.4 Aviation Fuel
7.4.1 High Consumption of Aviation Fuel in Developed Nations is Driving the Market
7.5 Others
8 Fuel Additives Market, By Region
9 Competitive Landscape
9.1 Introduction
9.2 Competitive Leadership Mapping, Tier 1 Companies
9.3 Strength of Product Portfolio
9.4 Business Strategy Excellence
9.5 Competitive Leadership Mapping (Small And Medium-Sized Enterprises)
9.6 Strength of Product Portfolio
9.7 Business Strategy Excellence
9.8 Market Share Analysis
9.8.1 Afton Chemical Corporation
9.8.2 Innospec Inc.
9.8.3 The Lubrizol Corporation
9.9 Competitive Scenario
9.9.1 New Product Launch
9.9.2 Acquisition
9.9.3 Expansion
10 Company Profiles
10.1 Innospec Inc.
10.2 Chevron Oronite Company Llc
10.3 The Lubrizol Corporation
10.4 Afton Chemical Corporation
10.5 Evonik Industries AG
10.6 BASF SE
10.7 Lanxess
10.8 Dorf Ketal Chemicals
10.9 Infineum International Limited
10.10 Cummins Inc.
10.11 Cerion Llc
10.12 Other Key Market Players
10.12.1 Total Sa
10.12.2 Baker Hughes, A Ge Company Llc.
10.12.3 Clariant AG
10.12.4 Croda International Plc
10.12.5 Eni Spa
10.12.6 Qatar Fuel Additives Company (Qafac)
10.12.7 Solvay
10.12.8 Huntsman Corporation
10.12.9 The Dow Chemical Company
10.12.10 Eastman Chemical Corporation
10.12.11 The Armor All/Stp Products Company, A Spectrum Brands Company
10.12.12 Iftex Oil & Chemicals Ltd
10.12.13 Eastern Petroleum
10.12.14 Lucas Oil Products, Inc.
10.12.15 The Chemours Company
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