According to the new market research report “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 2025“, The fuel additives market is projected to reach USD 6.8 billion by 2025, at a CAGR of 3.2% from USD 5.8 billion in 2020.
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Governments all over the world are imposing stringent environmental regulations to address growing concerns about the harmful effects of greenhouse gas (GHG) emissions. Government agencies are focusing on the use of clean and efficient fuels The Environmental Protection Agency (EPA) in the US has regularly modified and enforced several norms for reducing vehicular emissions and improving the quality and efficiency of fuels used. The European Union (EU) has imposed stringent rules that are to be followed by every refiner and marketer of fuels. The directive on the Promotion of Clean and Energy Efficient Road Transport Vehicles (EU) strives to introduce environment-friendly vehicles and fuels. It is also concerned with the purchase of vehicles for public transport services. The UK government introduced a set of regulations in 2011, which look after the use of additives in fuel. The Government of India has imposed the Euro IV standards in 13 metro cities and Euro III standards for Tier-2 cities to control emissions. With environmental regulations increasingly becoming stringent, there is a growing necessity for reducing emissions. This can be achieved by adding more efficient fuel additives. These factors are driving the fuel additives market.
The deposit control segment accounted for the largest share of the fuel additives market by type, in terms of value, in 2017. The growth of the deposit control segment is expected to continue during the forecast period due to its high use to prevent deposit formation in the injector nozzle of engines. The use of deposit control additives also improves combustion and fuel economy and hence, is widely used in various fuels. Moreover, deposit control additives prevent the accumulation of impurities, thus, improving the performance of the engine.
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The fuel additives market size and is projected to reach USD 6.8 billion by 2025 from USD 5.8 billion in 2020, at a CAGR of 3.2% between 2020 and 2025. Stringent governmental regulations for emission control is the key driver for the fuel additives market. On the other hand, huge investments in R&D is likely to restrain the growth of the fuel additives market during the forecast period.
The players in the fuel additives market are mainly concentrating on new product launch, acquisition, and expansion to meet the growing demand for fuel additives from various applications. The strategy of new product launches helps companies strengthen their product portfolio and meet the specific demands of customers.
The growth of the fuel additives market has been largely influenced by new product launch, acquisition, and expansion that took place between 2016 and 2020. Companies such as Innospec Inc. (US), Afton Chemical Corporation (US), Evonik Industries AG (Germany), BASF SE (Germany), Lanxess (Germany), Dorf Ketal Chemicals (India), and Chevron Oronite Company LLC (US) adopted these strategies to enhance their product offerings.
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Afton Chemical Corporation (US) is one of the leading players in the fuel additives market. The company, through its wide range of product portfolio, is able to cater to the specific needs of customers. The company has made a large number of expansions, which have enabled it to strengthen its position in the fuel additives market. For instance, in September 2018, the company completed the expansion of its chemical additive manufacturing facility in Jurong Island, Singapore. This helped the company strengthen its presence in the Asian market. Moreover, In January 2017, the company completed the acquisition of Mexico-based a petroleum additives manufacturing, sales, and distribution company, Aditivos Mexicanos, S.A. de C.V. (AMSA). This helped Afton Chemical Corporation enhance its presence in the Mexican fuel additives market.
Innospec Inc. (US) is another leading manufacturer of fuel additives. The company has adopted new product launch as a part of its growth strategy. For instance, In November 2018, the company launched new gasoline additive technology for direct injection gasoline engines. This helped the company gain additional market share. In October 2018, the company also launched a new range of marine fuel additives that comply with new regulations for the maximum sulfur content of marine fuels.
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