Biofuel Additives Market – Overview
Biofuel additives are specialty chemicals used to increase engine performance, trim down the brake specific fuel consumption (BSFC) and improve the biofuel properties. They are synthesized from conventional or lignocellulosic feedstock and play an essential role in engaging the international fuel standards.
The Biofuel Additives Market is projected to register a CAGR of around 14.2% to reach USD 27,520.28 million by 2028.
Biofuel additives including methanol, diethyl ether, ethanol, and n-butanol are generally used as biodiesel additives owing to the high oxygen content. Biofuel additives in biodiesel blends help improve combustion stability and characteristics, and the reduction of NOX emissions is owed to the addition of antioxidant additives.
The prominent factor favoring the growth of the Biofuel Additives Market is the demand for clean & efficient fuel, the diminishing quality of crude oil, and the growing automotive industry, which is opting for cleaner and greener fuel sources owing to the stringent regulations on emission, mainly from Europe and China. The primary sources of greenhouse gases are methane (CH4), sulfur hexafluoride), and nitrous oxide (N2O). The transportation sector of the global market additionally contributes to the emission of CO2, owing to the burning of fossil fuels, including natural gas, oil, and coal.
The European Union enforced numerous regulations in its directives, including 98/69/E.C., 91/441/EEC,94/12/E.C., and 2006/120/E.C.among others, to reduce the emissions of GHGs. Similarly, the California Air Resources Board and the US EPA have employed their regulations towards the GHG emissions throughout the California Air Resources Board (CARB) states, that includes Delaware, Connecticut, Maryland, Maine, New Jersey, Massachusetts, New York, New Mexico, Pennsylvania, Oregon, Vermont, Rhode Island, Washington DC, and Washington state.
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The Biofuel Additives Market has been segmented based on Product Type, Application, and Region.
Product Type has segmented the market into antioxidants, detergents, lubricity improvers, corrosion inhibitors, octane, cetane & cold flow improvers, dyes & markers, and others. The antioxidant segment accounted for the largest market share in 2020 due to its wide use of gasoline additives.
The application has categorized the market into diesel fuel additives, heavy fuel oil additives, shipping fuel additives, gasoline fuel additives, and others. The diesel fuel additives segment emerged as the fastest-growing segment during the ongoing review period.
The Biofuel Additives Market has been studied across Asia-Pacific, North America, Europe, Latin America, the Middle East & Africa, and the Benelux. The Asian Pacific region had accounted for more than 35% of the Biofuel Additives Market Share in 2020.
The players operating in the Asia-Pacific region embrace numerous business strategies, including R&D, expansions, new product launches, joint ventures, acquisitions, and agreements to fortify their presence. For instance, in December 2018, BASF announced the investment at the new mobile emissions catalysts production facility in Shanghai, China, which is expected to increase the market demand within the Chinese market.
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Some prominent market players are as follows:
In September 2021, the Novozymes introduced its biodegradable detergent additive called Pristine, a phosphodiesterase enzyme that disintegrates dirt, grime, and odor. The biofuel additive also helps these elements from latching to the fabrics. New deals with significant consumer issues emerging in the laundry category, addressing malodor and discoloration right at the source.
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